Franchise Spotlight: Home Furnishing
Industry trends show an increase in home furnishing franchises.
The home furnishing sector includes businesses that sell products for the home as well as interior design companies that create aesthetically pleasing designs for consumers and bring those designs to life. The furniture and home furnishing stores in Canada have seen retail sales rising steadily, to around CA$19billion by 2019 (Statista). Home furnishing covers a wealth of products and design services including, but not limited to, custom draperies, bookcases, bed coverings, floor and wall coverings, upholstered furniture, entertainment consoles and customized installation services.
Although this industry was certainly impacted by the 2020 global health pandemic which forced non-essential companies to close, there was also a surge of people who (with more time to spend at home) were energized into adapting or redesigning their homes. The number of people choosing to stay in their homes for longer, rather than buy bigger properties, has also supported the growth in the home furnishing sector.
Companies in this industry need to be quick to adapt to market trends - whether that is ensuring their online retail and delivery options can meet demand, or diversifying their product range, for example creating sustainable designs to meet the needs of more environmentally conscious consumers.
English Butler is an example of a franchised store-based business that opened in 1984 when its owner recognized a market trend for unique home environments. Interiors by Decorating Den is a franchise that offers a turn-key marketing program and protected territories to franchisees looking to invest in the home furnishings sector.
Home Furnishing Industry Analysis
With more people looking to stay in their homes for longer, the market for home furnishings - whether that is for people wanting to update the feel and look of their home, or outsource their design needs to a company that specializes in interior design - looks set to continue growing.
Franchisees will need to consider whether they are interested in owning and managing a brick and mortar premises, such as a high-street store, or whether they are interested in working from home/owning a mobile business. The costs and lifestyles of these different opportunities can vary greatly. In a competitive market, this is a sector where franchisees will benefit from the brand and banner of an established company as they set up their business and attract a consumer base.