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U.S. Furniture Stores FURNITURE|TODAY® Top 100 growth in sales and units ......................................50 Top conventional and specialty furniture stores ...............52 Top bedding specialty stores ..............................................54 2016 Stores on expansion track ..................................................58 Top single-source networks ................................................58 Who’s who among the leading stores................................62 TOP 2016 Top 100 list ...................................................................64 U.S. FURNITURE STORES Sponsored by FT047i37.indd 1 5/11/2016 2:16:09 PM 50 MAY 16, 2016 FURNITURETODAY.COM Top 100 stores post 11% sales increase in 2015 BY CLINT ENGEL Top 100 growth in sales and units The Top 100’s HIGH POINT — The nation’s Sales, in billions* Units share of 2015 2014 % change 2015 2014 % change largest furniture store chains com- Sales through bined for their biggest sales gain in U.S. furniture stores 16 years last year, outpacing their All Top 100 $41.9 $37.7 11% 12,341 11,748 5.0% smaller store counterparts and Top 10 $21.4 $19.0 13.0% 6,743 6,418 5.1% once again boosting their share of All other the overall furniture store market. Top 100 conventional furniture $22.0 $20.0 10.2% 3,171 3,032 4.6% Furniture/Today’s Top 100 furniture stores stores 20% U.S. furniture stores posted an Top 100 $19.8 $17.7 11.9% 9,170 8,716 5.2% 11% increase in 2015 furniture specialty stores Top 100 bedding and accessory sales, grow- *Sales of furniture, bedding and accessories 80% ing to $41.87 billion. That’s up Source: Furniture/Today’s 2016 Survey of Top 100 U.S. Furniture Stores from $37.71 billion for the same companies last year and better 13% to $21.4 billion — the larg- “It seemed like month after real stores and real knowledge and than the combined $37.05 billion est percentage increase of any Top month, business built,” he said. a history behind it.” There’s also a Estimated furniture, bedding and ac- cessory sales through U.S. furniture for the Top 100 companies on last 100 subcategory, except bedding “You could see it in the confidence greater perception of convenience stores were $52.2 billion in 2015, up year’s list (which was up 8.3% specialty stores (more on that later in our retailers as they were invest- when it comes to returns and 7% from $49.0 billion in 2014. from the year before). in this report). ing in their businesses, opening easier ways for furniture stores to Total U.S. furniture store sales from all It was the sixth consecutive stores, expanding ad budgets, liquidate that product, Epperson product categories were $56.8 billion Strong showing in 2015 and $53.3 billion in 2014. sales gain for the list and the first The Top 100’s record sales refurbishing and hiring. It was all added. double-digit increase since 2000, pace came despite a slowdown over the place. Ashley HomeStore — previ- Sales through when that group of Top 100 com- all distribution channels in the store expansion rate. The “A number (of Top 100 ously referred to as Ashley Fur- panies grew 1999 sales by 11.9%. group netted 593 stores last year, companies) are out buying other niture HomeStore —repeated as Last year’s gain for the Top 100 up 5% from the year before. That chains, and that brings stores into No. 1 on the Top 100 for the 10th compares to a 7% increase to Top 100* compares to a net 711 new stores that universe that were outside consecutive year, with furniture, $52.5 billion at all U.S. furniture 39% (a 7.4% increase) for the compa- before.” bedding and accessory sales grow- stores. nies on last year’s list. Unfortunately, he added, the ing an estimated 7.7% to $3.52 That means the Top 100 — For industry analyst Jerry strength the industry saw in 2015 billion. which Furniture/Today has been Epperson, the strong showing didn’t continue into the first quar- The network of company- ranking now for 33 years — took All other retail outlets** makes perfect sense and mirrors ter of this year. Economic growth owned and licensed stores added 61% home a bigger slice of the overall the strength of industry in general slowed, and the furniture industry a net 53 U.S. showrooms last year store sales pie, grabbing an 80% last year. was not immune to the pause. — many coming from the grow- share, up from 79% for last year’s Estimated furniture and bedding sales “That’s appropriate since 1999 “While we didn’t have major ing number of HomeStore licens- Top 100. It’s the third time in a issues — housing, consumer in- ees who also appear on this list. through all distribution channels were was the best year the furniture in- $102 billion in 2015. row the largest furniture stores dustry has had since World War II, come and household formations Furniture/Today adjusts com- took three quarters or more of the *Top 100 sales of furniture and and 2015 was the best year we’ve were strong — it was kind of a bined sales and store count data bedding only, excluding decorative market. accessories. had since 1999,” said Epperson, blah economic period,” Epperson for the HomeStore network (and Against all furniture distribu- **Includes furniture stores not within managing director of Richmond, said. “Even though we had better other dedicated store networks in tion channels (an estimated $102 weather, we didn’t really get the the Top 100) to eliminate double the Top 100, as well as sales through Va.