Exclusive Research: Furniture Store Performance Report 2013
Staff Staff -- Furniture Today, November 14, 2013
Motion upholstery, occasional tables, youth bedroom and outdoor furniture now account for a greater portion of furniture store sales, according to Furniture/Today's exclusive Furniture Store Performance Report for 2013.
Furniture Store Performance Rport
Each category gained a one percentage point of share last year. On the flip side, master bedroom, casual dining, formal dining and decorative accessories each lost a percentage point of sales.
Motion continues its ascent, moving from a 6% share of sales in 2010, to a 9% share last year and a 10% market share this year. Furniture stores are also devoting more space to the popular product. Motion's share of selling space stands at 12%, up from 11% last year.
Stationary sofas still garner the largest share of both sales and space, at 23%. And bedding accounts for 13% of sales, while occupying only 9% of selling space.
Those merchandise mix details were reported by furniture stores answering Furniture/Today's 2013 Furniture Store Performance Report. This exclusive report provides an overview of furniture store operations and gives benchmarks for retailers to compare profitability, merchandise mix, price point structures, sourcing and advertising practices. Companies representing more than 9,800 storefronts participated in the survey.
Specific data includes: statistics for gross margin, overall stock turns, close ratios, average square feet of selling space and sales per square foot of selling space; details on a furniture store's advertising budget; market share by product for sales; market share by product for selling space; median number of lines carried by product; best-selling price points by product; online stats including the percentage of stores with a web site, the percentage that accept orders online, the percentage that use social media and the percentage that offer free Wi-Fi; direct sourcing figures; in-store gallery figures; and the average number of returned goods.
Furniture/Today's exclusive Furniture Store Performance Report looks at retail operational data within the furniture store channel. Companies representing more than 9,800 storefronts participated in the 2013 survey. Data reflects the fiscal year ending closest to December 31, 2012.
Responding retailers represent an assortment of furniture store types, including full-line furniture stores, product and style specialty stores and manufacturer-branded stores. All regions of the country are represented. One-fifth of the stores carry low price points; 46% carry lower-middle prices; 61% carry upper-middle prices; and 26% carry high-end lines.
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* For the complete four-page report, see the 19 Oct. 2013 print issue of Furniture/Today, or click here for the exclusive online edition.
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