It's Official: Stanley Moving to High Point

April 16, 2012  by in UnCategorized   

By Home Furnishings Business in Case Goods on April 17, 2012

Stanley Furniture (NASDAQ-GS: STLY) is moving to High Point from its longtime home in Stanleytown, Va.

The case goods vendor will spend $4 million to consolidate its High Point Furniture Market showroom and corporate offices into a newly remodeled 60,000-square-foot space at 200 N. Hamilton St. in downtown High Point early next year, to be completed by High Point's Spring 2013 Market. The project will be partially funded by both the City of High Point and Guilford County, as well as the State of North Carolina. The investment also is a joint effort in partnership with International Market Centers, owners of the 200 North Hamilton building.

Stanley Furniture had said in March it was considering moving its corporate offices from Stanleytown, Va., to High Point.

Also in cooperation with IMC, Stanley announced the opening of its new showroom in the Las Vegas Design Center in Building A at World Market Center Las Vegas. The new space gives Stanley its first showroom serving western markets since its days at the old San Francisco Market and allows the brand to display its products beginning in January with the 2013 Las Vegas Winter Market.

"This is a formative moment for the Stanley brand as we have completed a tremendous amount of work at our company in just the last 24-36 months. Our operational strategies are firmly in place and our product lines are repositioned for the upscale consumer's desire for better goods as the economy continues to improve," said Stanley Furniture President and CEO Glenn Prillaman. "Our new High Point showroom location as well as our new space in the Las Vegas Design Center will remain open year-round and give the Stanley brand's almost 90-year heritage the opportunity to increase its influence in a niche in the marketplace that so many companies abandoned by trading down when they off-shored production in Asia.In addition, we have been very fortunate to attract a team of energetic professionals that bring a fresh perspective to the higher-end sector of our industry. These new showrooms present a stage for their talents where our customers can appreciate their work."

Stanley's new High Point location in the Hamilton/Wrenn Design District is two blocks north of its current showroom location in the Commerce wing of the International Home Furnishings Center building. The new location is directly across the street from Marge Carson and on the same block as other premium brands such as Hickory Chair, Baker, Vanguard, Pearson, John Richard and Theodore Alexander.

"We have tremendous respect for our new neighbors and trust that these companies will welcome a well-known, stable yet progressive company with a long history in our industry," said Prillaman. "Like our products, our new showroom will feature the attention to detail the premium retail store owner and the discerning interior designer expects, along with a few pleasant surprises they may not."

"The move to our new High Point location and the opening of a Las Vegas showroom were both heavily influenced by the vision of IMC's leadership. These decisions provide Stanley with the opportunity to expand our reach in a changing marketplace. For decades, the furniture industry has been too fragmented to appropriately market its brands to target customers. We believe the synergies that can exist between these two markets through our partnership with IMC introduce new opportunities for our company to grow."

"Our partnership with Stanley is an ideal example of a progressive brand that is taking advantage of the new synergy created by the recent IMC merger of Las Vegas and key High Point properties," said Bob Maricich, Chief Executive Officer of International Market Centers. "With the creation of IMC, we now have the ability to offer manufacturers an effective national and international platform to build their business."

A major benefit of exhibiting at World Market Center is Stanley Furniture's inclusion in the Las Vegas Design Center, a special collection of more than 42 showrooms that are open to interior designers and the public throughout the year. The company believes it has room to grow within the interior design category and is making a special effort to educate more design professionals about its array of premium offerings. By participating in the Las Vegas Design Center, Stanley will be able to showcase its top collections to designers that may be unfamiliar with the company's revitalized look.