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Strategic Workshop Set for Furniture Retailers
March 22,
2011 by in UnCategorized 
By Home Furnishings Business in Business Strategy on March 23, 2011
Profit Management Promotions is hosting a retail workshop during the upcoming
High Point Market on how store owners can create executable business plans.
The workshop will help store owners develop action plans that tie to retailers strategic options: staying the course with their current strategies, pursuing restructurings, investing in capital improvements, business expansion, or liquidating.
The hour-long seminar will be held Monday, April 4, at 2:30 p.m. in the
NHFA Retail Resource Center located in Plaza Suites on the second floor. The workshop content dovetails with a new PMP service offering focused on providing business planning advisory support to furniture retailers.
"We continue to see an alarmingly small number of furniture retailers that develop formal business plans in order to keep pace with shifting market challenges and opportunities," said Ron Cooper, director of sales and marketing. "In fact, most companies dont do planning at all. That has to change. The economy is steadily albeit slowly regaining its footing. That means home furnishings retailers need to aggressively map out strategies to capitalize on the opportunities we believe they will see in 2011."
Entitled "If You Plan, Your Business Can Survive & Thrive!", the seminar will study the major marketplace challenges confronting furniture retailers. These include the multitude of new choices consumers have for purchasing home furnishings namely big box stores, the growing national chains, closeout stores, independent outlets, and web retailers as well as the changing attitudes of todays value-oriented consumers, who are unwilling to overpay and who are less concerned with buying products in brand name outlets.
Cooper said that many furniture retailers need to radically revamp their business models to reverse the losses they incurred over the last several years.
"Our seminar will address each of these areas," Cooper said. "Importantly, our attendees will come away with a powerful toolkit of strategies to develop action plans that will help them succeed in 2011 and beyond."