Results 1 to 2 of 2

Thread: Its the Economy!

  1. #1
    Join Date
    Jul 2008
    Location
    Alexandria VA
    Posts
    15,890

    Default Its the Economy!

    Furniture stores are taking big hits in business these days, along with a lot of other durable goods. Many are closing up entirely, or are letting stocks deplete as inventory is sold down. I hear a lot of my fellow store owners in the Wash DC area comment how bad business is, then the reps come in and reiterate that as well with long, sad faces. The trade magazines all are doom and gloom as well. They all say they are hunkering down, circling the wagons and going to try to ride out the economic storm by making cuts-cuts-cuts. Sales are off 25%! Floor traffic is down 30%! What to do?! Like Chicken Little, they look up and say 'The Sky is Falling!"

    Well, I'm running the opposite direction to all that. I'm keeping my store full, adding adding new, high-quality accessories and furniture daily, and when I'm not working, I'm thinking how to better my business. If sales indeed are off 25% in the industry, as I've no doubt they are, then the pessimist says he's lost one quarter of his business. But I look at that number and say "Well, if 25 % are out of the market, then that still leaves me 75% to sell to - so lets figure out what they want - and where they are".

    High Quality....check.

    Nothing from China...check.

    Aggressive pricing...check.

    Product knowledge and Service...check, check.

    HONESTY.....triple check. That's a big one. Customers are tired of getting lied to and duped. Yet so many stores refuse to stop selling worthless fabric protection programs, and ridiculous extended warranties, or sell cheap fabric on a recliner that they KNOW is going to wear out in less than five years. Just be straight up!, its easy. Yes, store owner, you might miss a few sales to the smooth talker down the road from you a few miles, but guess what? That same potential customer will come back to you in a few years because they will remember that you were honest with them in the original assessment, even if they didn't buy from you back then.

    Staying in business during hard times is like fighting cancer (I'm a late stage cancer survivor - told I was terminal in November 2005). You have to decide to dedicate yourself to the task on hand and throw all your energies into it. Hunkering down to see what happens and ride it out is not the answer....that's passive, and just like fighting cancer, it will get you killed.

    This business/economic cycle will pass, in the same way gasoline came down from $ 4 a gallon. I see a resurgence in the desire of customers to have American-made pieces instead of watered down junk from China, and customers are getting far more eductated (hopefully thanks to forums such as this one) which means they can recognize quality pieces when they see them. Those stores healthy and still remaining will be well-positioned when business and the economy rebound, as it eventually will.
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  2. #2
    Odd I/O Guest

    Default

    Quote Originally Posted by drcollie View Post
    HONESTY.....triple check. That's a big one. Customers are tired of getting lied to and duped. Yet so many stores refuse to stop selling worthless fabric protection programs, and ridiculous extended warranties, or sell cheap fabric on a recliner that they KNOW is going to wear out in less than five years. Just be straight up!, its easy. Yes, store owner, you might miss a few sales to the smooth talker down the road from you a few miles, but guess what? That same potential customer will come back to you in a few years because they will remember that you were honest with them in the original assessment, even if they didn't buy from you back then.
    I think when people are in survivor-mode they don't think long term. They just want to stay alive right now.

    Quote Originally Posted by drcollie View Post

    Staying in business during hard times is like fighting cancer (I'm a late stage cancer survivor - told I was terminal in November 2005). You have to decide to dedicate yourself to the task on hand and throw all your energies into it. Hunkering down to see what happens and ride it out is not the answer....that's passive, and just like fighting cancer, it will get you killed.
    That's the difference between you and the other guys. You've actually had to fight for your life. You know what it takes and you've "been there done that". After beating back cancer I'm sure this is no big deal.

    Quote Originally Posted by drcollie View Post

    This business/economic cycle will pass, in the same way gasoline came down from $ 4 a gallon.
    It only took a worldwide global economic meltdown/recession to do it though. Oil is a finite resource which we're running out of. Once we're past this economic kerfuffle it'll go back up. That's guaranteed.

    Quote Originally Posted by drcollie View Post

    I see a resurgence in the desire of customers to have American-made pieces instead of watered down junk from China, and customers are getting far more eductated (hopefully thanks to forums such as this one) which means they can recognize quality pieces when they see them. Those stores healthy and still remaining will be well-positioned when business and the economy rebound, as it eventually will.
    For sure the economy will bounce back. It's only a matter of when.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •