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Home Furnishings Industry Rebounding Says Economic Census

Posted by Joe Gargiulo | Wed, May 25, 2016 @ 10:00 AM

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Data released by the US Department of Commerce indicates a slow recovery by the home furnishings industry following the Great Recession of 2007 and 2009. Nevertheless, home furnishings stores in general continue to struggle according to an article published in Home Business Furnishings: “In the five-year period between 2007 and 2012, the home furnishings retail landscape took a pounding and lost a major chunk of its storefronts.”

2007 – 2012 statistics for the furniture and home furnishings industry:

  • 18% of stores closed
  • Total employees fell 23.6% (30% in furniture)
  • Average hourly earnings decreased 0.9%

2012 – 2015 statistics for the furniture and home furnishings industry:

  • An additional 3.6% of stores were lost
  • Total employees grew 6.1%
  • Average hourly earnings increased 9.3%

The collapse of the housing market also precipitated the loss of 13,000 furniture and home furnishings stores between 2007 and 2015 (61,000 to 48,000).

The census provided additional stats about three categories (floor covering, furniture and home furnishings) and four regions (Midwest, Northeast, South and West):

  • The loss to floor covering stores was generally worse than furniture stores or home furnishings stores between 2007 and 2012.
  • Northeastern and Western states suffered the highest number of stores closing.

Capitalizing on the optimism implied by the article title, “The Fall and Rise of Retail,” retailers in home furnishings can make it easy for consumers to take home items today by harnessing the convenience of CrossCheck’s Multiple Check service. Checks are approved at the point of sale in seconds via terminal, phone or the web before being deposited in the bank. Customers write 2-4 checks that dealers deposit over an agreeable period up to 30 days long. It's not financing; there is no credit check; and CrossCheck guarantees the revenue to the dealer. Download the free insider's guide now to increase sales.

 

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Written by Joe Gargiulo

Marketing Specialist Joe Gargiulo has 25-plus years in marketing, communications and copy writing. As a writer, he enjoys connecting story leads to all aspects of the human experience.