Home Accents Today hosts retailer roundtable
Consumer and retailer research also presented
-- Home Accents Today, 2/8/2010 2:49:00 PM
A panel of home furnishings retailers joined Home Accents To
day editors Tuesday morning at the Las Vegas Market for a panel discussion about the state of retail and tips for surviving and thriving.
Retailers on the panel were Suraphong Liengboonlertchai, of Simplicity Decor in Kirkland, Wash.; Chrysteen Braun of Aegean Designing Whims in Los Alamitos, Calif.; and Jeff Selik, of Hillside Furniture in Bloomfield Hills, Mich.
Jenny Heinzen York, editor in chief, kicked off the session with a presentation of exclusive consumer and retailer research – nearly all which points to at least a solid, if not a stellar 2010 and beyond.
In the research, nearly 60% of consumers say they want to buy furnishings, and 20% say that 2010 is the year that will happen. Topping their wish lists are rugs, mattresses and lamps.
From the retailer research, nearly 60% of the stores polled said they expect their 2010 results to be up 15% or more. They are keeping their inventories low, but are reordering with more frequency.
Retail Editor Susan Dickenson led the panel discussion, and started with asking what was each retailer’s “secret to success” – one example of something they had done for their businesses that really created results.
Braun said she had found success by offering to host fund-raising events for local charities.
“You keep the money you raise,” she said. “We provide the food and the entertainment. They can raise $500 to $800. Last year, we raised almost $10,000, and it’s brought in 500 to 600 people to the store who may not have come otherwise. I’ve become a party planner because we do two to three a month.”
For Selik, who owns a mid-priced to high-end contemporary furnishings store, he had to re-examine his product mix and how it is displayed to maximize the value of what he offers. He eliminated some of his higher priced merchandise, and moved more of the value-oriented pieces to the front to entice shoppers in.
“We have focused on value pricing,” he said. “Value, for me, is when someone feels like they are getting more than what they’re paying for.”
For Liengboonlertchai, his store implemented a loyalty program this year – Simplicity Rewards – where shoppers can collect points toward discounts and merchandise. “We have had more than 1,200 people to sign up,” he said. “And I know their birthdays, their addresses and their e-mails.”
The panel also discussed the growing importance of social media for the independent retailer.
“If you’re not doing it, you look a little behind,” Liengboonlertchai said. “You’re not a bad guy, but people may not think of you as the first one to go to.”
“It all just comes down to having a presence on the Internet – it’s about getting people to find you online,” Selik said, noting the importance of search engine optimization for building traffic to your store. “So many people aren’t putting enough attention into the Internet. … Don’t think of your Web site as an extension of your showroom, look at your showroom as an extension of your Web site.”
When asked if the retailers worked with any other local retailers, Liengboonlertchai said he and 16 fellow merchants in Kirkland had come together to donate a portion of their holiday sales – 10% to 15% -- to three local charities. He said the venture was so successful that the local and Seattle media picked up the story so the word really got out.
“People want to know that you care and that you are supporting your local economy,” he said. To that end, he said he gives something to nearly every charity that asks. “We are trying this year, and you are welcome to try with me, to not give products, but to give gift certificates instead.”
That’s what Braun does to anyone who asks “who’s not illegal, immoral or frightening.” She gives away $150 toward a floorcovering purchase or six hours of design service, or up to $1,000 toward a kitchen renovation. “It helps get your name out,” she said. “The advertising benefits of it are really good.”
Hillside Furniture hosts two charity benefits each holiday season, Selik said. “I respect the need for involvement and giving back to your community. You really should do something.”
Finally, Dickenson asked the panelists about how 2009 turned out and what they are expecting in 2010.
“We hit bottom before everyone else,” Braun said. “Our 2009 was up over 2008, so we are back in the frying pan. We went out of the frying pan into the fire, but now we’re back in the frying pan.”
Liengboonlertchai said his four-year-old store reported an “incredibly great” 2009. And he offered a tip to the attendees: “Don’t give up,” he said. “Make it personal – show a little of yourself – and make it fun, play with it. If you’re not having fun, people notice it.”
For more of the research, e-mail jheinzen@reedbusiness.com
-- Jenny Heinzen York
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