Many shops recognised item of hardware (8)

I believe the answer is:

chainsaw

'item of hardware' is the definition.

'many shops recognised' is the wordplay.
'many shops' becomes 'chain'.
'recognised' becomes 'saw'.
'chain'+'saw'='CHAINSAW'

(Other definitions for chainsaw that I've seen before include "woodcutter?" , "Texas massacre tool" , "Tree-lopper's tool" , "Power tool" , "Timber cutter" .)

I've seen this clue in The Times.

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