Las Vegas Market Update
February 2012 - Charlotte, NC
Game on! Our five days in Las Vegas confirmed that our industry is rebounding with positive, steady growth on the horizon. Attendance and energy were excellent, and the IMC/WMC executives and staff showcased welcoming attitudes, improved amenities and better clustering of like-minded exhibitors. There were plenty of new tenants and lots of international nametags. It was a totally upbeat experience.
Many of our discussions this week focused on the emerging big box power retailers’ push to get deeper into furniture. Lowe’s acquisition of e-commerce specialist ATG also highlighted the growth of internet sales of furnishings. These two powerful channels of commerce will challenge many traditional concepts of furniture retailing in the coming years.
We were pleased to have our own showroom this market to demonstrate a newly patented RTA (ready-to-assemble) sofa, developed by inventor Billy Joe Griggs of Pulaski, Tennessee. This invention, with logistics benefits for overseas and domestic freight savings, will help accelerate the trend of furniture being sold in big box power retailers, lifestyle stores, rental outlets and internet portals.
Merger & Acquisition talks are rebounding again, as access to credit markets reopen and strong companies boldly move forward with expansion via acquisitions. Rising freight costs will force many to open new factories or acquire existing ones (mainly in upholstery) to get closer to their customers. ESOPs are re-emerging as a terrific financial tool for generating tax-efficient liquidity for shareholders. We can help you think through this technique.
While there was much discussion about the political season and the indecision of Americans due to the nonsense partisan behavior in D.C., most people know to plow forward, focus on what we can control and hope for real problem solving post-election and into 2013.
Quote of the Market: “You, and only you, are in charge of your own morale. Attitude matters. Make it positive!”
Please keep us posted on how we can be of service to you and your company. And stay positive!