Archive for April, 2010
April 25th, 2010 at 07:00am
Under Furniture News
The Michigan Retailers Association will soon start offering retailers in the home furnishings industry a new credit card program. The processing services will eliminate or drastically reduce the amount of cash reserves that many retailers are now forced to hold.
“We can process your credit card transaction at a competitive rate and minimize or eliminate your reserve requirement because of this unique insurance product,” said John Mayleben, senior vice president, technology and new product development for MRA. He said the program should be available within 10 days to furniture and other retailers in all states.
Over the past several years, many of the financial institutions that offer credit card processing have started to require that retailers keep large cash reserves. These reserves are protection against the tough economic market and because so many businesses have failed.
Many retailers, especially businesses that are considered a high credit risk have had to keep hundreds of thousands of dollars in reserve. These large reserves are affecting cash flow and adding to the liquidity crisis that many retailers are already facing.
By MCC
April 24th, 2010 at 07:00am
Under Uncategorized
The home office arena at High Point Market saw a noticeable trend toward smaller office furniture. Retailers were focusing on smaller desks that are more suitable for laptops. Some of the most popular models had laminate or glass tops, or were a combination of solid woods and veneers. The popular models were those that can be shipped flat.
Coaster saw success with several new models featuring metal frames and glass top surfaces with functional features like pull out laptop trays. They also reported a strong interest in new desks that have frosted, or white glass tops in a L-shaped design. And, a $199 ready to assemble desk that has a flip top that reveals a power pack with electric sockets and network plugs.
Among some of Linon’s most popular products was a eight piece group made of solid pine. The group includes an L-shaped desk, corner unit, bookcase and file cabinet. With many people downsizing and choosing to work at home, smaller home office furniture is high in demand.
By MCC
April 23rd, 2010 at 07:00am
Under Uncategorized
Mattress retailers got to sample a wide array of sleep sets at the recent High Point Market. Bedding has began to show a comeback and retailers are hoping to keep their sales rising in the coming months. Some producers reported that traffic started out light, but picked up significantly as the market progressed with some high quality buyers.
Bedding producers however have been hit with some unwelcome news. Price hikes are inevitable for major raw materials and they’re not quite sure how they’re going to respond. They are sure that they don’t want to put a halt on the projected comeback bedding appears to be making.
By MCC
April 22nd, 2010 at 07:00am
Under Uncategorized
Brian Casey, Market Authority President said that this week’s High Point Market has been the best out of all four years of his tenure. He stated that the market had turned a corner by dispelling the negative attitudes that have prevailed.
“As I visited with exhibitors and buyers, I could not believe the groundswell of enthusiasm,” he said during a presentation to the Market Authority Board. “I think it has turned 180 degrees (and) we have established ourselves as the leading market for home furnishings.”
Casey attended his very first market in 2006 and recalled that many of the exhibitors and buyers were very upset with how the event was being ran. He noted that the Market Authority staff had taken a lot of abuse from some of the attendees about problems such as parking and price gouging by the local hotels.
By MCC
April 21st, 2010 at 07:00am
Under Furniture News
Good news for major bedding manufacturer Tempur-Pedic, the company’s first quarter sales rose 43.5 percent and profits more than doubled. The increases are credited to a roaring start of the company’s domestic and international business for 2010.
“We are very pleased with our first quarter results,” said CEO Mark Sarvary. “Our investments in marketing and research and development are driving our sales momentum and we believe they will continue to do so in the future.” The quarter ended on March 31 with sales totaling $253.9 million, a big increase from the $177.1 million for the same quarter last year.
By MCC
April 20th, 2010 at 07:00am
Under Furniture News
Lacquer Craft Furniture has announced that it will be entering into the hospitality business with a brand new division, Lacquer Craft Hospitality. Lacquer Craft is one of the largest manufacturers in China has projected that the new addition will help to generate as much as $75 million in sales over the next three to five years.
The initial efforts will be focused toward selling hospitality furnishings to 4 and 5 star hotels located throughout the United States. However, plans include entering into the market in Asia, the Middle East, Europe and other international areas.
Mohamad Amini, Lacquer Craft President said that the company has been considering entering the hospitality market for several years. The project was put on the back burner because the company’s residential division had been seeing such strong growth.
By MCC
April 19th, 2010 at 07:00am
Under Furniture News
Paramount has expanded it’s portfolio by adding three new mattress brands. The Norfolk, Va. based bedding producer began at the end of the Great Depression and is trying to boost business by supplying brands that can meet with a wide variety of customer needs.
“We are excited about the additional opportunities we can give our customers with these brands,” said Richard Diamonstein, a bedding veteran who is the third generation of his family to work at the company and is its executive vice president. His father, Arthur, is chairman.
“We are giving our customers different options to help them differentiate themselves from other retailers,” Richard Diamonstein continued. “And these brands augment what we are already doing.” Paramount has been a licensee of Comfort Solutions for over 40 years.
A large section of their showroom at High Point Market was devoted to the three new lines it designed. Back Performance, Heavy Duty and Quilt-O-Pedic were added. Although, Quilt-O-Pedic actually isn’t a new line, it was first introduced by the company in the 1930’s. It had been the first quilted mattress in the area by had been dormant for over a decade.
By MCC
April 18th, 2010 at 03:40am
Under Furniture News
Three bedding specialty retailers and a factory direct operator have been named this years Retail Giants of Bedding by Furniture/Today. Sleep Country Canada of Toronto, Innovative Mattress Solutions of W.Va., Bedmart of Tucson, Ariz. and The Original Mattress Factory of Cleveland will all be honored at the annual Bedding Conference in Orlando May 5-7.
“This year’s Retail Giants of Bedding show that there are many paths to success in the mattress business,” said David Perry, Furniture/Today’s executive editor, who is again coordinating the Bedding Conference. “Two of these retailers are headed by women and present a female-friendly face to consumers, an important consideration given the prominent role that women play in the mattress purchase process. Our other winners also rely on the expertise and experience of their founders to make solid consumer connections in their own right.”
By MCC
April 16th, 2010 at 10:35pm
Under Furniture News
Regency Furniture, a promotional to mid-priced retailer open it’s sixth store in Fredericksburg, Va. on Salem Church Road. The 70,000 square foot showroom is the first of two new stores the company plans to open this year.
President of the Maryland based retailer said that the Fredricksburg was a excellent location because it provided easy access from Interstate 95. It’s also close to the Central Park shopping area and is part of a row of furniture chains that include Value City, Ashley Furniture HomeStores and The RoomsStore.
While he did say that business conditions are still challenging, they have been improving recently. The new store will help them position themselves to be even stronger in the furniture market when the conditions begin to improve even more.
By MCC