Daily News

From Home Furnishing Business

Las Vegas Market Optimistic on Opening Day

January 28, 2014  by in Las Vegas, Market   

Over the last two years, the Market has added 1.1 million square feet of new and expanded showrooms and products in all categories of furniture, home décor and gift. In all, more than 2,224 total exhibitors and lines now fill more than 5 million square feet of space across the three buildings. Seventy of those exhibitors are hosting ribbon-cutting ceremonies this week. 

Robert Maricich, chief executive officer of International Market Centers on opening day Sunday cited the growth in exhibitors, their commitment to introducing new product, and the pre-registration figures. 

"The operative words are new and evolved. The sheer growth of new exhibiting companies over the last two years has dramatically changed the landscape of Las Vegas Market," Maricich said. "We have reached a critical mass of exhibitors, strategically focusing on complementary product categories and organizing like-minded companies together. This evolution-buoyed by a healthier economy-has created a renewed confidence in Las Vegas Market.

"And, we see a new kind of demand forming among buyers, especially those who may have visited Las Vegas Market in the past and who are eager to experience its transformation. This demand is evidenced with an unprecedented increase in pre-registered buyers and designers, it is likely we will have our largest Market ever."

In its first official weekend opening day, the 2014 Las Vegas Market ushered in nearly 300 new furniture and home décor brands and 900 new gift lines, and welcomed an influx of better goods across all categories. Dozens of new, fashion-forward home décor, gift and tabletop lines joined Las Vegas Market for the first time including Enesco, Fine Lines, MATCH, Childs Studio, Lenox, Gerson, Nest Fragrances and more. 

Within the furniture category, 600,000 square feet of permanent space has been leased to leading furniture manufacturers over the last two years, resulting in a 96.4 percent occupancy on the 21 floors that carry furniture and mattress lines. Seven new bedding-related sources joined Las Vegas Market-already home to 13 of the top 15 bedding manufacturers-further strengthening the market's position as a leading national bedding market. 

Temporary exhibits are also experiencing record increases, with 340 temporary gift and home décor exhibits showcasing in Building C--a 10 percent increase over last year. The 35,000-square-foot temporary exhibit area on B2 is also completely sold out with 80 home furnishings lines showing.

New product was apparent throughout the showrooms, with a focus on quality and value, according to many buyers walking the show. Exhibitors were equally enthusiastic about day one of Las Vegas Market and have strong expectations for the week.

Stanley Furniture, which showcased its vintage inspired Heritage Collection from October High Point Market and a new Coastal Living Collection this week, said market is off to an "outstanding" start.

"We were buried this morning. By 10:30 a.m. we had to add more manpower in our main showroom," said Stanley Vice President of Creative & Brand Development Randy Wells. "We know Las Vegas Market is a huge draw for the Western U.S., yet we've already seen buyers from Florida, New York, Michigan, Mexico, and Canada … and it's only Sunday."

"This is the first time the market started on Sunday and the traffic matches our expectations," said Herman Tam, vice president of sales and marketing for Leggett and Platt. "We are very pleased with the traffic and people are in a buying mood. People are asking questions about the quality of our products, where and how the furniture is made, questions well beyond price. It's refreshing."

"The showroom has been busy all day," said Arteriors Executive Vice President of Sales and Marketing Patty Price. "Today we hosted our Barry Dixon Brunch featuring his new collection and we had a really positive response from press, bloggers and buyers. We are looking forward to what the rest of the week holds," 

"Traffic has been steady and we're pleased with our sales so far," said Josh Jarboe, national sales director for Global Views and Studio A. "Typically we see a lot diversity of buyers coming to this market--and that's on track today with a strong Canadian presence all the way down to buyers from the tip of Florida. And of course the west coast is well represented here."

"The first day of market has been very productive," said Michael Aram Senior Account Executive Christie Connick. "We've seen existing customers as well as new customers from the west coast. Buyers have responded well to the new opening day, traffic has been strong and were looking forward to the rest of the week."

The WOW Awards, presented by women's leadership development network WithIt, capped opening day of Market. The event honored women who have made an impact in the growth and future of the home and furnishings industries.