HIGH POINT — After a slow summer for furniture stores, some in the industry are hoping that strong Labor Day
sales will send furniture buyers to an invitation-only “premarket” in downtown High Point this week with a more optimistic outlook. Starting Monday, some furniture showrooms will open their doors for the informal, invitation-only event to some top furniture retailers.
Premarket, held roughly one month before the official High Point Market — scheduled for Oct. 16-22 — was at one time critical for the home furnishings industry.
Although there is no official sponsor for the event, it usually attracts about 2,750 visitors. This compares with the nearly 100,000 visitors that were registered for the April furniture market. Tourism officials estimate premarket pumps about $1.3 million into local hotels, restaurants and shopping centers.
In the past, top retailers attended the event to give input on new products before furniture makers brought them to market. But the rise in furniture imports and more furniture shows throughout the year have combined to decrease the importance of the event for many.
“We are expecting a terrible premarket,” said Jeff Cook, president of Magnussen Home Furnishings. “It has less to do with the economy and more to do with the fragmentation of the markets.”
There are more markets to shop, like the Las Vegas furniture shows in January and July; High Point shows in April and October; and such other locations as Tupelo and a growing market in Shanghai, Cook said. So many buyers are opting not to show up for informal in-between market events.
In the past, Magnussen, a furniture-import company based in High Point, has hosted about 18 to 20 top retailers during premarket, but Cook said that this week, the company is expecting only three.
“Unless some radical changes are made in dates, premarket will gradually fade into the sunset,” said Cook. “This may very well be the last one.”
But others say they still plan to use this week to make some changes to products they will show in October. Kincaid Furniture Co., a Hudson-based furniture maker will introduce a few new pieces this week to some of its top buyers.
Some say the premarket this week may help gauge the mood of business for the October show.
“It’s been a pretty slow summer for most retail businesses,” said Ken Smith, an analyst with BDO Seidman’s High Point office. “When business does come back, it’s not real steady.”
There was an uptick in furniture sales over the Labor Day weekend, but furniture makers and furniture stores will be paying close attention to business as they head into the High Point show, said Smith.
Recent declines in gas prices and a movement in lower interest rates, however, may spark a better mood for furniture consumers.
“Labor Day got some good jump-starts,” said Todd Hady, vice president of sales and marketing for Kincaid Furniture. “I do feel there’s a small uptick in spirits.”
Contact Sue Schultz at 883-4422, Ext. 232, or sschultz@news-record.com
