U.S. FURNITURE Top retailers STORES regain share, but growth 2020 ...

[Pages:18]TOP 100

U.S. FURNITURE

STORES

2020

Top retailers regain share, but growth continues to slow p20

Specialty retailers offere mixed performance p22

Physical store fronts see worst decline in 37 years p24

Dedicated networks continue to dominate the list p26

Who's who among the leading stores p28

Top 100 U.S. Furniture Stores 2020 p30

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20 TOP 100 U.S. FURNITURE STORES 2020

Furniture Today | May 25-31, 2020

Top retailers regain share, but growth continues to slow

By Clint Engel Special to Furniture Today

HIGH POINT -- The nation's largest furniture stores gained back some market share last year from the broad furniture store sector, but it was far from a banner year for the group, which combined for a 2.9% sales increase.

The 2019 furniture, bedding and accessory sales for Furniture Today's Top 100 U.S. furniture stores totaled an estimated $48.04 billion, up from $46.71 billion for the same companies last year. That 2.9% gain was the 10th consecutive yearover-year increase for the Top 100, but it also was the fourth year in a row the overall growth rate slowed, from the 3.3% increase for the Top 100 in 2018, 4.1% in 2017 and 7.2% in 2016.

On the plus side, the Top 100 turned around the marketshare loss it suffered the year before, as the group took an 85% share of all furniture store sales, compared with 78% for the companies on last year's Top 100 list. All U.S. furniture stores saw furniture, bedding and accessory sales dip 0.2% in 2019 to $56.5 billion. Across all distribution channels, the Top 100 held steady with a 40% share, same as the year before.

Leading the pack

Ashley Furniture HomeStore, the dedicated network of corporate-owned and licensed Ashley stores, is No. 1 again for 14th year in a row. The combined network did an estimated $4.96 billion (up 9.4%) at 722 U.S. stores last year, and it added 64 stores over the course of the year -- second only to No. 39 Tempur Sealy International, new to the list this year and up triple digits in net store count.

Ashley rules the Top 100 in another way, too. There are 17 HomeStore licensees that make the list as stand-alone businesses, either solely through their HomeStore operations (No. 47 Broad River Retail, for instance) or through a mix of HomeStores and multi-line stores operating

Top 100 growth in sales and units, 2018-2019

Sales in billions *

Units

2019 2018

%CHG

2019

2018

All Top 100

$48.0 $46.7

2.9%

11,652 12,628

Top 10

$26.6 $25.3

4.9%

6,267

6,958

Top 100 conventional furniture stores

$26.2 $25.6

2.3%

3,828

3,680

Top 100 specialty stores

$21.9 $21.1

3.6%

7,824

8,948

*Sales of furniture, bedding and accessories

Source: Strategic Insights, 2020 Furniture Today Survey of Top 100 U.S. Furniture Stores

%CHG -7.7% -9.9% 4.0%

-12.6%

under various retail banners (such as No. 23 City Furniture).

To eliminate double counting of sales and store counts, Furniture Today adjusts the aggregated data for the HomeStore network as well as for any other dedicated or singlesource store networks on the list that happen to include licensees listed separately on their own merits (No. 12 LaZ-Boy Furniture Galleries and independent licensees Mathis Brothers and Tipperary Sales).

The Top 10 companies on this year's list combined for a 4.9% sales increase, outpacing the 2.9% gain for the combined Top 100 and the gains of other subsets (conventional stores and specialty stores) with the exception of the single-source networks, which grew sales 9.1% to $10.05 billion.

On the store front, the Top 10 were responsible for much of the Top 100's overall storecount decline, shedding 691 total stores.

There is minor shifting going on at the top this year. Williams-Sonoma, last year's No. 4, moved up to No. 3, trading places with Mattress Firm. And Bob's Discount Furniture became the new No. 10, swapping spots with Raymour & Flanigan, now No. 11.

