HP Market Authority to Increase Promotions Spending

March 8, 2006  by in UnCategorized   

By Home Furnishings Business in on March 2006 Backed by state and local government funding, the International Home Furnishings Market Authority approved a plan Wednesday to increase its annual operating budget to $7.3 million.

Under the plan, the budget will increase from $3.3 million a year, and the additional money will be collected from the cities of High Point, Winston-Salem, Greensboro, Burlington and Archdale, showroom owners and the state of North Carolina. Formal requests are being prepared asking for a combined $1 million in annual financing for five years from the communities.

The money will be spent on market promotions and marketing, guest services like free food, entertainment and additional downtown parking.

The authority plans to ask the High Point City Council to increase the showroom tax from 6 cents a square foot to 14 or 15 cents a square foot. Currently, the city collects about $720,000 in showroom taxes. The increase could net an additional $1 million.