Daily News Archive
Brought to you by Home Furnishings Business
September 17,
2006 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on September 2006
The Canadian economy is performing a bit better than the U.S. economy, and posted a 2.9 percent increase last year.
According to Aktrin’s monitor of Canadian consumer spending on furniture and bedding, the rate will continue this year only a slow a bit in 2007.
Growth in personal income climbed 5 percent in 2005, and Aktrin predicts that growth this year will be at a slightly faster pace of 5.7 percent. Next year, however, personal income will slow to below 5 percent.
The Canadian residential housing market remained healthy in 2005. It advanced by 3.2 percent, down from 7.8 percent the year before. However, Aktrin said the market is saturated now and demand is waning.
“We predict a growth rate of only 3.6 percent in 2006,” the report said. “If mortgage rates continue to climb it may even fall below 2 percent in 2007. In unit terms, this represents a drop from 225,000 in 2006 to less than 200,000 next year.
The report said expenditures for durable consumer goods, which includes furniture, are even more buoyant. Growth stood at a healthy 5.8 percent in 2005, up from 2.5 percent in 2004. This year’s rate will be similar. However, if consumer confidence declines and interest rates continue to climb, we expect durable consumer good sales to advance by only 3.5 percent next year.
The Canadian furniture market has been plowing ahead without interruption since the third quarter of 2002. Growth stood at 6.2 percent in 2005. Indications are that growth will continue this year at a similar pace. For 2007, we predict a slowdown to 4.4 percent. The size of the Canadian furniture market in 2005 stood at C$ 10.2 billion retail and Aktrin predicts the market valuation will reach C$ 10.8 billion this year.
September 14,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on September 2006
Denver-based Furniture Row Cos. has opened one of its signature Furniture Row Shopping Centers in San Angelo, Texas.
The center contains four specialty stores—Oak Express, Bedroom Expression, Sofa Mart and Denver Mattress Co.
“The center will bring a unique furniture shopping experience to the area,” said Bill McKendry, marketing director for Furniture Row Cos. “Unlike other furnishings retailers, our centers have four specialty stores at one destination. Each store focuses on a particular category and each store is managed and staffed with people who are extremely knowledgeable about their specific lines. And, best of all, they all guarantee their prices to be the lowest.”
Furniture Row is one of the largest family-owned specialty home furnishings and bedding retailers. The company is comprised of five specialty store brands including Sofa Mart, Oak Express, Bedroom Expressions, Denver Mattress Co. and Big Sur Water Beds. The company operates more than 300 stores in 30 states.
September 14,
2006 by in UnCategorized
By Home Furnishings Business in on September 2006
WithIt is starting a chapter in Charlotte, N.C.
The first meeting is scheduled for Tuesday, Sept. 26, and will be hosted by Carli Blackert of Springs Inds., and Susan Dosier of Loeffler, Ketchum, Mountjoy. The meeting will begin at 5 p.m. And will be held at the offices of Loeffler, Ketchum, Mountjoy at 6115 Park South Drive, Suite 350, Charlotte.
Refreshments and chapter information will be available. The chapter plans to have a regular meetings that will build an industry network.
Organizers are requesting those planning to attend to R.S.V.P. by Monday, Sept. 25 to carli.blackert@springs.com, or (704) 752-9599, or to susan@fromthemountain.com or (919) 967-1762.
September 14,
2006 by in UnCategorized
By Home Furnishings Business in on September 2006
GMAC Commercial Finance, which has doubled its Greensboro, N.C., office staff since last year, is expanding its business in the North Carolina furniture industry in response to increased demand by manufacturers for finance solutions to support ongoing growth.
The company’s new supply chain finance solution has the potential to improve the three key drivers of financial performance--growth, profitability, and capital utilization.
GMAC CF’s team in Greensboro offers a range of flexible financing programs including traditional factoring, asset-based lending and credit protection services.
“Today, it’s more than just providing money, it’s the flexibility and breadth of sophisticated financing programs and how they are efficiently wrapped around the money that can make the difference,” said John Nooney, Jr., executive vice president and Southeast regional manager of GMAC CF’s Commercial Services Division.
In growing the Greensboro office, GMAC CF recruited seasoned professionals whose personal contacts and industry insights enhance business development and account service capabilities for the Southeast and Midwest.
Clients include Manchester Furniture Group. Earlier this year, GMAC CF provided Manchester with a $15 million senior secured credit line to finance the company’s growth and provide inventory support.
“With goods in production, containers on the water and retailers to satisfy, we rely on GMAC CF’s online tracking and reporting of vital financial information,” said Ron Hahn, principal of Manchester Furniture Group, an import-marketing company with offshore manufacturing facilities in Southeast Asia. “This 24/7 access especially is important when you’re in the midst of a telephone call with customers.”
September 14,
2006 by in UnCategorized
By Home Furnishings Business in High Point on September 2006
Home Furnishings Business is looking for digital photos of product introductions at the upcoming High Point market.
Please send images and product information to Editor-In-Chief Sheila Long O’Mara at slomara@napco.com; or Senior Editor Powell Slaughter at pslaughter@napco.com by Tuesday, Sept. 19.
Images must be in color and at least 300 DPI resolution.