Bob's posted the third greatest net sales growth of any Top 100 company, up by $177.7 million to an estimated $1.61 billion, behind Ashley (up a net $425.4 million) and No. 6 RH (up a net $220 million to $2.36 billion).

Share of Top 100

Sales

Units

Specialty stores 46%

Conventional furniture stores

54%

Conventional

furniture stores

Specialty

33%

stores

67%

Sales of furniture, bedding and accessories

Source: Strategic Insights, 2020 Furniture Today Survey of Top 100 U.S. Furniture Stores

Making adjustments

This is Furniture Today's 37th annual ranking of the nation's largest furniture stores, a group that has seen a steady though, more recently, slowing recovery since the Great Recession.

Given this year's nationwide shutdown of furniture stores and other businesses for a month or longer -- an unprecedented move tied to the coronavirus pandemic -- that gradual recovery is likely to take a breather this year. Public retailers across the country -- with the exception of pure-play e-commerce companies -- are beginning to report the initial fallout.

Online sales have skyrocketed for many store owners this year since the shutdown, but it's not enough to make up for the business typically coming from the brick-and-mortar side of the business.

Even before the pandemic-

induced damage, there were troubling signs that tough business conditions were only getting tougher for large swaths of retailers on the list, seen in the earlier noted slowdown in annual sales growth, for instance, and the significant shedding of physical locations.

The previous year's Top 100 trimmed 106 stores from their total, the first net decrease in eight years. This year's Top 100 cut a net 976 stores, down 7.7% (and the largest drop in the history of the Top 100 ranking), to finish with 11,652 locations. Nineteen of the Top 100 trimmed store counts. And while that's less than the 45 that added stores in 2019, last year's Top 100 was more expansion minded, as 56 companies that grew their physical footprint.

Deepest store cuts

Three companies on this year's list experienced the deepest store cuts, in the triple

The Top 100's 2019 share of

Sales through U.S. furniture stores

All other furniture

stores 15%

Top 100 85%

Estimated furniture, bedding and accessory sales through U.S. furniture stores were $56.5 billion in 2019, down .2% from $56.6 billion in 2018. Total U.S. furniture store sales from all product categories were $61.5 billion in 2019 and $65.4 billion in 2018.

Sales through all distribution channels

All other retail

outlets ** 60%

Top 100 * 40%

Estimated furniture and bedding sales through all distribution channels were $114.5 billion in 2019.

*Top 100 sales of furniture and bedding only, excluding decorative accessories.

**Includes furniture stores not within the Top 100, as well as sales through department stores, warehouse membership clubs, online retailers, discount department stores, catalog merchants, television sellers, designers, office supply stores, rental stores, used outlets, home accent/ gift specialty stores, appliance/ electronics stores, military exchanges, home improvement centers, garden centers, supermarkets and drug stores, among others.

Source: Strategic Insights, 2020 Furniture Today Survey of Top 100 U.S. Furniture Stores and the U.S. Dept. of Commerce.

digits. They were led for the second year in a row by Mattress Firm, the Houston-based bedding specialist owned by Steinhoff International. Mattress Firm filed for Chapter 11 bankruptcy in October 2018, restructured and emerged two

continued on page 52

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2020 TOP 100

22 TOP 100 U.S. FURNITURE STORES 2020

Furniture Today | May 25-31, 2020

Specialty retailers offer mixed performance

By Clint Engel Special to Furniture Today

HIGH POINT -- The home furnishings specialty stores on Furniture Today's Top 100 recovered some sales ground conceded to their larger conventional furniture store counterparts the year before, but massive store closings by two bedding retailers and Pier 1 Imports put a damper on their overall performance.

The 26 specialty companies on the list (same number as last year) combined for a 3.6% increase in 2019 sales to $21.88 billion. That was enough to top the 2.3% gain for the conventional stores -- to $26.16 billion -- as well as the overall Top 100's 2.9% gain.

