In the early part of this year, the Bei'anju Nanjing Qiaobei store closed its doors, and recently, the Red Star Nanjing Olympic Sports Store also shut down. These events reflect a challenging period for the Nanjing furniture market, which has been described as a "story" of ups and downs. Despite these difficulties, the entire industry has not stopped moving forward. Whether it's dealers, furniture stores, or manufacturing companies, all are actively seeking ways to survive and grow.
Furniture dealers in Nanjing faced a tough 2012. On one hand, demand from the end-market declined, and on the other, the over-expansion of stores led to an increase in the number of dealers opening new locations. With rising costs and lower sales per square meter, many dealers now see survival as their top priority.
Liu, a distributor, believes that under the current circumstances, expanding marketing channels is essential. He mentions group buying, designer partnerships, and e-commerce as key strategies to avoid being pushed out of the market. According to him, group buying remains highly effective. “As long as consumers come into the store, even if only a few make a deposit, the results can be impressive,†he said.
Another dealer, Yu, who specializes in solid wood furniture, says the situation in Nanjing’s furniture market was worse than in previous years. To survive, they’ve launched several aggressive marketing campaigns. While some criticize such tactics as short-term fixes, Yu argues that they help gain market share quickly and support businesses through difficult times.
For furniture stores, adapting to the market and building core competitiveness is crucial. Since 2008, the area of furniture stores in Nanjing has expanded rapidly. However, by 2011, the market began to cool, revealing the problems with over-expansion. This year saw the closure of several stores.
Mr. Tu from Nanjing Guanghuamen Shilin Home Plaza explained that in a market economy, survival of the fittest is natural. Furniture stores must build their own strengths to stay competitive. He emphasized the importance of being market-oriented and consumer-focused. Only by meeting customer needs can stores establish themselves in the industry.
Wang, president of a well-known store in Nanjing, pointed out that without improvement in the terminal market, existing stores cannot sustain so many operations. The reason current stores are still operating is because dealers can still enter and exit the market. If the market continues to decline and dealers can no longer do business, stores will eventually have to leave the market.
For furniture manufacturers, enhancing comprehensive competitiveness is the main goal. Li Hongyao, director and vice president of Federal Group, noted that Chinese furniture companies have become more concentrated over the years. Well-known brands are growing stronger, while smaller, less-branded companies are being phased out. In the future, competition will shift from product-based to overall strength, including corporate culture, brand awareness, financial power, and operational capabilities. Therefore, companies must improve their overall competitiveness to grow and succeed.
Looking back at 2012, the market was full of challenges, but looking ahead to 2013, there is still hope. As long as everyone in the furniture industry takes initiative and works together, a new "spring" for the industry is expected in 2013.
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