Bassett leases 20,000-square-foot Las Vegas Market showroom
Furniture Today Staff -- Furniture Today, December 2, 2011
LAS VEGAS — Bassett Furniture Inds. has signed a multi-year lease for a 20,000-square-foot showroom at the World Market Center here.
WMC officials said the new showroom, in space A-953, will be open for the next Las Vegas Market, which takes place Jan. 30-Feb. 3. It will be Bassett's first showing at the Las Vegas event.
"Showing in Las Vegas enables us to better serve our western dealers and our stores there, not to mention acquiring new accounts who we do not currently serve in High Point," said Rob Spilman Jr., Bassett's president and CEO. "This is a key step in our strategic plan for growth."
Spilman said the recent deal that brought the WMC and several key High Point showroom buildings under common ownership "presents us and our customers with an incredible opportunity to expand our business and our brand. By significantly positioning our company in both markets, Bassett will be better poised to achieve our global business objectives."
Tom Mitchell, president of furniture for International Market Centers, the WMC's parent company, said the addition of Bassett "will also attract more noteworthy industry leaders to the Las Vegas Market, driving continued growth for our exhibitors and give buyers even more compelling reasons to shop this market."
Bassett had a 46% stake in High Point's International Home Furnishings Center prior to the building's sale earlier this year to an investor group that put the IHFC, Market Square, Showplace, and several other High Point showroom buildings under common ownership along with the WMC in Las Vegas.
Bassett has a minority stake in International Market Centers, which is controlled by investment funds managed by Bain Capital Partners and Oaktree Capital Management.
The company's new Las Vegas showroom will include a 3,000-square-foot Bassett Gallery aimed at international buyers, and market officials said the company is committed to introducing new product at every Las Vegas Market.
Upcoming product launches will include Bassett's HGTV collections, which will be unveiled at the April High Point Market and the July Las Vegas Market.
IMC officials said Bassett also plans to expand its presence at the IHFC, where it has about 45,000 square feet of showroom space. Details of that expansion were not immediately available.
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