But it was a different story on the store front, as the specialists shed a net 1,124 locations, down 12.6% to 7,824 stores this past year. The loss was more than enough to offset the 148-store net gain for the conventional stores (to 3,828 locations) and drag down the combined Top 100 for a net loss of 976 stores, bringing the total Top 100 store count to 11,652 showrooms across the country.

The bedding specialist subset, which dinged the specialty stores on last year's list, again had a lot to do with the consolidation. The eight bedding-only retailers combined for a 1.9% sales increase to $5.79 billion and a 16% decline in store count to 4,085 locations (down 778 units). The damage largely came from just two of the players -- No. 4 Mattress Firm, which saw an estimated 4% sales decrease and shed another 800 stores during the past fiscal year (on top of 256 stores that closed the year before); and No. 77 Mattress1One, down 48.4% to an estimated $80 million as it closed a net 145 locations.

Some of this hit was offset by No. 39, newcomer Tempur Sealy International's growing direct retail business. TSI acquired the bankrupt former Top 100 company Sleep Outfitters last year, and that business combined with its other corporate-owned stores to fuel a 77.8% sales increase (best growth rate among the Top

100) to an estimated $240 million. The purchase of the Sleep Outfitters also turned what had been a Top 100 negative into a positive, accounting for much of TSI's net 113-store lift to 153 physical U.S. locations at yearend (the best net unit growth of any Top 100 company).

Better performers

There are three other specialty store subcategories: lifestyle, living room and miscellaneous (the latter featuring No. 9 Big Lots and No. 63 Chair King/Fortunoff Backyard Stores). Combined, they were the better performers, countering much of the weakness in the mattress store world. Big Lots and Chair King had the best sales growth, together up 9.7%, but the weakest store growth, up 0.4% with the addition of just six stores between the two.

The three living room specialists -- No. 12 La-Z-Boy Furniture Galleries, No. 42 Lovesac and No. 91 Tipperary Sales -- had the next best sales growth, up 8.7% to $1.54 billion. Their combined store growth, up 4.6%, was tops among all specialists and almost every other Top 100 subcategory for that matter, besting the conventional stores, the Top 10 and the overall Top 100 (only the single-source networks on the Top 100 grew at a faster rate).

The lifestyle specialty stores are the largest subset (13 companies), and their results were mixed last year. The group combined for a 3% sales gain to $12.8 billion, while store growth slipped 16.5%, or by a net 370 stores to 1,871 showrooms.

No. 6 RH had the best sales growth rate and net sales gain among the lifestyle retailers, up 10.3%, or by $220 million, to an estimated $2.36 billion in estimated furniture, bedding and accessory sales.

No. 74 Roche Bobois had a good year, too, with sales climbing 8.6% to $94 million, and store count increasing 10.3% thanks to a net three new showrooms.

At the other end of the spectrum is No. 16 Pier 1 Imports, the long-struggling lifestyle specialist that filed for Chapter 11 bank-

Top 10 conventional furniture stores

Ranked by sales of furniture, bedding and accessories

Rank 1 5 7

10 11 14 15 17 18 19

Company Ashley HomeStore Rooms To Go Berkshire Hathaway furniture division Bob's Discount Furniture Raymour & Flanigan Art Van American Signature Dufresne Spencer Group Havertys Ethan Allen

Estimated furniture, bedding,

accessory sales in $ millions

2019

2018

$4,961.0 $4,535.6

$2,560.0 $2,560.0

$2,069.0 $2,096.0

Percent change

2018 to 2019 9.4% 0.0% -1.3%

Number of units

2019 722 151 34

2018 658 151 34

$1,612.4 $1,478.0 $1,043.0

$973.0 $887.0 $802.3 $741.0

$1,434.7 $1,456.0 $1,119.0

$987.8 $730.5 $817.7 $732.9

12.4% 1.5% -6.8% -1.5%

21.4% -1.9% 1.1%

122 104

136 128

192 193

114 115

124

84

121 120

178 186

Top 10 specialty stores

Ranked by sales of furniture, bedding and accessories

Rank 2 3 4 6 8 9

12

13 16 25

Company Ikea Williams-Sonoma Mattress Firm RH Sleep Number Big Lots La-Z-Boy Furniture Galleries Crate and Barrel Pier 1 Imports Room & Board

