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Furniture stores to watch
By Furniture Today Staff -- Furniture Today, November 25, 2001
| Furniture stores to watch | |||
|---|---|---|---|
| 2000 | 1999 | Percent change | |
| U.S. sales of furniture, bedding and accessories $ millions | |||
| Walker Furniture, Las Vegas | $48.0 | $46.0 | 4.3% |
| Owned by principal stockholder Deanne Alterwitz and family. Full-service, promotional to high-end retailer with a 120,000-square-foot main store in the northwest Las Vegas valley, with an attached Custom Furniture Rental store and Custom Office Furniture store, revenues not included. Also operates seven, 2,000-square-foot Serta-exclusive satellite bedding specialty shops called Best Mattress, with revenues of about $4 million included. Fabric protection, delivery charges and insurance income, about $3 million. Total revenues, $50.9 million. In-store galleries: Broyhill, 7,000 square feet; GuildCraft, 5,000 square feet; Henredon/Ralph Lauren, 10,000 square feet; Stanley, 4,000 square feet. Average stock turns, 3.7 times. Average gross margin, 40.3%. Average sales per square foot, $410. In 2000, the company expanded its Henredon/Ralph Lauren gallery and added a 3,500-square-foot youth bedroom department. The company also acquired a 175,000-square-foot warehouse and will convert about 20,000 square feet to a clearance center. Is renovating and expanding its main store to 160,000 square feet of display. The annex across the parking lot is being remodeled and will become home to displays for ready-to-assemble furniture and promotional room packages. | |||
| Bay Furniture, Homewood, Ill. | $47.6 | $46.5 | 2.5% |
| Full-service, mid-priced Chicagoland retailer with stores in Homewood, Aurora/Fox Valley, Hoffman Estates and Lake Zurich, Ill., and Merrillville, Ind. Units average 33,000 square feet. In-store galleries: Berkline, five; Kincaid, three. Average stock turns, 8 times. In July 2000, added 7,500 square feet to its Hoffman Estates store for a total of 31,000 square feet. | |||
| Verlo Mattress Factory Stores, Whitewater, Wis. | $47.2 | $40.9 | 15.4% |
| Vertically integrated mattress specialty franchise with two company-owned and 69 franchised stores in Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Minnesota, Missouri, North Carolina, Pennsylvania, Tennessee and Wisconsin. Units average 3,000 square feet. Average stock turns, 12 times. Average gross margin, 49%. Average sales per square foot, $225. Uses the "Craftsman-Direct" trademark to promote stores in advertising. In 2000, entered two new states, opening one store each in Asheville, N.C., and West Chester, Pa. Also opened two stores each in Wisconsin and Florida, and one store each in Illinois, Iowa and Colorado. Verlo closed two stores last year. In January 2001, opened six stores in the Knoxville, Tenn., metro market. Has also opened four stores in Florida. Other store openings for this year are planned in the existing markets of Milwaukee, Chicago, Philadelphia, St. Louis, Boulder, Colo., and Denver. Also has plans to enter several new markets, including Louisville, Ky., and Minneapolis. | |||
| Workbench, Bayonne, N.J. | $47.0 | $49.0 | -4.1% |
| Mid-priced, contemporary specialty chain with 39 stores along the East Coast and in the Midwest — nine stores in New York, five stores in Connecticut, four each in Illinois and Massachusetts, three each in Michigan, New Jersey, North Carolina and Pennsylvania, two in Virginia, and one each in Maryland, Ohio and Wisconsin. In 2000, opened stores in Milford, Conn.; Oakbrook Terrace, Ill.; Alexandria, Va.; Natick, Mass.; Paramus, N.J.; Newtown, Pa.; and Bethesda, Md. — its first in that state. Also closed four stores. | |||
| Big Sandy Superstores/Great Buys Plus, Franklin Furnace, Ohio | $46.0 | $39.0 | 17.9% |
| Mid-priced stores in Chesapeake, Chillicothe and Portsmouth, Ohio; Onaway, Mich.; Ashland and Grayson, Ky.; and Charleston, Beckley, Lewisburg and Teays Valley, W.Va. Sales from appliances and electronics, $60 million. Total revenues, $106 million. Includes figures from Great Buys Plus, which operates seven stores in Indiana, including two Sofas N' Cinemas. Units average 35,000 square feet. In-store galleries: Broyhill, three, averaging 7,500 square feet; Berkline, three, averaging 2,500 square feet; England, four, averaging 2,500 square feet. Average stock turns, 4 times. Average gross margin, 45%. Average sales per square foot, $130. In 2000, closed its Charleston, W.Va.-area store in Dunbar and relocated to a 45,000-square-foot store in Southridge, W.Va., also in the Charleston market. Closed its unit in Huntington, W.Va., in February of this year. | |||
