The High Point Market Authority recently released a Business Outlook report, in which it is predicting that the home furnishings industry will rebound in 2009.
The report is available on the Authority's Web site at www.highpointmarket.org. Click on Industry Insights (you'll have to register if you haven't already) and then click on Industry Reports.
Brian D. Casey, President and CEO of the High Point Market Authority, said the Business Outlook report is an online tool for furniture retailers, manufacturers, designers and suppliers to look up trend data, watch interviews with leaders in the home furnishings industry and see new home furnishings products and popular home furnishings styles.
Casey said the High Point team sifted through economic data and consulted with retailers who are bucking the current trends, as well as manufacturers and industry experts.
"In the process, we uncovered some specific strategies that we believe will both inform and assist executives as they navigate uncertain times," said Casey.
Among those quoted in the report are:
• Joe Quintal, store manager of Worcester, Mass.-based Rotman's, who said his company is attracting business with such sales as "dollar-off deals," such as offering a $100 gift card with a $599 purchase. Bargain-conscious shoppers also respond to the retailer's 32-page circular, which is mailed and inserted in the local paper.
• Stefanie Lucas, president and CEO of manufacturer Rowe Fine Furniture, who says the industry has to be creative and "tap into the mindset of the consumer and (find out) what's going to make her buy."
• Jim Dion, president of Chicago retail consulting firm Dionco, who expects consumers will focus more on the home as a domain. "Retailers and manufacturers alike should take this opportunity to promote home furnishings as an investment in home, family and happiness," he said.
Moreover, Casey said that the Business Outlook is also designed to give retailers advice from other furniture stores around the country who have developed successful strategies. “Our intent in producing the Business Outlook is to stimulate thinking and help our constituents prepare for the upcoming Fall Market, October 20 to 26, 2008,” Casey said. “We hope readers find this report inspiring and helpful as they consider their line of attack for the remainder of this year and beyond.”
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