Guest blog: Reflections post Premarket

Strong demand favors strongest retail partners and other takeaways from the record event

Heraclitus, the ancient Greek philosopher, hit the nail on the head when he noted that the only constant in life is change. Nowhere was that more obvious than at this week’s Premarket.  

In the not so distant past, 70-80 exhibitors would open their doors, a relatively small group of retailers would come to get first dibs on products that were scheduled to officially debut a month later at market and that was pretty much that.

Not anymore.  

Thanks to the Covid-19 virus and a related concern that the virus might eliminate next month’s market, more that 320 exhibitors turned the lights on this week for Premarket with most saying they played to packed houses.

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Here at the International Home Furnishings Representatives Assm. (IHFRA), we opened our doors during Premarket as well, mostly to be present in the event our members needed us while in town for what historically has been pretty much a two-day event.

We got the chance to speak with a number of reps who stopped by our office during the event to grab a mask, some hand sanitizer or a bottle of water and snacks.

Here is a brief summary of their take on Premarket, business in general as well as their predictions for the upcoming October furniture market.

Business is hotter than Hades, but everyone is having a devil of a time getting product.  Many of the reps we spoke to said they’ve been instructed to turn down new accounts, tell existing accounts they may not get goods until the end of the year…or beyond….establish minimum order levels and allocate what products are available to their customers who have been their best partners.

This premarket may have taken the place of the October market.  Lots of reps commented that this time, Premarket….historically a two-day event, took on many of the characteristics of the big market that follows a month later.   Specifically, they said buyers came days before the opening day of Premarket and also reported that dealers were planning to come after the two-day event ended.

Enough reps also mentioned that their customers said they would not be back in October to give one pause.

Just about all the reps who sell goods made offshore commented that container costs have gone through the roof.   That, coupled with a shortage of trucking options, is putting an additional strain on an already frazzled supply chain.

Reps also mentioned rumors regarding the October market…specifically that it may not happen.  On this one, I would like to share what we know at this time regarding the October market.

Earlier, The Market Authority created a cogent and realistic October 2020 Market Operations Plan which was submitted first to Guilford County, then to the Governor’s office.   The Market Authority  received feedback from both entities and has adjusted the plan accordingly.  

Based on these facts, the stage has been set for a productive and safe furniture market in High Point this October.

Will it be different? Absolutely.  But will the pandemic cripple our industry?  Absolutely not!

Home furnishings industry veteran Ray Allegrezza is executive director of the International Home Furnishings Representatives Assn. (IHFRA).

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