What’s in store for Memorial Day? Here’s what 6 retailers expect

Here's what some retailers are doing for Memorial Day Weekend. Furniture Decor

Thomas Lester// Retail Editor// May 21, 2023

HIGH POINT — It’s no big secret that furniture and home furnishings retail has softened as 2023 has progressed. Some of it is due to price increases and fear of a recession, while some is probably due to demand pulled forward during 2020 through 2022.

Whatever the case may be, retailers are hopeful that Memorial Day reverses those trends and sends the segment into the summer selling season in style. Here’s how six forecast the tentpole weekend.

Michael Fiacco, owner of Old Brick Furniture & Mattress Co. in Albany, N.Y., said his plans for the holiday weekend revolve around financing. Old Brick is offering both 48- and 60-month, interest-free financing and removing the minimum purchase threshold for the 48-month term.

“We feel, as the consumer continues to get squeezed, we have to give them more choices for financing,” Fiacco said. “We’re an everyday low-price business, so we don’t run sales. We brand. People know us for what we are. We pound financing.”

Fiacco is budgeting to be up over the holiday period and is hopeful that the Northeast weather will cooperate, maybe with a few showers here and there. He said business has been OK so far this year, and he’s hopeful it continues into the summer, but he’s prepared for any contingency.

“I say to my reps that the grind is on, and we’ve got to fight for everything. We’re due for a slowdown in this industry,” Fiacco said. “We’re ready for it, and I don’t think it’s a bad thing. You need a little disruption and turmoil in the marketplace to create opportunities.”

Finance is also a big part of the plan for Top 100 retailer Grand Home Furnishings. Mike Virok, director of advertising, said the Roanoke, Va.-based retailer is offering four- or five-year interest-free terms or discounts for customers who pay now.

Although it normally closes on Wednesdays, Grand will be open the Wednesday prior to Memorial Day to try to take advantage of the sale’s momentum.

Virok said promoting the sale started early for the retailer, which kicked things off earlier this month with special deals for returning customers.

“In our direct mail, I’ve already started doing special customer only offers to the customer direct-mail list. We don’t put that out in signage or emails. It’s an extra added incentive to come in early and buy often,” Virok said. “I started doing that in March with a $100 statement credit offer to open and use a Grand Home Furnishings credit card. I’ve got another offer for Memorial Day. That is already in our customer mailer.”

Mattresses will be a big play for Grand Home as well as doorbusters. Virok hopes to see the return of special-order items as well. “I’m starting to see a trend toward higher-margin special order things,” he said. “Now you can get it in six-to-eight weeks. We’re going to make a bigger push for specialization and custom orders.”

Top 100 retailer 1915 South, which owns and operates Ashley stores throughout the Southeast, is pulling out all the stops this Memorial Day.

“We’re going into Memorial Day pretty optimistic and aggressive,” said Bill Dixon, vice president of operations. “We’re going to have several hundred items on promotion with extra savings, which is more than we normally do. We’re also going to promote creative financing options. We believe right now, with demand not being as strong as it was the last couple of years, we’re going to try to make sure the customer has the most buying power possible. Lots of options with no down payment, 0%, no credit needed options.”

Dixon said he’s cautiously optimistic for strong sales throughout the period, and if Presidents Day was any indication, there’s still a strong consumer appetite for product at the right price.

“We did pretty well last year, but it wasn’t as strong as the year before. We expect to have an increase this year. Our Presidents Day weekend was a little better than we expected, so we’re thinking the same thing for May,” Dixon said. “We’re going to be more aggressive than we were for Presidents Day. We’re in a good stock position right now. If the customer is ready for it, we’ve got it.”

Eric Sinclair, owner of Montgomery’s in Sioux Falls, S.D., is offering long-term, interest-free financing or a cash discount with no sales tax with a focus on furniture and mattresses.

“Those are big categories, and they can set the stage for if it’s going to be a good year,” Sinclair said.

He said business is sluggish these days, but sales always seem to draw customers, as they’ve gotten back into pre-pandemic shopping patterns.

“It seems any sort of event you have you’re going to pull business. Outside those events, business is soft. I expect it to be a good Memorial Day, maybe not as good as last year is my best guess,” Sinclair said.

Cincinnati, Ohio’s Furniture Fair is offering 10% off prices or the customer has the option of 48 months financing with no interest. “For us, that’s big because we rarely go beyond 24 to 36 months no interest because of the spiking costs,” said Craig Daniels, marketing director.

Daniels said Furniture Fair has its share of specials, but there are a couple of deals that should really generate some consumer interest.

“Two we’re excited about is a BOGO on recliners, and then we’ve got a bunch going on in the mattress department. We’re unveiling the new Serta iComfort Eco line and the Serta Perfect Sleeper as well as all the national promotions for the bedding brands,” he said.

But the biggest cause for celebration is the opening of a new store in Clarksville, Ind., across the river from Louisville, Ky. He said depending on what side of the river customers that market are on, they typically don’t cross to shop.

Daniels said he’s expecting a strong weekend of sales. “Ever since coming back from the pandemic, the national promotions, Memorials, Presidents, Labors, seem to be strong every year,” he said. “We have high expectations. We think there’s a lot of business still out there, and we hope to grab some of it.”

In Johnson City, Tenn., Scott Bowman, president and CEO of Zak’s Home, is hoping to get rid of some heavy inventory items by offering customers a little bit more sales tax savings than they might expect.

“What we’re doing, and we’ve done it once before, normally we give a sales tax discount,” Bowman said. “We’re doing a double sales tax discount for anything we have in stock or five years’ financing. In our outlet store where we don’t really run sales or financing, this time we’re offering 12 months financing.”

Bowman said he’s advertising the sale through all the typical channels, and he expects a better weekend than last year, which was on the softer side.

“The good part about this sale is that last year’s Memorial Day wasn’t that spectacular. The month was good, but the sale period wasn’t,” Bowman said. “We have the lower benchmark to hit this year. Last year, we didn’t do the double sales tax. I’m hoping we do 20% more than last year.”

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What’s in store for Memorial Day? Here’s what 6 retailers expect - Furniture Today