Lifestyle Enterprises made a strong statement at the recent High Point Market by focusing on delivering value and promotional prices. With a keen understanding of the challenges faced by retailers due to supply chain issues, high container costs, and excessive inventory levels, Lifestyle Enterprises aimed to provide products that would offer quality and value to their customers.
Michael Hsieh, the CEO of Lifestyle Enterprises, emphasized their commitment to helping retailers drive traffic and create sales by offering entry-level price points. The company noticed that their major customers had reduced their inventory levels and were eager to rebalance their retail floors with affordable options.
In the upholstery category, Lifestyle Enterprises introduced the Cleo, Dylan, and Bailey small-scale stationary sofas. These sofas, with retail prices ranging from $599 to $699, offer various style options to cater to different consumer preferences. Additionally, the company introduced a new category of “functional/adjustable stationary” sectionals, with prices ranging from $1,999 to $2,999. The feedback from customers highlighted the importance of offering value on the shop floor to promote sales, a principle that Lifestyle Enterprises strives to uphold.
In terms of case goods, Lifestyle Enterprises focused on presenting several dining and bedroom groups, with a particular emphasis on casual dining. Hsieh noted that casual dining continued to drive the category, leading the company to introduce groups at different pricing levels. One notable launch was an oak veneer group with fabric-covered seats, offering a table and four chairs for $349 FOB from Vietnam.
Overall, the High Point Market proved to be a successful event for Lifestyle Enterprises, with their retail partners showing great interest in their products. By prioritizing value and promotional prices, the company aims to provide their customers with the opportunity to offer attractive options to consumers while navigating the challenges of the current market landscape.
FAQ:
1. What was the focus of Lifestyle Enterprises at the recent High Point Market?
Lifestyle Enterprises focused on delivering value and promotional prices to help retailers drive traffic and create sales.
2. What challenges did Lifestyle Enterprises consider when developing their products?
They considered challenges such as supply chain issues, high container costs, and excessive inventory levels faced by retailers.
3. What products did Lifestyle Enterprises introduce in the upholstery category?
They introduced the Cleo, Dylan, and Bailey small-scale stationary sofas with retail prices ranging from $599 to $699, and a new category of “functional/adjustable stationary” sectionals with prices ranging from $1,999 to $2,999.
4. What was the emphasis in the case goods category?
Lifestyle Enterprises focused on presenting several dining and bedroom groups, with a particular emphasis on casual dining.
5. What was one notable launch in the case goods category?
One notable launch was an oak veneer group with fabric-covered seats, offering a table and four chairs for $349 FOB from Vietnam.
Definitions:
– High Point Market: High Point Market is a trade show for the home furnishings industry held biannually in High Point, North Carolina, USA.
– Supply chain: A supply chain refers to the sequence of activities involved in the production and distribution of a product, from the raw material stage to the final delivery to the customer.
– Entry-level price points: Entry-level price points refer to affordable price options for products, typically aimed at attracting new customers or offering budget-friendly choices.
– Inventory levels: Inventory refers to the quantity of goods or products that a company has available for sale at any given time. Inventory levels can refer to the amount of inventory a company currently holds.
– Functional/adjustable stationary: This term refers to a category of sectionals that are designed to offer functional features or adjustable components, while maintaining a stationary position (not reclining or moving).
– Case goods: Case goods refer to furniture items made from solid wood or wood-based materials, such as dressers, tables, bookcases, etc.
– Casual dining: Casual dining refers to a style of dining furniture that is more relaxed and informal, often suitable for everyday use.
Related Links:
– High Point Market