Estimated furniture, bedding,

accessory sales in $ millions

2019

2018

$3,310.0 $3,220.0

$3,260.0 $3,100.0

$3,139.0 $3,270.0

$2,355.0 $2,135.0

$1,688.2 $1,517.8

$1,636.0 $1,475.0

$1,303.5 $1,247.7

Percent change

2018 to 2019 2.8% 5.2% -4.0%

10.3% 11.2% 10.9%

4.5%

Number of units

2019 51

572 2,500

100 611 1,404 320

2018 48

579 3,300

104 579 1,401 318

$1,072.8 $895.0 $448.0

$1,042.9 $1,050.0

$436.0

2.9% -14.8%

2.8%

110

99

541 906

17

17

Top bedding specialists

Ranked by sales of furniture, bedding and accessories

Rank 4 8

39 43 51 60

61 77

Company Mattress Firm Sleep Number Tempur Sealy International Mattress Warehouse America's Mattress The Original Mattress Factory Sit'n Sleep Mattress1One

Estimated furniture, bedding,

accessory sales in $ millions

2019

2018

$3,139.0 $3,270.0

$1,688.2 $1,517.8

$240.0 $135.0

$225.0 $190.0

$166.8 $173.0

$126.0 $120.0

$126.0 $80.0

$124.0 $155.0

Percent change

2018 to 2019 -4.0% 11.2% 77.8% 18.4% -3.6% 5.0%

1.6% -48.4%

Source: Strategic Insights, 2020 Furniture Today Survey of Top 100 U.S. Furniture Stores

Number of units

2019 2,500

611 153 281 321 111

2018 3,300

579 40

255 327 110

38

37

70 215

ruptcy protection early this year. Estimated furniture, bedding and accessory sales for the company fell 14.8% to $895 million, and the retailer closed a net 365 stores (just over 40%), to end its fiscal year with 541 locations.

CSC Generation, parent company of No. 72 DirectBuy (which includes Z Gallerie) is bidding

on the business according to a financial news report, although the company's CEO has declined to comment to Furniture Today.

The 74 conventional furniture stores on the list held up better that the specialists on the physical store front, with the 4%, 148-store net unit gain, but their combined net sales in-

crease of 2.3% amounted to one of the worst growth rates of any Top 100 subset.

Other measures

The conventional stores got beat by the specialists in other performance measures, too: me-

continued on page 54

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2020 TOP 100

24 TOP 100 U.S. FURNITURE STORES 2020

Furniture Today | May 25-31, 2020

Physical store fronts see

How the Top 100 report is compiled

worst decline in 37 years

40 companies have set expansion plans

By Clint Engel Special to Furniture Today

HIGH POINT -- The Top 100 saw its weakest sales growth in a decade last year, but that pales in comparison to what happened on the physical store front.

The net 976 stores the group shed last year was the worst net decline in the 37 years Furniture Today has put together this report, worse than 2001 (the first time the Top 100 lost more stores than it gained) and worse than 2009, during the Great Recession.

The good news is the latest hit was largely fueled by the misfortunes of just a handful of players: Triple-digit cuts by specialty store retailers No. 4 Mattress Firm, No. 16 Pier 1 Imports and No. 77 Mattress1One offset the smaller store gains of 45 others on the list.

The bad news is this all happened before the industry and the world was rocked by the COVID-19 pandemic, before Art Van Furniture went from more than $1 billion in sales at nearly 200 stores to zero business this spring.

