A value-laden High Point with buyers in driver's seat
Jerry Epperson -- Furniture Today, April 8, 2007
I started to write a column about all the great reasons for a March High Point furniture show, but it would have been very short. From my perspective, the market was better than expected in terms of business done. There were extremely good values, attractive new collections, an innovation here and there, and very good weather.
It was clearly the best market for major new collections since 2003, with licensed groups leading the way. Dealers appeared especially enthusiastic about Universal's Better Homes and Gardens whole home offering.
Dealers also directed us to two companies showing in High Point for the first time. Great River Trading Co. burst on the scene from China, offering factory-direct container prices on five-piece bedrooms from $399 to $899 retail, in over 50 styles. Another newcomer was John Scarsella's Virginia Sterling, which opened with four value-priced solid-wood bedrooms.
The clear trend at market was value, but with some interesting styling twists. Everyone recognizes the inventory overhang that exists between retailers and suppliers, so getting on store floors is complicated. There were plenty of deals — discounts, terms or both — on old inventory. It was a buyers market, without a doubt.
Except for the deals on old goods, it appears that deflation in wood and leather furniture prices is largely over. Currency and labor issues in China appear to have stopped further price declines, but we could see deflation in other product categories.
Clearly, fabric upholstery from Asia is rapidly becoming more prevalent, and changing the way our industry retails better upholstery. Traditionally, fabric sofas above $900 retail or so were always custom ordered by consumers. Today, fully featured, quality upholstery is being imported from China, offering great value at $900 and above, but it only comes "as is." There are parallels with fully featured bedding coming from Asia. Both are growing rapidly.
We enjoyed the new interest in "green" or environmentally friendly furnishings from such companies as Copeland, South Cone, Harden and Groovystuff, among others.
This is something that has had a major impact in the office furniture sector but is just gaining momentum in our part of the industry. We suspect the younger generation will demand sustainable, environmentally correct products, and that will ensure its success.
We were disappointed that more retailers didn't come to High Point this time, but they will be able to "see" the best of market in this issue of Furniture/Today and on its Web site, and via the Internet thanks to a new video venture of Gefen Productions and the High Point Market Authority.
There was a lot going on in High Point. You should have been there.
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