THE INDEPENDENT EDGE
Retailers Optimistic for Memorial Day Sales
As the year 2023 progresses, the furniture and home furnishings retail sector has experienced a softening trend, attributed to price increases and economic concerns. However, six prominent retailers are anticipating a turnaround this Memorial Day, hoping to kickstart the summer selling season on a positive note.
Michael Fiacco, owner of Albany’s Old Brick Furniture & Mattress Co., is focusing on financing as a key strategy for the holiday weekend. The store is offering 48- and 60-month interest-free financing options, along with the removal of the minimum purchase threshold for the 48-month term. Recognizing the financial challenges faced by consumers, Fiacco believes providing diverse financing choices is essential. Additionally, he emphasizes the store’s commitment to everyday low prices, relying on brand recognition and effective financing options to attract customers.
Grand Home Furnishings, a top 100 retailer based in Roanoke, Virginia, is also emphasizing finance-related initiatives. They are offering four- or five-year interest-free terms or discounts for customers who opt for immediate payment. To leverage the momentum of Memorial Day sales, the store will remain open on the preceding Wednesday. Early promotional activities have already commenced, targeting returning customers with exclusive offers through direct mail campaigns. Grand Home Furnishings aims to leverage the popularity of mattresses and doorbusters, while also focusing on the resurgence of special-order items.
1915 South, the owner and operator of Ashley stores across the Southeast, is pulling out all the stops this Memorial Day. With demand not as strong as previous years, they plan to offer extensive promotions and creative financing options. By providing customers with more buying power, such as zero-down payment, 0% interest, and no credit needed options, they aim to meet customer needs while maximizing sales potential. Cautiously optimistic based on the success of Presidents Day, they expect strong sales during the holiday weekend.
Eric Sinclair, owner of Montgomery’s in Sioux Falls, South Dakota, is targeting furniture and mattress categories with long-term, interest-free financing or cash discounts that exclude sales tax. Despite sluggish business outside of promotional events, Sinclair believes Memorial Day will attract customers who have resumed pre-pandemic shopping patterns.
Furniture Fair in Fairview, Ohio, is offering 10% off prices or 48 months of interest-free financing, which is a significant extension beyond their usual 24 to 36 months. The store is particularly excited about its recliner BOGO deal and the introduction of new mattress lines, including the Serta iComfort Eco line and the Serta Perfect Sleeper. They are also celebrating the opening of a new store in Clarksville, Indiana, anticipating increased footfall from customers across the river.
Zak’s Home, based in Johnson City, Tennessee, aims to clear heavy inventory by offering customers unexpected sales tax savings. They plan to double their usual sales tax discount and provide five years of financing for in-stock items. Furthermore, their outlet store, which typically does not run sales or financing, will offer 12 months of financing. With extensive advertising efforts, Zak’s Home expects a more successful Memorial Day weekend compared to the previous year.
In conclusion, these retailers are optimistic that Memorial Day will reverse the softening trend in the furniture and home furnishings retail industry. By offering attractive financing options, discounts, and special promotions, they aim to entice customers and boost sales during the holiday weekend.