While the magnitude of the overall store count decline may seem a little scary, last year's slip shouldn't be a complete surprise. Signs of pause and consolidation were already showing up at the time of the 2019 report.

For starters, the number of retailers known to be planning or talking about expanding their footprints in 2019 had decreased to about half of the companies on the list. This year, about 40 companies are known to have expansion plans, and that includes retailers that are skipping a year and planning openings in 2021. (Some of this expansion news came before the magnitude of coronavirus crisis was fully experienced, so the actual growth moves may still change for the worse.)

Also, Mattress Firm's 800-store cut (to 2,500 units on this year's ranking) was already a given last year. The Houston-based retailer,

part of Steinhoff International, filed for Chapter 11 bankruptcy in October 2018, and the bulk of its restructuring and store closings occurred at the front end of the fiscal year ended Sept. 30, 2019.

Mattress Firm closed more than 250 stores even before filing for Chapter 11 bankruptcy in October and then emerged in November. However, the biggest batch of closings kicked in late in the 2018 calendar year (or at the start of its next fiscal year), so 680 stores weren't recorded in the Top 100 until now.

Here's a sample of other ups and downs:

Everybody loves Art Van or, at least, pieces of it. Three years after Thomas H. Lee Partners acquired Art Van Furniture, the Warren, Mich.-based retailer collapsed under the weight of a liquidity crunch and an owner either unwilling to inject cash or unable to corral the financial backers needed to keep the lights on.

Levin Furniture's former CEO Robert Levin came to the rescue of the Levin/Wolf segment of Art Van's business, but that deal fell apart, too. Throw in the pandemic, and it was all over for the perennial Top 100 company.

Although many held private equity ultimately responsible for what happened and recalled other times when it seemed like PE investors have done this industry more harm than good, it's another private equity firm -- Dallas-based U.S. Assets -- that's stepped up to the plate to revive some of the stores.

U.S. Assets, through an affiliate, acquired inventory, leases and other assets of 27 Art Van, Levin and Wolf leases in six states (mostly in Michigan) and is launching a new retail brand, Loves Furniture. The PE firm (its CEO's name is Jeff Love) already has hired several former Art Van employees and executives, for the startup, including Matthew Damiani as CEO and Jennifer Sinha as senior vice president

of merchandising. The company projects annualized first-year sales in the $200 million to $300 million range from these stores alone with plans to grow from there via acquisitions.

Mattress Firm is firmer. Its Top 100 numbers don't show it, but the Houston-based retailer is showing clear signs of a rebound with a scaled-back store count that makes more financial sense and a revived partnership with Tempur Sealy International.

In its fiscal first quarter (ended Dec. 31), sales were up 12%, and same-store sales were up 17%, parent company Steinhoff international has reported.

Tempur Sealy firms the Top 100 in another way, too. TSI made its entrance on the ranking at No. 39, based on 153 U.S. stores and a direct retail business Furniture Today estimates grew to $240 million in the U.S. last year.

This was mostly growth through acquisition, as TSI acquired a trimmed back Sleep Outfitters out of bankruptcy in April 2019 after first serving as its debtor-in-possession financer. The move eliminated a Top 100 weak link, replacing it with a much stronger one.

Another new player props up the weak. No. 72 DirectBuy is really mostly Z Gallerie, the former Top 100 company that made a second trip to U.S. Bankruptcy Court last year and subsequently was acquired by CSC Generation.

CSC is a holding company that's been in the business of buying up struggling retail brands and breathing new life into them with a digital-first strategy. Its first move into the home furnishing space was in 2017 with the acquisition of DirectBuy out of bankruptcy (the one physical U.S. location has since closed).

So far this year, it's acquired e-commerce company One Kings Lane from Bed, Bath & Beyond and reportedly is seeking the acquisition of another fading Top 100

Furniture Today's exclusive Top 100 U.S. Furniture Stores ranks furniture stores by

2019 sales of furniture, bedding and decorative accessories, including fabric and

furniture protection, warranties and delivery charges. To qualify, a store must specialize in home furnishings. Sales from furniture,

bedding and accessories must account for 25% or more of total sales, and at least 25% of those sales must come from brick-and-mortar stores. A store's mix may also include electronics, appliances, flooring and other home furnishings.

