Phew! Market wasn't so bad after all
By Larry Thomas -- Furniture Today, April 13, 2003
High Point — Exhibitors and showroom owners usually exhale heavily at the end of every International Home Furnishings Market, but as they wrapped up the most recent show, those sighs were not entirely due to exhaustion.
Many were simply relieved the market wasn't as bad as they had expected.
There certainly were reasons for the market to be bad, and attendance was down in many showrooms. But those who did shop High Point helped produce results that surprised many market veterans.
Bruce Miller, chief executive officer of the market's largest showroom building, the International Home Furnishings Center, estimated that attendance was down 11% in the Big Building — a figure consistent with attendance estimates from other major showroom properties.
"As usual, we had exhibitors who had outstanding markets, and exhibitors who didn't have real good markets," Miller said, noting that companies that rely more heavily on walk-in traffic from buyers instead of appointments probably were the most disappointed.
"I came to this market with the lowest expectations that I've ever had ... but we had close to the best market we've ever had," said Randy Short, president of upholstery producer Stanford Furniture. "I'm way more encouraged than when I came here."
Joanna Easter, managing partner of Showplace, said some of her exhibitors were "stunned" by their success at market.
"I think we all came out of the show very, very well," she said. "We had some exhibitors who had one of their best shows."
Many marketgoers were hoping a quick end to the war in Iraq and falling energy prices in some parts of the country would help trigger the elusive pent-up demand for furniture in the second half of the year.
While the trigger still hasn't been pulled, the market may have at least given hope to those who have suffered through sluggish sales for a year or more.
"Overall, I think people were generally surprised and pleased with what they found at market," said Tom Mitchell, vice president for Merchandise Mart Properties Inc. in High Point, the market's second-largest showroom building operator.
Steve Kincaid, president of Kincaid Furniture and chairman of the board that oversees the market, said most of the attendance drop-off could be attributed to a lack of international buyers and fewer small to medium-sized retailers from the western United States.
But Kincaid, Miller and several others were quick to point out the bulk of the furniture retail buying power was still represented.
"If they say 85% of the buying power is in High Point, and they say no one comes, it's that other 15% they're talking about," said David Ballard, president of case goods importer Primo Designs. "Traffic could be off 30%, but that doesn't mean much. The buying power in our space was double last market."
And Ballard agreed with many observers who said the attitude of nearly all buyers was surprisingly upbeat.
"Nobody said anything negative about business," said Don Hunter, vice president of merchandising at motion upholstery producer Catnapper. "I'm very pleased that there was such a positive mood in the marketplace."
| Acknowledgements | ||
| Case Goods Editor Powell Slaughter contributed to this story. | ||
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