High Point — Looking at the range of merchants on this year's Beyond the Top 100 list, it's clear that there are many paths to success in the retail furniture arena.
The variety of business models here reflects the still-fragmented nature of the furniture industry. The list includes companies deep into their second century as well as some that haven't started their second decade. Multi-line superstores share space on the list with single-brand gallery stores, as do contemporary specialists and traditional shops.
The carriage trade and designer showrooms can be found here, next to more than a few promotional artists. The list includes several retailers who are on the fast-track to the Top 100, and several others who are content with modest growth as long as it's profitable.
Hands-on businesspeople
And we could go on. However, for all the variety on display within this list, there do seem to be a few common characteristics. For starters, the retailers here have substantial operations, but they are not large enough to farm out large chunks of their management responsibilities. These are hands-on businesspeople who have the ability to cope with change — large-scale change that requires strategic shifts as well as the infinite number of everyday "issues" that require the intense attention of a firefighter. Beyond the daily problem-solving, retailers also must exercise a creative approach to advertising, marketing, human resources, merchandising and just about everything else.
Passion for winning
Change is the constant, and the status quo rarely survives.
Successful furniture retailing also requires passion. Some of the merchants here have inherited their businesses from retailer parents, but it is highly unlikely that anyone could use their bloodline for more than a few years to fake the commitment required of an owner-operator.
Several retailers here started their stores in their youth, and after 20, 30 or 40 years, are translating their experience and accumulated knowledge into accelerated growth. And a few of these entrepreneurs are now grooming the next generation to take over.
The job description of a successful furniture retailer has grown more difficult recently. Business trends have been too spotty to forecast. And while price deflation in key case goods categories has made it more difficult to meet sales goals, personnel and other costs have been rising. Nonetheless, these retailers have a make-it-happen optimism, which is a big reason why they are retailers to watch.
