Cautious Optimism at Tupelo Furniture Market

Mississippi furniture manufacturers cut over 1,000 jobs in the first half of the year. But officials are optimistic this weekend’s Tupelo Furniture Market will be a sign that the industry is stabilizing. MPB’s Cari Gervin reports.

The North Mississippi furniture industry has been hit hard by the recession. With no one buying houses, no one has been buying furniture either. And so the Tupelo Furniture Market, once a weeklong event, is now just three days.

But that’s not stopping Jim Sneed from putting a big smile on his face as his sets up his showroom at the market.

“We think we’ll have a good turnout with some of the larger dealers that are down here looking for promotional items.”

Sneed is the CEO of Affordable Furniture Manufacturing in Pontotoc County. He says he’s actually already made a few sales, even though the industry trade show doesn’t officially open until today. Sneed says his furniture is in a good position to sell.

“Because of the shape that the economy has gotten itself in, people are going to be looking for more promotional price points. Maybe retailers that normally start at a $499 retail sofa are gonna come down to the $399 retail price point.”

The Tupelo Furniture Market has long been known as a promotional market, and chairman V.M. Cleveland says companies will be even more likely to cut deals this year than ever before.

But Cleveland says the thing that will really boost sales this weekend is timing. The industry’s other large showcases – Las Vegas and High Point, North Carolina – pushed back their markets until later this fall.

“Christmas – the fall season if you will – the October, November, December deliveries need to be booked now. Some of the buyers that we booked in here are coming for the first time because the timing of the other markets, really.”

Cleveland says over 26,000 people are expected to attend the market this weekend. For MPB News, I’m Cari Gervin.