| Kimbrell's, Charlotte, N.C. | $45.0 | $45.0 | 0.0% |
| Full-service, promotional, credit-oriented chain in the Carolinas and Georgia. Other revenues, $6.2 million. Total revenues, $51.2 million. In 2000, relocated two stores to upgraded facilities — one in Orangeburg, S.C, an 18,000-square-foot store, and the other in Charlotte, N.C., a 25,000-square-foot store. | |||
| Conlin's Furniture, Billings, Mont. | $42.8 | $36.9 | 16.0% |
| Privately held, full-service, mid-priced chain with seven stores in Montana, six in North Dakota, three in South Dakota and one in Wyoming. Units average 21,500 square feet. In-store galleries: La-Z-Boy, seven, averaging 5,000 square feet; Broyhill, one, 7,000 square feet. In 2001, will open a new Broyhill gallery in the Bozeman, Mont., store. | |||
| Miskelly Furniture, Jackson, Miss. | $42.1 | $39.5 | 6.6% |
| Full-service, promotional to mid-priced retailer with two stores in metropolitan Jackson, Miss. The main store has 70,000 square feet of selling space. Howard Miskelly Furniture Clearance Center is 25,000 square feet. In-store galleries: Thomasville and Broyhill, each 7,500 square feet. Average stock turns, 7 times. Average gross margin, 44%. Average sales per square foot, $450. Last summer, completed a 100,000-square-foot addition to its warehouse/distribution/corporate office. In 2001, will add 30,000 square feet to its flagship store, expanding offerings of Thomasville and Broyhill as well as offerings of leather, home office and youth. Will also add product lines such as outdoor furniture. | |||
| Wolf Furniture, Bellwood, Pa. | $41.0 | $39.2 | 4.6% |
| Full-service, mid-priced retailer with stores in Altoona, Pa., including a clearance center; Johnstown, Bellefonte/State College and Harrisburg, Pa.; and Frederick and Hagerstown, Md. Carpeting sales, $1.1 million. Fabric protection revenues, $800,000. Total revenues, $42.9 million. Units average 33,000 square feet. In-store galleries include La-Z-Boy, five, averaging 5,500 square feet; Broyhill, one, 5,500 square feet; Kincaid, one, 5,000 square feet. Average stock turns, 3.5 times. Average gross margin, 44%. Average sales per square foot, $185. Plans to open a 60,000-square-foot store in Pennsylvania this year. | |||
| Kronheims, Cleveland | $40.0 | $33.3 | 20.0% |
| Fiscal years ended Jan. 31. Full-service, mid-priced stores in the five-county Cleveland market. Fabric treatment revenues, $632,830. Total revenues, $40.6 million. Units average 32,000 square feet. In-store galleries: Broyhill, four, averaging 6,500 square feet; Stratford/Berkline motion gallery, one, 3,000 square feet. Average stock turns, 6.5 times. Average gross margin, 43%. Average sales per square foot, $225. | |||
| Sam Levitz Furniture, Tucson, Ariz. | $39.6 | $33.0 | 19.9% |
| Full-line, promotional to mid-priced retailer serving Tucson. Stores average 45,000 square feet. Average stock turns, 5.5 times. Average gross margin, 41%. Average sales per square foot, $440. Will remodel one unit by mid-year 2001, adding an 11,000-square-foot in-store Bassett gallery. Also plans to open one more unit in Tucson by mid-year. | |||
| Lack's Valley Stores, Pharr, Texas | $39.3 | $38.4 | 2.5% |
| Full-service, medium to high-end retailer servicing the lower Rio Grande Valley of Texas and Mexico. Operates three stores in Harlingen, two stores in McAllen and one store each in Brownsville, Edinburgh, Mission, South Padre Island/Port Isabel and Weslaco, Texas. Sales from consumer electronics and major appliances, $8.5 million. Revenues other than sales, $5.9 million. Total revenues, $53.8 million. In-store galleries: Bassett, Thomasville, Bernhardt, and Kincaid. In March of this year, closed a small, 10,000-square-foot unit in Harlingen. This winter, plans to open a store in Laredo. | |||
| Schneiderman's Furniture, Meadowlands, Minn. | $37.9 | $33.4 | 13.5% |
| Full-service, mid-priced retailer with seven stores in the Minneapolis-St. Paul area — including a clearance center and a Thomasville Home Furnishings Store — and one store each in Duluth and Meadowlands, Minn. Revenues other than sales, $588,000. Total revenues, $38.5 million. In late December 1999, opened a new store in metro Minneapolis-St. Paul in Maple Grove. Official grand opening was in February 2000. In 2001, will move to a larger distribution center and expand one showroom to 90,000 square feet. | |||
| WG&R Furniture, Green Bay, Wis. | $37.8 | $36.1 | 4.8% |
