I Smell a Corporate Acquisition Brewing: Is the Future of Furniture Markets Up for Sale?
Are you an interior designer or retailer? Have you attended a Market event in Vegas, Atlanta, High Point, or even Chicago? Well, I smell a corporate exit coming...
Let’s take a quick stroll through the history of Furniture Markets in some key cities. Chicago, San Francisco, Las Vegas, High Point, and Atlanta have all been significant players in the industry, each with its unique story and vision. Originally, these markets were developed to showcase the latest in furniture and home goods, bringing together designers, retailers, and manufacturers under one roof. They were vibrant hubs of creativity and commerce, fueled by ambitious founders and significant investment.
Chicago's market, once a bustling center for home furnishings, faced decline over the years, eventually losing its prominence. San Francisco, while innovative, never reached the scale of some of its counterparts. Las Vegas, with its high-energy atmosphere, became a major player, attracting global attention. High Point, often referred to as the "Furniture Capital of the World," and Atlanta, with its deep-rooted Southern charm, also became central to the industry’s pulse.
However, the landscape began to shift dramatically with the acquisition of International Market Centers (IMC) by Blackstone. This private equity giant’s rebranding of IMC to ANDMORE signaled a significant change in direction. Private equity firms like Blackstone operate by acquiring assets, streamlining operations, and eventually selling them off for a profit. The focus is often on maximizing returns, which can sometimes lead to a shift away from the original vision and values that made these markets successful in the first place.
In the years leading up to COVID-19, Market attendance began to decline significantly. High Point, for instance, saw attendance figures drop from over 75,000 in 2019 to fewer than 10,000 at recent Summer Markets in Las Vegas. While the Markets have attributed these declines to factors like weather, the truth is that attendance had already been on the decline before the pandemic.
IMC and High Point were hopeful for a post-COVID resurgence, but the numbers have yet to reflect this optimism. The drop-off in attendance has been noticeable, raising concerns about the future of these traditional market events.
So, why aren’t interior designers and retailers hearing more about these issues? The answer lies in the lack of a truly independent press within the home goods and accessories industry. Much of our industry press is closely tied to advertising partnerships and programs directly related to the Markets, creating a conflict of interest that can obscure the full picture.
This brings us to a pressing question: If these Markets were to sell off or fail, what is the future of product discovery for the home goods and accessories industry? The answer might already be in your hands—or at least in your pocket.
Could the future of product discovery be a web platform? Are we looking at a shift from traditional physical markets to digital platforms where retailers and designers can connect with new products and innovations? It’s an intriguing possibility and one that might be more relevant than ever in our increasingly digital world.
What are your thoughts? What comes after the Market properties become another shopping mall?
Let’s start a conversation about the future of our industry and how we can adapt to the changes ahead. I invite you to post your feedback and insights below.
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