Retailers with a broad merchandise mix -- such as department stores, mass merchants and warehouse clubs that operate separate home furnishings stores -- are eligible for the Top 100 based on sales from their free-standing home stores only. Macy's is ranked based on the sales from its dedicated furniture stores only.

Stores may primarily sell overstocked items, factory closeouts and one-of-akinds, such as The Dump and American Freight, but do not primarily sell furniture that is rented or has been previously owned. Furniture Today will include retailers that lease or rent furniture on its Top 25 Furniture & Bedding Retailers ranking, printing in August.

Groups of stores with common ownership that operate under separate names qualify for the list. Examples are Berkshire Hathaway, which operates Nebraska Furniture Mart, R.C. Willey, Star Furniture and Jordan's Furniture, and American Signature, which operates Value City Furniture and American Signature Furniture.

Single-source networks, such as Ethan Allen and Bassett, are also included based on sales for their manufacturers' dedicated store networks' dedicated stores only and not from in-store galleries.

For totals and market share calculations, any overlapping or double-counting of sales volume and store counts is eliminated for those Top 100 that operate single-source stores, such as Tipperary Sales and Mathis Brothers, which operate La-Z-Boy Furniture Galleries.

Year-to-year comparisons are made to the same group of Top 100 companies ranked in both years. Sales and store counts were assumed flat for those retailers where 2018 data was not available when comparing total 2019 and 2018 data for the Top 100.

In cases of stores with identical 2019 sales, the company with the faster sales growth earns the higher rank.

All sales figures are Furniture Today market research estimates, unless these figures are reported specifically to the Securities and Exchange Commission. All estimates are for the 12 months ended Dec. 31, 2019 and 2018, unless otherwise indicated.

Estimates are based on information collected from surveys sent to retailers and from a variety of other sources, including company filings with the SEC, discussions with industry analysts and suppliers, and published and unpublished reports, including newspaper articles in various retail trading areas.

This ranking is by no means comprehensive and does not represent the entire industry. More than the 100 furniture stores listed are vital companies within the industry. Furniture Today chooses not to include some companies due to lack

of verification of sales figures.

company: Pier 1 Imports. FFO Home slows down. Af-

ter moving 17 spots up last year's Top 100 ranking, the Fort Smith, Ark.-based retailer took a few steps back to No. 53, restructured management and ditched plans for a specialty bedding store rollout.

The company saw sales slide 11.2% to an estimated $150.8 million and cut its net store count by 15 as it shuttered existing sleep stores it had previously acquired. Hank Mullany replaced Larry Zigerelli as president and CEO (starting on an interim basis this past summer, then switching to a permanent move in the fall) with a

plan to stabilize the business after years of aggressive growth.

American Freight speeds up. At the other end of the spectrum is No. 28 American Freight Furniture & Mattress. The promotional-oriented retailer's aggressive expansion strategy continued last year with the opening of a net 19 locations to end the year with 176 stores. But that's nothing compared to what's coming.

This year, the Delaware, Ohiobased business was acquired by the publicly held Franchise Group, which also owns Buddy's Home

continued on page 26

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2020 TOP 100

26 TOP 100 U.S. FURNITURE STORES 2020

Furniture Today | May 25-31, 2020

Dedicated networks continue to dominate the list

By Clint Engel Special to Furniture Today

HIGH POINT -- The single-source dedicated store networks continued their dominance over nearly all comers in the Top 100 last year, growing sales and store footprints at a faster clip than the combined listing and faster than any of the subcategories with the exception one small, miscellaneous group.

With No. 39 Tempur Sealy International's direct retail business added to the single-source ranks, the 11 dedicated store networks combined for a 9.1% sales increase to $10.05 billion.

