A starting point for building growth
By Ray Allegrezza, Editor in Chief -- Furniture Today, December 29, 2002
While I believe that each issue of Furniture/Today is a "must-read," I also would submit that many of our issues are also "must-keeps." This issue, our 2003 Retail Planning Guide, is one that you will want to keep nearby.
Although the statistics, events and trends discussed in our Retail Planning Guide change each year, the scope and intent of this valuable issue do not.
The objective of each planning guide is to provide home furnishings retailers with a wealth of information designed to allow them to develop and implement successful strategic plans for the coming year.
Clearly, while this information is important in a stable year, it becomes invaluable in a year such as 2002, which was marked by pervasive and persistent change.
Perhaps one of the biggest issues presented to home furnishings retailers this year was the dramatic rise of imports, especially from Asia.
At both the April and October High Point markets, a host of new sources were evident, each one vying for the attention and business of domestic retailers.
While many of these products represent both margin- and profit-building opportunities for buyers, they also present logistical and delivery challenges, as evidenced by the recent West Coast dockworker's slowdown.
Considering how challenging 2002 was for many retailers, I expect this year's guide to be an even more valuable tool than it has been in past years.
To that point, our hope is that you will use this year's Retail Planning Guide to help you identify growth opportunities, which in a relatively flat market can literally be the lifeblood of your business.
Our guide opens up with a comprehensive Economic Outlook section. Within this section, you will find a market-by-market breakdown of furniture sales as well as hot spots across the nation for both furniture and bedding.
The Industry Outlook section provides readers with analysis from Furniture/Today's editors on the key challenges and opportunities that will be faced by specific product categories in the coming year. The section includes useful insights on merchandising, styling and sourcing trends.
This year's Consumer Chase section tells a tale of two generations — Baby Boomers and Echo Boomers — and explains why these two diverse demographic groups are critical to your business.
According to current statistics from the Census Bureau, by 2010, there will be approximately 75 million Baby Boomers. This group has cash in hand and the time to spend it.
Similarly, in that same time period, the industry will be facing some 78 million Echo Boomers. As you read this, keep in mind that the oldest of the Echo Boomers are just out of college and beginning to set up their own homes. By 2008, more than 27 million of this group will be between the ages of 25 and 31 — prime years for home decorating.
Finally, our Resources and Ranking sections once again provide a comprehensive guide to industry associations and organizations, a 2003 calendar of events and Furniture/Today's exclusive rankings of retailers and manufacturers for 2002.
Our hope is that you use this guide to help you pave the road to success in 2003.
Furniture/Today wishes each of you a happy, healthy and prosperous year.
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A blueprint for success
Jan 8, 2006 -
Welcome to Retail Planning Guide 2002
Dec 30, 2001 -
Aktrin guide to licensed home furnishings offered
Oct 13, 2002
Specialty retailer LoveSac introduces new store design
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Omnia Furniture ends relationship with Kathy Ireland Worldwide
Singapore furniture show expecting increased turnout
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