| Full-service, mid-priced Wisconsin retailer with stores in Green Bay, Manitowoc, Appleton and Oshkosh. Fabric protection revenues, $1 million. Total revenues, $38.8 million. Units average 39,030 square feet. In-store galleries: Pennsylvania House, four, averaging 3,300 square feet. Average stock turns, 4.2 times. Average gross margin, 45%. Average sales per square foot, $241. In 2000, remodeled the Oshkosh store, adding 2,304 square feet of selling space. In January 2001, doubled the size of its Green Bay store to 80,000 square feet, including 8,000 square feet for a clearance center. | |||
| Roomful Express Furniture, Pittsburgh | $37.6 | $31.1 | 20.9% |
| Owned by R.H. Kuhn Co. Mid-priced chain with nine stores in metro Pittsburgh and one store each in Johnstown, Pa., and Wheeling, W.Va. Credit income and fabric protection revenue, $1.6 million. Total revenues, $39.1 million. Stores average 28,249 square feet. Average stock turns, 3.65 times. Average sales per square foot, $121. In March 2000, began operating the stores under the name Roomful Express Furniture. Also, opened a store in Wheeling, W.Va., and opened and closed a store in the Pittsburgh area. In May 2001, is opening a 75,000- square-foot unit in the Pittsburgh market in Greensburg. Other plans for 2001 include remodeling one location and replacing an existing small store with a 45,000-square-foot unit, both in the Pittsburgh market. Has added Broyhill and plans to continue upgrading its product lines and price points. | |||
| Rotmans, Worcester, Mass. | $37.5 | $32.3 | 16.1% |
| Fiscal years ended April 30. Full-service, mid-priced to high-end retailer serving central Massachusetts. Average stock turns, 6 times. Average gross margin, 43.5%. Average sales per square foot, $332. In 2001, will open a new warehouse. | |||
| Cohen's, Peoria Heights, Ill. | $36.5 | $35.0 | 4.3% |
| Full-service, mid-priced to high-end chain operating a Cohen's and an Ethan Allen store in Peoria, Ill.; a Cohen's and an Ethan Allen in Bloomington, Ill.; and one Cohen's each in Springfield, Jacksonville and Moline, Ill. Sales from floor coverings, nonfurniture merchandise and revenues other than sales, $2.5 million. Total revenues, $39 million. Units average 33,000 square feet. Average stock turns, 2.7 times. Average gross margin, 43.5%. Dropped the three Broyhill in-store galleries in 2000. | |||
| Granite Furniture, Salt Lake City | $35.0 | $35.8 | -2.1% |
| Full-service, mid-priced stores in metro Salt Lake City, Orem and Layton, Utah. Sales from appliances, electronics and floor coverings, $17 million. Credit income, $2 million. Total revenues, $54 million. In-store galleries: GuildCraft, four, averaging 5,000 square feet. | |||
| Unclaimed Freight, Bethlehem, Pa. | $33.4 | $32.7 | 2.1% |
| Owned by Andrew Eskow and The Foundation Group, a Chicago-based investment firm. Promotional stores in Bethlehem, Bensalem and Reading, Pa.; and Somerset and Pennsauken, N.J. Units average 30,000 square feet. Average stock turns, 8 times. Average gross margin, 42%. | |||
| The Leather Factory, Encino, Calif. | $33.4 | $33.1 | 0.9% |
| Vertically integrated leather specialty chain with eight stores in Southern California, five stores in northern California, two in the New York area and one each in Scottsdale, Ariz., and Seattle at year end. Units average 7,000 square feet. Average stock turns, 3 times. Average gross margin, 49%. Average sales per square foot, $275. In 2000, opened a store in San Diego and one in Seattle. Also relocated its Sacramento, Calif., store to a better location in Roseville, Calif. In 2001, has closed one New York location and is considering opening a store in Valencia, Calif. | |||
| Beverly Hall Furniture Galleries, Atlanta | $30.5 | $28.0 | 8.9% |
| Full-line, high-end specialist with six stores in the Atlanta area, including two Thomasville Home Furnishings Stores and one outlet store. Units average 18,500 square feet. In-store galleries: Henredon, one, 5,000 square feet; Thomasville, one, 7,500 square feet. Average stock turns, 2.4 times. Average gross margin, 42%. Average sales per square foot, $425. In 2000, opened a 25,000-square-foot Beverly Hall store near the Mall of Georgia in metro Atlanta. This summer will open a Thomasville Home Furnishings Store in the Atlanta area in Buckhead. | |||
| Scott Shuptrine Furniture, Troy, Mich. | $30.0 | $30.0 | 0.0% |
| Owned by the Van Elslander family, which also owns Art Van Furniture. Full-service, mid-priced to high-end stores in metro Detroit, in Novi and Troy. Units average 60,000 square feet. In-store galleries: Henredon, two, averaging 7,500 square feet; Baker, two, averaging 4,000 square feet; Stickley, two, averaging 4,000 square feet. | |||
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