Associated Press - Small Businesses that Run Furniture Stores Thinned by Recession, Adapt to New Realities
May 2, 2010
Small businesses that run furniture stores thinned by recession, adapt to new realities
EMERY P. DALESIO—AP Business Writer
May 2, 2010
HIGH POINT, N.C. (AP) — The recession that forced consumers to lock down household spending has been tough on furniture retailers, most of which are small, family-run businesses.
Research firm IBIS World Inc. says about 10 percent of furniture retailers closed their doors for good last year. Sageworks Inc. says furniture stores were among the worst-performing types of retailers last year, with sales falling 11 percent.
Store owners who have stuck around have cut costs and staff. Some have benefited from hard-pressed landlords willing to deal to keep tenants while others have focused on online sales to broaden their customer base.
Industry giant Ashley Furniture is introducing a no-frills approach that uses less than half the space of a normal store.