Daily News Archive
Brought to you by Home Furnishings Business
October 12,
2008 by in UnCategorized 
By Home Furnishings Business in on October 2008
• Consumer spending on all home furnishings, including furniture and bedding, slipped in August. Home furnishings spending in August was $416.3 billion, down 0.7 percent from July spending. Measured against August 2007 spending, total home furnishings spending decreased 0.2 percent.
Spending on furniture and bedding fell again in August, down 3.1 percent from this time last year to $82.1 billion. Compared with July spending, consumers spent 0.2 percent more on furniture and bedding in August.
The U.S. Department of Commerce tracks consumer spending. Included in home furnishings is virtually everything in consumer homes, including home textiles, consumer electronics, home accents and major appliances. Antiques and valuable art are not included.
• Reflecting the opposite of August’s decrease in new house sales results, down 11.5 percent, the supply of new houses available for sale, measured in the median number of months on the market, increased 7.1 percent to 9.1 months in August, compared with July. Measured against year-earlier numbers, the supply of new homes on the market was up nearly 60 percent. New home sales are tracked by the U.S. Dept. of Housing and Urban Development and the U.S. Census Bureau.
Weekly Review of Economic News (WREN) reports are summaries of recently-released economic statistical data that affect the home furnishings industry. WREN reports are compiled by HFB Research Editor Janice Chamberlain.
October 12,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on October 2008
Sev Ritchie has joined retail Web development company ayr1 as vice president of corporate affairs.
Ritchie, a furniture industry veteran, formerly ran FurnitureChannel/FurnitureFan.com, which consisted of 78 manufacturers and 780 retail clients. He introduced the first industry wide e-mail marketing program, and has a strong e-catalog background.
According to an announcement, ayr1 will benefit from Ritchie’s solid knowledge of the home furnishings and accessories business dynamic. He has spoken as an expert presenter at many major trade association, buying group and performance group events.
Ritchie and ayr1 President Len Conlan and CEO Ron Goswell will attend next week’s High Point market to develop relationships as ayr1 embarks upon a multifaceted growth strategy to build on the company’s position of hosting and creating thousands of retail Web sites, and executing thousands of home furnishings and home appliance strategic relationships with major brands.
All of the ayr1 presentations at High Point will be centered around the reduction in marketing spend for both manufacturers and retailers who are not already clients of ayr1. Ritchie has scheduled many high-level manufacturer meetings to introduce the confidential new series of initiatives from ayr1. In addition, ayr1 will be training 26 new furniture industry representatives to add to its United States and Canadian sales staff.
Ayr1 uses thousands of e-catalogs residing on a complex database that allows all of their retail clients to have their manufacturer’s catalog directly on their own Web site to avoid the risk of retail customers being linked-out to manufacturer Web sites, where they might be redirected through the dealer locator to other competitors. The ayr1 system also allows consumers to view and research every single product that an individual retailer has access to.
October 12,
2008 by in UnCategorized
By Home Furnishings Business in Motion Upholstery on October 2008
Furniture and bedding components manufacturer Leggett & Platt, Carthage, Mo., plans to lay off 259 employees at two plants in Mississippi, according to Associated Press reports.
At the Omega Motion plant in Saltillo, which makes hardware for recliners and rockers, 172 workers will be laid off. Eighty-seven workers at L&P’s Super Sagless plant in Tupelo, which makers hardware for recliners, rockers and sofa sleepers, will be affected.
The layoffs will start in early December. Affected workers will receive at least 60 days of pay and benefits, and job placement assistance.
October 12,
2008 by in UnCategorized
By Home Furnishings Business in on October 2008
Feng Yongming, an executive with furniture manufacturer Guangming Group Furniture Co. Ltd., has been accused of embezzling state assets according to the China View news service.
Feng Yongming and his daughter Feng Lijia were detained on Sept. 26. The two allegedly seized the Yichun city government’s shares of the listed company by illegal means, according to a government official.
The National Business Daily newspaper said the case involved 95 million yuan, or $13.9 million.
Guangming Group Furniture Co. Ltd is listed on the Shenzhen Stock Exchange.
October 9,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on October 2008
A monthly Furniture Buying Index produced by America’s Research Group, Charleston, S.C., dropped three points to 56, but hovered above a historic low.
Britt Beemer, chairman of ARG, which provides consumer research to retailers, said, “With so much uncertainty about the economy and with the discussion of the bailout effects, consumer confidence with making big ticket purchases has be greatly impacted.”
He said the only messages consumers want to hear from furniture stores are “save me money” and “save me even more money.”
The Furniture Buying Index is based on interviews with 5,000 to 8,000 consumers across the country. In a typical month, 80 percent of the consumers interviewed can name a specific furniture item they intend to buy. The Index mark signifies what percent of the benchmark 80 percent have a particular item in mind.
The Index, which stood at 75 in October 2007, hit a low of 55 in August.