Exciting growth opportunities are emerging on the horizon for furniture and bedding retailers. As several national and regional non-furniture retailers face challenges, smaller regional furniture retailers can capitalize on these openings. With low occupancy rent expenses, these retailers can expand into existing and new markets, filling gaps left by struggling competitors. This shift is driven by high interest rates, changes in retail formats, and evolving real estate markets.
Top Growth Areas:
- Florida:
With no state tax and a growing population from the Northeast and Midwest seeking different lifestyles, Florida presents significant growth potential. - Ohio:
Cities like Cleveland, Dayton, Columbus, and Cincinnati are experiencing a boom due to lower housing costs and the influx of AI plants, computer chip companies, and cloud-based service companies. - Indiana:
Technological advancements are also fueling growth in Indiana, mirroring Ohio’s boom. - North and South Carolina:
These states offer promising opportunities, particularly in smaller markets underserved by larger competitors who have exited the business. - Northern and Southern California:
Smaller markets in these regions are ripe for expansion as many larger competitors have gone out of business, leaving a gap in the market. - Inner Cities and Downtown Areas:
With more people working from home, the office real estate market has suffered. This trend creates opportunities for furniture retailers to grow in states where urban areas struggle.
Adapt to these changes and position your business for growth by exploring these burgeoning markets. The shifting landscape presents unique opportunities to expand and thrive.
For more information on how you can seize these growth opportunities, contact Julius M Feinblum Real Estate.
