EQ3 Sets Sights on Asia

October 7, 2008  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on October 2008 EQ3, the retailing arm of Palliser Furniture, plans to focus more on Asia in order to reduce dependence on slow sales in the U.S. market, according to a report Tuesday in the Bangkok Post.

Asia “is a very promising market and we see an opportunity to open about 40 to 50 new outlets over the next five years in this region excluding China,” said EQ3 President Peter Tielmann, who is in Bangkok this week for the opening of the retailer’s first Asian store.

The report said About 55 percent of EQ3’s business now comes from the United States, where business has fallen around 40 percent in the wake of financial turmoil, 25 percent from Canada and the remainder from international markets.

The 12,000-square-foot Bangkok store is licensed to Q Concept Co., a subsidiary of Decor Mart. EQ3 will renew distribution rights for Q Concept every five years.

EQ3 hopes that Asia will account for 20 percent to 25 percent of sales within five years. In addition to Thailand, where EQ3 could open 10 stores, the company is considering stores in South Korea, Indonesia, Malaysia and Taiwan.