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HIGH POINT — The October High Point Market might be accurately labeled as the “ESP” Fall Market, referencing “early, strategic and product” as key focuses for buyers attending.
Beginning as early as the Monday before opening day for some showrooms and lasting until the final hours on Wednesday 10 days later, this market saw buyers coming early and with a defined strategy in place for the products needed to energize their inventories.
“We began seeing customers as early as Tuesday at our 220 Elm showroom, which includes our Pulaski, Samuel Lawrence, PRI and Drew & Jonathan Home brands,” said Jeremy Hoff, CEO of Hooker Furnishings. “Monday (mid-market) was our busiest day. In fact, it marked a historical attendance record for us.”
According to Hoff, buyers were “very strategic” at this market, many with specific categories, price points and styles that they wanted to add to their floors to fill voids. Hooker’s launch of the Bobo Intriguing Objects brand was “very successful,” Hoff said, adding that the Hooker team also saw increased momentum at Pulaski, Samuel Lawrence and PRI, a positive development that supports the company’s current strategy.
“Heading into Q4 and Q1 of 2024, we may see a continuation of the challenging retail environment,” he said. “As we ride this out, we will continue to stay focused on product and innovation across all of our brands, while building on existing and nurturing new customer relationships.”
The Friday before opening day was the busiest at Norwalk Furniture, and President Caroline Hipple said that the Rajasthan-inspired front window vignette brought buyers in, while the behind-the-scenes initiatives helped seal the deal with new and existing customers.
“We do our research when we are deciding on what to represent in our showroom, and we allow 10% of our new product to be ‘risky,’ as in outside of the box,” Hipple said. “We created this India-meets-England look, and it offers that travel-inspired feel as well as ‘comfortable perfection.’
“But along with those distinctive designs, we have spent a lot of time on our catalog and concentrated on creating the right tools that allow our buyers to work efficiently with Norwalk Furniture, the tools that help them run a successful business.”
In the Palliser showroom, the company’s introductions and emphasis on its studio program were center stage, underscoring what the Palliser team believes to be two “huge opportunities” moving forward.
“The Baby Boomers are buying life stage products, and many Millennials are still moving toward the purchase of their first home,” said William Doherty III, senior vice president of product design and visual merchandising. “We have added more product and elevated the brand to address those needs, and we expect to have installed our studio program in 100 retail locations by year’s end.”
Palliser’s studio program allows retailers to show numerous configurations of stationary and motion upholstery groups in an efficient footprint, increasing the retailer’s dollar-per-square-foot return. And with collections such as Myles — the three-SKU group designed to offer more affordable upholstery options to younger buyers — the company is looking toward future growth.
“From COVID to a tricky economy, many buyers are still trying to figure things out,” Doherty said. “With our programs and product mix, we’re starting to attract new customers that have never bought Palliser before while also continuing to serve our legacy customers. Our goal is for our retailers to always have a reason to come see us, and the strategy is paying off.”
Luxury upholstery buyers came early and ready to buy at Thayer Coggin, a showroom a few miles from the heart of High Point Market. For this market, Thayer Coggin invited three of the company’s designers — Stanley J. Friedman, Ransom Culler, and Rick Lee — to create their “dream” upholstery, and the one-of-a-kind results were showcased alongside a Milo Baughman original in a dramatic front window display that prompted interest and orders.
“We started seeing customers (before market) on Wednesday afternoon, from all across the country,” said Phil Miller, vice president of sales. “We have opened several new key accounts, and many of the customers that have dabbled in modern design say they are ready to do more.”
With retail prices that surpass $30,000 for a three-piece sectional, Thayer Coggin’s high-end upholstery is shown on retail floors that cater to high-income customers, a demographic less impacted by the current economic uncertainties. The ability to spend is coupled with an appreciation for quality home furnishings, Miller said, a key factor in the company’s market success.
“Our furniture is for the customer that appreciates original design and heirloom quality,” he explained. “It is an investment, not a purchase.”
