Flexible tactics keep retail afloat
By Susan M. Andrews -- Furniture Today, March 2, 2008
Tulsa, Okla. — A good day at retail doesn't happen automatically as it did once upon a time.
Furniture retail is getting more challenging by the minute, with consumers barely able to afford the drive to work and home heating costs expected to be up anywhere from 6% to 24% this winter.
But some independent retailers are having good days. How do they manage it? What can entice a consumer into a furniture store and make them buy?
One key element is staying flexible so tactics can adjust as the market changes.
"There are good things happening out there for retailers who will adapt to this tougher marketplace with new tactics," said Michael Larson, vice president of Cosec International, a syndicated advertising company specializing in furniture retailers. Larson identified a few retailers who've had some "good days at retail" lately.
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Casabella Furniture in Corinth, Miss., did it with a highly profitable "Two-Hour Sale" that created the store's highest monthly sales gain for the year.
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Sav-Mart in Wenatchee, Wash., did it with a weeklong "End of Summer Sale" that broke sales records for the store's 40-year history.
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Eaton-Young Furniture Galleries in Cumberland, Md., held a six-day "Labor Day Sale" that doubled its normal business.
Founded 30 years ago by Bob Keiningham, a 20-year veteran of on-site promotion and consulting, Cosec International creates and markets advertising and sales training programs. The company is now run by Keiningham's sons-in-law, Scott Hood, who is president, and Larson.
"We've been able to offer unique factors to help retailers set records," Larson said. He added, "We've been lucky enough to do business with large retailers, but most of our clients are small, independent retailers."
Cosec's method is to produce positive, image-enhancing events that make sense throughout the calendar year rather than faux "distress" sales.
He sees a parallel between the current retail environment and trying times in the 1980s and '90s.
"The greater economic climate has little to do with successful high-impact promotion," said Larson. Cosec's programs work in any type of economy, although he adds that they are "tailor-made for the tough times."
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