Retailer interest in HomeLife units no surprise to Feinblum
By Clint Engel -- Furniture Today, February 17, 2002
BETHPAGE, N.Y. — Julius Feinblum is not surprised by the interest he's seen from furniture retailers eager to take over abandoned HomeLife stores. He's also not surprised at how quickly it's happening.
Feinblum, president of Julius M. Feinblum Real Estate here, has helped place most of the 39 or so HomeLife units that so far are due to reopen as furniture stores.
Furniture retailers that have survived tough economic times "are stronger financially than they have been in the past 20 years, and they're focused," he said. "The factories also are becoming very focused on real estate and market share, and they are advising retailers on what to do."
Feinblum predicted that about 65 former HomeLife stores will come back into the industry. But that may be just the beginning of a round of expansion fueled by the demise and downsizing of some big-box retailers.
"Now we're carefully looking at the Service Merchandise stores and the Kmarts, analyzing their viability for the furniture industry," he said. He believes about 100 of some 240 Service Merchandise units on the market would work for furniture.
He's not sure about the 700 or so Kmarts that are expected to become available, noting his company's analysis will be completed in about two weeks.
But he said there's bound to be opportunity for big and small furniture retailers to move into new territory, reposition or fill in.
"We see the factory vertical programs utilizing some of these locations," Feinblum said.
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