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In tough times, sharing ideas benefits entire industry

Lissa Wyman, Rug Editor -- Furniture Today, April 20, 2008

I asked several of my retail and wholesale friends at last week's High Point Market about what they were doing to improve business under current economic conditions. That question yielded surprising and varied answers.

"We're advertising more than ever," said Kevin Coombs of Home Furniture, a three-store chain based in Wisconsin Rapids, Wis.

Huh? Usually retailers pull in their horns during troubled times. Instead, this chain is pulling out the stops, with special emphasis on TV ads that feature customer testimonials. Apparently, the commercials are so compelling that people come to the store just because they want to get picked as the store's next spokesperson.

Kyle Johansen of the Minneapolis-based HOM Furniture said that his company is promoting add-on sales of rugs and other home accents. With total purchases over $2,000, customers can get long-term financing options. It's a win-win situation for both the consumer and the store.

Keith Arlinghaus, senior rug buyer for Macy's Home stores, said that one of the most important things a retailer can do in times of recession is to keep assortments fresh.

"That's why I come to every market," he said. "We can't afford to have our departments look out of date."

Randy Kremer, president of RugsDirect.com, said online selling has its own set of challenges.

"With minimum advertised pricing policies in effect by most vendors, it's difficult to increase sales using the traditional method of slashing prices," he said. "I am looking for ways to take advantage of the financing offers that many furniture stores use, but our average ticket is usually too low. I think it's really important to share ideas about how we can all help the rug industry grow in the current economy."

In fact, Rizzy Rugs sponsored a showroom seminar at market about how to drum up business. About 30 people attended. Rizzy execs and sales agents were there, of course, but retailers came, too. In fact, about five retail teams were in attendance. (P.S., I bet Rizzy wrote business with all of them.)

I think it's a great idea to get together and swap ideas on how we can all prosper. Some people say they don't want to give away their "secrets" to competitors. Oh, get real. From what I've observed, the most successful people are the ones most willing to share their ideas for the good of everyone.

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