Brooks Furniture Thrives in Downturn
Wednesday, December 8th, 2010
Sales at Brooks Furniture in 2010 year-to-date are up about 14 percent over prior year despite a slow economy, a declining housing market and tight credit conditions. That’s a rarity in almost any industry, but especially unusual in furniture retailing.
“We’ve really benefitted from our ability to offer financing to customers,” explains Robert Brooks, owner of Brooks Furniture.
Established by Robert Brooks’ father in 1973, Brooks Furniture offers a large selection of brand-name furniture in a 90,000 square-foot showroom in Albany. The company currently has 31 employees.
Local market knowledge drives success
Brooks Furniture has grown its sales every year for more than 35 years. During that time, national retail chains have opened stores in the area, but failed to gain a following. Havertys closed its Albany store in 2009 in an effort to improve overall corporate profitability.
“I think Havertys came in with products and prices that were too high-end for the market and I think their margins were high as well,” Brooks said.
Brooks attributes his company’s success to its knowledge of the local market. During the recent economic downturn, for example, Brooks Furniture has slightly lowered its prices while maintaining a strong offering of quality, mid-range products.
“We can respond to the market and make adjustments more quickly than national retailers,” Brooks said.
Supporting the market with more choices, financing
Brooks Furniture is expanding the choices it offers local shoppers with a new Broyhill Gallery. According to Brooks, the showroom has just gotten Broyhill products on the floor and the new gallery will open in January.
“We’re also fortunate to be able to offer qualified customers financing for their purchase out of our own pocket,” Brooks continued. “That’s important because credit is so tight right now.”
Previously, many Brooks Furniture customers would work with an outside bank for financing. However, Brooks said “only 20 to 25 percent of customers can get outside financing now compared to 60 to 70 percent of our customers previously.”
Brooks believes tight credit – be it consumer financing or a mortgage – is limiting economic growth. He sees another three to four years of slow growth ahead.
“In our local community, I think our leaders could attract more small businesses to the area by lowering fees and taxes,” Brooks said. “That will create more local jobs.”
Brooks Furniture is a big believer in the local community. The company invests in the community by growing its business and employee base and by supporting a variety of local schools and charities.
“We live here and the money we earn gets reinvested here,” Brooks said.
More information on Brooks Furniture is available at http://brooksfurniture.furnishingforyou.com.
