From Home Furnishing Business
Fast Fact: Furniture Stores, Closings <1% Annually Since 2012
2019 by Laurie Northington in Economic News, Industry
The U.S. became over-stored in many channels during the 1990’s and early 2000’s, resulting in many store fronts closing during and after the Great Recession, according to data from the U.S. Bureau of Labor Statistics.
During the recession and the immediate recovery years, furniture and home furnishings stores shuttered more locations as a percent of total than any other in the key retail furniture groups, closing stores an annual rate of 3.8 percent from 2007 to 2012.
The rapid loss of furniture and home furnishing stores has stalled in the last five years – store closings less than 1 percent of the categories’ outlets annually. Meanwhile home centers closed 2.2 percent of stores annually in the five-year recessionary/recovery period and continued to lose 1.2 percent annually 2012 to 2018Q1.
The only retailers to continue opening stores were warehouse clubs and superstores, general merchandise stores, and electronic shopping and mail-order houses (non-store retailers).
For a closer look at the numbers, click here.