Furniture Stores Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 11/29/2021
SIC Codes: 5712
NAICS Codes: 4421
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Furniture Stores Industry Profile

Companies in this industry sell household, outdoor, and office furniture; as well as furniture sold in combination with home appliances or home furnishings. Major companies include Ashley HomeStore, Crate & Barrel, Raymour & Flanigan, RH (formerly Restoration Hardware), Rooms To Go, and Williams-Sonoma (all based in the US), as well as ASIAN DAVINCI TRADING COMPANY (China), HOLA Home Furnishings (Taiwan), and IKEA (Sweden).

The global furniture market is forecast to reach about $650 billion by 2027, according to Statista. Demand for furniture is expected to grow significantly in India, China, and parts of Eastern Europe.

The US furniture retailing industry includes about 25,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $60 billion.

COMPETITIVE LANDSCAPE

Household furniture sales are closely linked to home sales; office furniture sales are linked to employment growth and new business formations. The profitability of furniture stores depends on merchandising and marketing. Large companies enjoy economies of scale in purchasing and distribution. Small companies can compete effectively by specializing. The US industry is concentrated: the 50 largest companies generate about 50% of revenue.

Furniture retailing is highly competitive and includes local furniture stores, regional furniture retailers, national department store operators, mass merchandisers, single-vendor branded retailers, and catalog and internet merchants. Online furniture retailers, in particular, are gaining market share at the expense of brick-and-mortar stores as consumer purchasing habits shift toward e-commerce.

 
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