Furniture's strengths have not changed
Jerry Epperson, An insider's view -- Furniture Today, January 26, 2009
When you have a moment, please remember 1999 and try to put 2009 out of your thoughts. I remember it fondly. For the first time in my studies of the furniture and bedding industry, all types of merchandise at all price points were doing well in all regions of our country. I even wrote a column for Furniture/Today saying that if you were not doing well in 1999, perhaps you were in the wrong industry.
Granted, 1999 was before the dot.com crash, the Sept. 11 terrorist attacks and the housing bubble, but it was far from perfect. Housing numbers were affected by rising interest rates, and consumers and businesses had too much debt. In the next 18 months, we lost huge retailers like Roberd's, Heilig-Meyers, Montgomery Ward and HomeLife.
Even so, 1999 was our year and the statistics on sales and earnings proved it. I would love to see the home furnishings sector remember what has not changed.
First, there are few, if any, consumer products that offer our range — from temporary use, easily mobile furniture all the way to investment-quality furnishings that will last for generations. Sometimes we fail to either recognize or market the difference, but it is there.
Second, we sell physical and mental comfort. Not only do furniture and mattresses allow you to take the weight off your feet, they allow you to relax your mind. Whether you live in an apartment or a mansion, thinking of being safe and cozy at home lowers your blood pressure and releases tension in your neck, back and heart.
Third, we offer incomparable value — the best ever in a product that is safer, easier to maintain, offers more function, and is a better buy for the money. And who else can say that?
Fourth, everyone needs our products. Paul Broyhill told me in 1974 that the demand for our products never changes, but the consumers' ability to buy does. We continue to sell home furnishings but the way they are sold is changing. Look at rent-to-own to see a sector that is prospering. You can, too.
Fifth, every retailer I speak to can quickly list his competitors that are no longer with us, for whatever reason. In several cities, the remaining stores that are aggressive are doing fine, gaining share while their competition cowers and, unfortunately, fails.
This is a great opportunity to reward your best, divest the rest, and prepare for the coming recovery.
I know the day it will start but I cannot tell you.
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