Plan seeks big boost in H.P. market funds
By Larry Thomas -- Furniture Today, March 12, 2006
High Point — The International Home Furnishings Market Authority last week adopted a long-range business plan that includes a proposal for $20 million in new funding over the next five years.
The new funds would more than double the group's current annual budget of $3.28 million, and would come from showroom owners, the city of High Point, the state of North Carolina and several other cities and towns in the High Point area.
Most of the new money would be spent on marketing and promotional efforts, and on services like parking and entertainment.
"This is the way to fund an aggressive strategy to sell ... the High Point market," said High Point City Manager Strib Boynton, who presented the plan to the board. "This plan goes way beyond what we have been doing previously."
He said High Point is prepared to commit an additional $1 million for each of the next five years, and said he has had preliminary discussions with other state and local officials about funding commitments.
Showroom owners currently contribute about $630,000 annually to the Market Authority's budget through a showroom tax of 6 cents per square foot. The plan boosts that to about $1.6 million, which Boynton said would require the High Point City Council to raise the tax to about 14 cents per square foot.
The state pumps about $1.8 million a year into the budget, largely to operate the market's shuttle system. The plan calls for the state to commit an additional $1 million annually as a recurring item in the state budget.
Another $1 million annually would come from surrounding cities and towns which don't directly support the market now.
Boynton said the new funding plan would allow High Point to compete with furniture markets throughout the world, including Las Vegas.
The plan also spells out steps to improve parking, accommodations, registration, guest services, and the like. It says the Market Authority's new president and CEO, expected to be named later this month, should hire an in-house marketing and promotion staff within 60 days.
A complete marketing and promotion strategy is to be presented to the board within 90 days of the president's appointment, the plan says.
It calls for the High Point Chamber of Commerce and local Convention and Visitors Bureau to assume the lead in "aggressively addressing and presenting specific recommendations for resolving Triad area hotel, motel, restaurant, rental car and other service pricing issues."
The board should consider adopting a "market seal of approval" for businesses that cooperate on pricing issues.
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