-based Mann, Armistead department stores, warehouse mem- billion in sales), the Top 100 grew bership clubs, online retailers, discount and Epperson. He’s studied the bang for the buck in the first quar- counting in cases where the over- sponsored by Genesis Credit department stores, catalog merchants, its share to 39%. That compares ter that I think we’ll get for the all retail networks and licensees monthly numbers that come out television sellers, designers, office to 37% for the previous Top 100. supply stores, rental stores, used out- from various sources on furniture remainder of the year.” appear on the list. That way, net- And just like last year, the big- works such as Ashley HomeStore lets, home accent/gift specialty stores, consumption, shipments and sales, Impact of e-commerce appliance/electronics stores, military gest of the big grew at a faster clip exchanges, home improvement cen- and “last year was one of those Epperson wasn’t surprised by and La-Z-Boy get full credit for than the overall Top 100. The their size, while licensees are recog- ters, garden centers, supermarkets rare years with very few negative the Top 100’s share gain against all and drug stores, among others. Top 10 companies increased sales nized for their own sales and store numbers. channels either, noting that many Source: Furniture/Today’s 2016 Survey of the retailers on Furniture/To- growth performances. of Top 100 U.S. Furniture Stores and the U.S. Dept. of Commerce. day’s ranking have well established Here are some additional take- Share of Top 100 e-commerce businesses alongside aways from this year’s list: Sales Units their physical footprints now, so 5 newcomers to qualify the giant discount chain they’re competing across channels They include Columbus, Ohio- for this ranking. and appealing to consumers in based Big Lots, which managed Bedding specialist Mattress- Specialty stores Specialty ways some of the pure-play e- to break into the Top 10 at No. 9, 1One, of Orlando Fla., is another 47% stores 74% commerce retailers cannot. with estimated furniture, bedding newcomer, at No. 49, with es- Some of the retailers who have and accessory sales of $1.3 billion. timated sales of $178 million at shared numbers with him, show Big Lots last appeared on the 248 stores last year. The company Conventional Conventional furniture online sales gains in the 20% list back in 2004 (at No. 99) based posted the greatest percentage furniture stores stores and 30% range, he said, adding, solely on the $58 million in sales at sales gain of any Top 100 com- 53% 26% “There seems to be some magic 45 free-standing furniture stores it pany, up 41.3% thanks in part to in the combination of brick and operated back then. This time, its the addition of 68 stores. mortar and Internet. main discount stores made the cut The list gained one additional “Part of it is the consumer as Big Lots furniture, bedding and Ashely HomeStore licensee in No. Sales of furniture, bedding and accessories Source: Furniture/Today’s 2016 Survey of Top 100 U.S. Furniture Stores takes some comfort from buying accessory business accounted for 98, The Parrott Group, which from an entity that actually has 25% of total sales — just enough operates a multi-line p52 2016 Top 100 U.S. Furniture Stores, Furniture U.S. 100 Top 2016 52 MAY 16, 2016 FURNITURETODAY.COM Specialists vs. conventional stores BY CLINT ENGEL mance metrics, with median stock turns of 7.1 times, besting the spe- Top 10 conventional furniture stores HIGH POINT — The specialty cialty stores’ median stock turns of stores in the Top 100 dominated 6.9 times. Ranked by sales of furniture, bedding and accessories their larger conventional store Specialists lead Estimated furniture, bedding, Percent counterparts in nearly every per- But beyond this, the specialty accessory sales in $ millions change Number of units formance and growth category, stores dominated. In addition to Rank Company 2015 2014 2014 to 2015 2015 2014 but this year they owe it all to one the better sales growth rate, the 1 Ashley HomeStore $3,524.4 $3,273.7 7.7% 515 462 subset — the bedding specialist.
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