The Tenacity of the Top 100

June 5th, 2024 by the STORIS Marketing Team

Navigating Challenges for a Stronger Future

Furniture Today’s Top 100 report brought the challenges home furnishings retailers faced in 2023 into focus. While the industry’s overall temperature has lowered, its leaders’ foresight is commendable. As highlighted in the report, the strategic initiatives that the Top 100 retailers are collectively exploring to navigate the natural cycles of the economy are aimed at positioning their brands for future success.

Top 100 retailers leveraged creative tactics, including expanding markets, testing new store concepts, fostering brand partnerships, building local community presence, and optimizing eCommerce. This aligns with STORIS’ 2024 Trend Guide survey of industry retailers that found 91% of retailers will maintain or accelerate their pace in technology investments in 2024.

Here, we highlight tactics exemplified by retailers that grew despite conditions.

Clive Daniel Home was recognized as the fastest-growing Top 100 retailer in 2023, with a growth rate of 16.5%, exceeding the $100M milestone. Their strategic planning of stores and logistics is noteworthy. They opened a new showroom to expand to Fort Myers and consolidated internal logistics to serve their markets while driving efficiency for a healthy bottom line.

In a companion article, Michael Melaro, Chief Retail Officer of The Wellsville Group, spoke about the importance of nurturing existing relationships to increase customer lifetime values (CLV). The Wellsville team leverages STORIS NextGen’s Customer Experience Management solution to access consumer data, drive private events, and foster retention.

In another unique approach to building retention, Gardner-White is cementing itself in Michigan culture. This community-centered approach is highlighted by presenting America’s Thanksgiving Day Parade.

These are just some highlights of the many practices retailers use to invest in their future and enhance service to their customers. As such, the majority of STORIS’ Top 100 partners saw their ranking positions increase, and together, its retailers expanded by 89 stores.

“The Top 100 retailers inspire us. Despite challenges, they leaned into creative strategies to propel their businesses forward and best serve their customers. The mark of true industry leaders is embracing innovation and expansion for their next chapter. We are proud to have served our retail community for over 35 years with the technology solutions to support their success.”

-Doug Culmone, President & COO

The strength of the STORIS network of Top 100 retailers for collaboration, insight, and innovation during all market conditions has been exemplified through the turbulence of recent years.

If you are looking for a strategic partner and retailer community that navigates all market cycles together, our team is ready to connect.

Furniture Today. (2024). Top 100 U.S. Furniture Stores 2024.

Friedrick, J. (2024, May 28). How Top 100 retailers faced the challenges of 2023 to stay among the elite. Furniture Today.

STORIS. (2024, January). 2024 Home Furnishings Industry Trend Guide. STORIS.com.