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Products, preparations prove value of market

By Jerry Epperson -- Furniture Today, November 4, 2001

The October Furniture Show was important in many ways. Modest attendance levels allowed retailers and manufacturers to spend more time together and prepare for next year. Relationships were renewed and we were pleasantly surprised at the confidence shown for a recovery in 2002.

There were many more new product introductions than typical in October, with great pricing, terms, quick ship/warehousing and promotions. We were surprised at how fast manufacturers reacted to recent events and offered patriotic themes like Riverside's American Spirit Collection licensed by Bev Doolittle and Vaughan-Bassett's pledge to contribute a percentage of its sales for the rest of the year. We were touched by the flags at Lexington — too many to count — and the homey theme of "Attic Heirlooms" at Broyhill. Times of stress often benefit nostalgia.

major new themed OFFERINGS were the talk of market, from upholstery specialists this time. Flexsteel could hardly handle the traffic from Christopher Lowell's color-coordinated offering and Klaussner had to be pleased with its new Dick Idol collection. Atlanta's Beverly Murphy was well received at Benchcraft with her four "seasons" of room decor.

This was a great market for youth bedroom with many new programs coordinating to existing master bedroom best-sellers. Longtime youth bedroom leaders like Lea, Lexington and Stanley have new competition from Vaughan, Kincaid, Vaughan-Bassett, Lane, Broyhill and others, including imports. The Baby Boomers' kids require better electronic connections, different storage needs and bright new colors.

Speaking of the younger generation, we are beginning to see more modular, space-efficient, smaller-scaled, almost portable new furniture for the oldest of the Baby Boomers' kids. Great examples include Ashley's Solutions and Palliser's EQ3. This is the beginning of the next big wave as those 80 million youngsters ages 8 to 25 come into their own.

It was also a great market for leather, home theater seating, and for rumors. Nothing gets more stories going than a slow economy. After all, talking about others keeps your mind off your current circumstance.

Imports are evolving, with mixed containers, domestic or overseas warehousing, and even guaranteed delivery dates like those from Magnussen/Presidential, which launched a large bedroom offering.

The Hall of Fame dinner was special, as usual — congratulations to new inductees Art Van Elslander, "Bo" Bland, Joanna Maitland and the late David Kendall.

Ask anyone and they will tell you the true story of the market was an electric scooter race between John D. Bassett III and myself. On a road course, John would have had me but in a drag race in the tenth floor elevator lobby, I won a big $5. I think that hurt John more than his recent foot surgery.

Author Information

W.W. "Jerry" Epperson is a managing director of Mann, Armistead & Epperson, 119 Shockoe Slip, Richmond, Va., an investment banking and research company that specializes in the furnishings sector. The company is affiliated with Wachovia Securities, a full-service brokerage firm based in Charlotte, N.C.

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