That trounced the 2.9% growth rate for the combined Top 100 and the 4.9% increase for the Top 10, the 2.3% increase for conventional stores and the 3.6% increase for the specialty stores taken as a whole. Only No. 9 Big Lots and No. 63 Chair King/Fortunoff Backyard Stores (lumped into a "miscellaneous" specialty store subgroup) combined for a greater increase of 9.7%.

The dedicated store networks' growth rate also topped the 7.4% increase for the single-source operators on last year's list. Their share of Top 100 sales grew to 21%, from 20% for the same group of networks in 2018 and from 19% for the dedicated stores on last year's ranking.

The combined networks also opened a net 223 units last year for a 9.1% gain, topping the overall Top 100 -- which actually saw a net 976-store decline -- as well as every subcategory.

Single-source networks are the company-owned, licensed or franchised stores on the Top

100 dedicated to a single home furnishings brand and operating under that retail banner or a related one. They include vertically integrated businesses that include company-owned and dealerowned stores.

The group got a big boost this year with the addition of Tempur Sealy, which posted the greatest percentage sales increase among all Top 100 companies. (It's direct U.S. retail business was up 77.8% to an estimated $240 million.) It also had one of the best net sales gains and the best net and percentage physical store growth. The latter was due largely to its acquisition of former Top 100 company Sleep Outfitters last year.

But even if Tempur Sealy was removed from the equation, the dedicated networks still would have had a list-topping year in most respects, with sales up 8.1% and a store growth rate of 4.6%.

All but two of the single-source networks posted year-overyear sales increases, with No. 42 Lovesac owning the second best percentage gain, up 40.7% to $233.4 million (behind Tempur Sealy), followed by No. 8 Sleep Number, with an 11.2% sales increase to $1.69 billion.

Lovesac also climbed nine spots up the ranks, more than any other company, on the strength of that sales growth, which was fueled in part by solid physical store expansion -- up by a net 16 showrooms for 91 stores at yearend.

The greatest net sales gain among the single-source players, and all of the Top 100, was Ashley HomeStore (again), growing total U.S. business by $425.4 million to $4.96 billion.

Top single-source store networks

Ranked by sales of furniture, bedding and accessories

Estimated furniture, bedding, Percent change accessory sales in $ millions

Rank Company

2019

2018 2018 to 2019

1 Ashley HomeStore

$4,961.0 $4,535.6

9.4%

8 Sleep Number

$1,688.2 $1,517.8

11.2%

12 La-Z-Boy Furniture Galleries

$1,303.5 $1,247.7

4.5%

19 Ethan Allen

$741.0

$732.9

1.1%

31 Bassett Home Furnishings

$357.5

$362.2

-1.3%

39 Tempur Sealy International

$240.0

$135.0

77.8%

42 Lovesac

$233.4

$165.9

40.7%

51 America's Mattress

$166.8

$173.0

-3.6%

54 Mitchell Gold + Bob Williams

$137.2

$131.0

4.7%

60 The Original Mattress Factory

$126.0

$120.0

5.0%

74 Roche Bobois

$94.1

$86.7

8.6%

Source: Strategic Insights, 2020 Furniture Today Survey of Top 100 U.S. Furniture Stores

Number of

units

2019 2018

722 658

611 579

320 318

178 186

103

97

153

40

91

75

321 327

31

31

111 110

32

29

Top 100 single-source networks

Growth in sales and units,

2018-2019

Sales 9.1%

Units 9.1%

*Total U.S. furniture store sales from all product categories in 2019 was $61.5 billion; of that, an estimated $56.5 billion was for furniture, bedding and accessories. Source: Strategic Insights, 2020 Furniture Today Survey of Top 100 U.S. Furniture Stores and the U.S. Dept. of Commerce.

