In 2012, the Nanjing furniture market witnessed a series of store closures, starting with the Bei'anju Nanjing Qiaobei branch at the beginning of the year and followed by the recent shutdown of the Red Star Nanjing Olympic Sports Store. This period can be described as a challenging chapter for the entire industry. Despite the difficulties, neither dealers, furniture stores, nor manufacturing companies have stopped searching for ways to survive and grow.
Furniture dealers in Nanjing faced a particularly tough year in 2012. On one hand, the demand from the end-user market declined significantly. On the other hand, excessive expansion led to an oversupply of stores, increasing costs while decreasing sales per unit area. For many dealers, simply surviving has become the top priority.
Liu, a distributor, believes that under these circumstances, expanding marketing channels is essential. He mentions group buying, designer partnerships, and e-commerce as viable options to avoid being eliminated by the market. According to him, group buying remains highly effective, noting that even a small number of deposits can lead to impressive results when a group of dozens of people enters the store.
Another dealer, Yu, who specializes in solid wood furniture, claims that the situation in Nanjing was worse than in previous years. To stay afloat, his company has launched several aggressive marketing campaigns. While some criticize such tactics as short-term fixes, he argues that they help gain market share quickly, which is crucial during difficult times.
Furniture stores are also adapting to the changing environment. Since 2008, the scale of furniture retail in Nanjing has grown rapidly, but this over-expansion started showing its weaknesses after 2011. Some stores have closed down, highlighting the need for stronger core competitiveness.
Mr. Tu from Guanghuamen Shilin Home Plaza states that the market economy follows its own rules, and survival of the fittest is natural. Furniture stores must focus on consumer needs and market trends to remain relevant. President Wang of a well-known store adds that without improvement in the terminal market, the current number of stores cannot sustain themselves. The ability of dealers to "come and go" keeps the stores running, but if the market continues to decline, the stores may have no choice but to exit.
Furniture companies are also working hard to enhance their overall competitiveness. Li Hongyao, vice president of Federal Group, points out that the industry is becoming more concentrated, with larger brands gaining strength while smaller, less-known companies struggle to survive. In the future, competition will not only be about products but also about corporate culture, brand awareness, financial stability, and operational efficiency.
Looking back at 2012, it was a year full of challenges, but looking ahead to 2013, there is still hope. As long as all players in the furniture industry work together and take proactive steps, a new "spring" for the sector is expected in the coming year.
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