Market holds its own
Buyers turn out despite economy
By Larry Thomas -- Furniture Today, November 2, 2008
HIGH POINT — Nervous exhibitors and market organizers were allowed to exhale as the High Point Market wrapped up its fall show amidst the worst economic slump in decades.
The bottom line: It wasn't as bad as many had feared. Most showrooms were visited by a decent number of buyers — and while the consensus was that overall order writing down, business nonetheless was conducted.
“I couldn't feel better, in light of the economy and all the other things that have occurred,” said High Point Market Authority President Brian Casey.
Exhibitors said Top 100 retailers shopped the market in force, as usual, but many said attendance from small and mid-sized retailers was spotty at best. Normally, those types of traffic reports would generate grumbling from exhibitors, but given the meltdown on Wall Street, many were simply relieved that the market was as populated as it was.
“What's surprising is that we had a much better market than we had hoped for,” said Dave Pinamonti, senior vice president of marketing and sales at Universal. “The majority of the retailers coming through were looking for new products … that could bring more people into the store.”
Palliser President Art DeFehr agreed, noting that dealers remained upbeat despite business conditions that have steadily worsened since mid-September.
“We all know how tough it is out there, but I don't think anybody came to High Point with a negative attitude, he said.
Both DeFehr and Pinamonti said showroom traffic was down slightly from last October's market.
George Itzkovitz, president and CEO of importer Primo International, said his National Furniture Mart showroom was “busy all week.”
“We had all of our majors here plus a good number of independents, and the good news for us was that they not only shopped us, they wrote orders here,” he said.
Ed Grund, CEO of case goods resource A.R.T. Furniture, said he came to market “fully aware,” of business conditions and left High Point pleased by the number of accounts he saw here. The figure was equal to the count a year ago, when A.R.T. moved to its Plaza Suites showroom, he said.
“Given what is going on in the economy, we were pleased,” Grund said. “But we still have to get the orders.”
That assessment was echoed by Jack Donahoe, president of high-end leather upholstery producer Leathercraft.
“Order writing was down 20%. Retailers wrote smaller orders,” he said. “So there will be more follow up work to be done on the road after this market than in the past.”
He said showroom attendance was about even with the last two High Point Markets.
Eric Shupack, president of Furnitech, an importer of entertainment consoles made in Brazil, said that while traffic was down in his Plaza Suites showroom, he still considers the market a success because the quality of buyers was high.
“The people who attended were very serious buyers. They are not giving up on this industry,” Shupack said.
Retailer David Price, president of Toms-Price in Wheaton, Ill., and a member of the Market Authority board of directors, said he believes one reason attendance was decent was that marketgoers bought airline tickets and made lodging reservations before the economy really turned south.
“I am surprised that this market has been well attended,” Price said during a board meeting near the end of market week. “I think we are going to be shocked at how many people don't attend the next market (April) if things don't turn around.”
Editor in Chief Ray Allegrezza, Senior Retail Editor Clint Engel, Leather Editor Joan Gunin and Associate Editor Thomas Russell contributed to this story.
-
Best Vegas show in years
Feb 22, 2012 -
Vegas buyers find values
Feb 16, 2009 -
Market mostly positive
Apr 22, 2007 -
Vegas business booms
Feb 5, 2007 -
Better than expected
Apr 20, 2008
Merinos Home Furnishings opening display room, Boyles addition
‘Mega vessels' likely to boost capacity, stabilize freight rates
HOM Furniture adds flooring to six Twin Cities stores
Dan Masters joins Furniture Brands as VP, business development
21 companies from Turkey, Taiwan and China to exhibit at Showtime
VIEW ALL GALLERIES
