BoConcept chases condo crowd
By Clint Engel -- Furniture Today, March 8, 2010
NEW YORK —
Shaokao and Niki Cheng, who own eight New York-area BoConcept stores, stepped boldly into an important niche market last year with their first “City Life Condo Expo.”
The thinking was simple. Even though the Chengs had been operating franchised BoConcept stores in the area since 2003, they were having difficulty breaking into New York's vast apartment and condominium market as a developers' go-to source for furnishing models and providing referrals to new residents.
So, in October 2009, their BoConcept store in the Chelsea neighborhood of Manhattan held the Expo, partnering with hip, upscale apartment and condo developers and managers for a meet-and-greet party.
The only cost to the participating companies was time. Each was assigned a studio — or furniture vignette area — in the showroom, where they set up their presentations. For some, this involved videos highlighting their properties. Others brought posters of their buildings. Several went all out, decorating their vignettes with pillows, throws and other items to give the space a look similar to their properties.
The 16 participants included high-profile luxury condo properties such as Casa NY and The 505, both located in Manhattan's Hell's Kitchen neighborhood.
BoConcept, meanwhile, lined up sponsors to provide food and beverages, including a coffee and snack bar from Café Bustelo and Pop Chips. The retailer also provided cupcakes. And it brought in a representatives from Bank of America and the Quintessentially concierge service to help potential condo buyers with everything from moving services to opera tickets.
The retailer advertised the event in local magazines and newspapers and sent invitations to 2,500 customers. It also reached out to local media for editorial and got some coverage on local Web blogs.
The Expo was a hit, said Shaokao Cheng. The three-hour evening event drew about 350 people, packing the 6,000-square-foot showroom.
“The feedback from attendees was that this was a great event, innovative for a furniture store,” Cheng said. “And the (property developers) really liked it because they love marketing activities that don't cost them anything. They were happy with the number of people who attended.”
For the midpriced to upscale BoConcept, which sells custom modern and contemporary home furnishings that fit with the styles of many New York condo and apartment dwellers, the Expo provided great exposure. Building operators are now referring business back to the store, Cheng said. The event also attracted consumers who were in the market to buy homes — generally a good indicator of a near-future furniture purchase.
The Chengs are planning to hold another Condo Expo in April. They expect about the same number of building participants and hope to bring a few extras to the event, including a champagne sponsor, Shaokao Cheng said.
And they are considering one more incentive. If, during the event, a consumer makes an appointment with one of the property representatives and it leads to a deal on a new home within three months, BoConcept would furnish the property for free to that consumer. The plan, Cheng said, is for the developer to actually buy the goods for the property after getting a nice discount from BoConcept.
-
Lubners Back in Saddle
Aug 3, 2011 -
Weekends Only to open sixth store in St. Louis
Oct 28, 2010 -
WMC expands Alfresco Spaces
Sep 9, 2010
VIEW ALL GALLERIES