Single-source networks' share of

Top 100 sales

U.S. furniture store sales*

21%

18%

Store fronts

continued from page 24

Furnishings and the Sears Outlet business and is rebranding Sears Outlet to American Freight Appliance, Furniture and Mattress, a move that's expected to bring American Freight's store count up to about 300 locations.

Ashley HomeStore licensees didn't slow in 2019 and are positioning to grow again this year.

No. 17 Dufresne Spencer Group added a net 40 stores, thanks mostly to its acquisition of the bulk of Baton Rouge, La.-based Olinde's, an 18-store pick up in Chicagoland, and the purchase of 21 Texas stores from the Levitz family. It says its growth focus this year will be in Detroit, which it entered in 2018

and where the void left by Art Van is opening the door to competition.

HomeStore licensee No. 47 Broad River Retail opened three North Carolina HomeStores last year, and plans call for at least that many more, including the already opened HomeStore Outlet in Raleigh, N.C., a HomeStore and Outlet attached to its second distribution center, call center hub in Four Oaks, N.C., (also opened this year) and a Durham, N.C., HomeStore.

No. 32 Regency Furniture, with HomeStores as well as under four other retail banners, has closed its Mealey's Furniture business in greater Philadelphia but is building its HomeStores and Regency footprints there and elsewhere. Last year, six of its seven new stores were HomeStores, and this year it plans to convert some of the

former Mealey's locations to the Regency and HomeStore banners and open additional HomeStores in Alexandria, Va., and Pottstown and Middletown, Pa.

And No. 80 The Parrott Group based in Florence, S.C., held steady on the store front last year (sales rose an estimated 7.2%) but plans to add two more HomeStores opening before yearend for a total of 15 showrooms.

Bob's Discount Furniture expansion continues. Last year, Las Vegas, Detroit and Grand Rapids, Mich., were new markets for the retailer that moved into the Top 10 of Furniture Today's Top 100 for the first time. This year, Bob's already opened its first Cincinnati; Dayton, Ohio; and Rockford, Ill., market stores, and it plans to move into Cleveland and greater Phoenix.

Terminology

? Bedding specialty stores include stores where bedding is the majority of product. Examples include Mattress Firm, Sleep Number, Mattress1One, America's Mattress and Sit'n Sleep.

? Conventional furniture stores include furniture stores with a traditional merchandise mix of furniture, bedding and decorative accessories. Stores may or may not include consumer electronics and/or major appliances. Conventional

furniture stores can be a local, regional or national furniture store or a manufacturer-branded store. Examples include Ashley HomeStore, Rooms To Go, Raymour & Flanigan, American Signature and Havertys. ? Single-source networks include stores where all furniture and/or bedding products or the majority of product comes from a single manufacturer. Local ownership may vary. Examples include Ashley HomeStore, Sleep Number, La-ZBoy Furniture Galleries and Ethan Allen. ? Specialty stores are furniture stores with a specialized

product mix. This includes stores with a product-specific focus, such as Mattress Firm, La-Z-Boy Furniture Gallerie, and Chair King/Fortunoff Backyard; stores with a style-specific focus, such as Room & Board and Roche Bobois; stores with a lifestyle product mix, such as Ikea, Williams-Sonoma and RH; and stores with a non-traditional product mix, such as Big Lots. Lifestyle specialty stores carry furniture, bedding, decorative accessories, as well as housewares, small appliances, gourmet foods, apparel, jewelry and/or personal care items.

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2020 TOP 100

28 TOP 100 U.S. FURNITURE STORES 2020

Furniture Today | May 25-31, 2020

Who's who among the leading stores

Company, home base, web address

Rank

ABC Carpet & Home, New York, ......................................................... 66 American Freight Furniture & Mattress, Delaware, Ohio, ......... 28 American Furniture Warehouse, Englewood, Colo., ..................................... 20 American Signature, Columbus, Ohio, ................... 15 America's Mattress, Atlanta, ................................................... 51 Arhaus, Boston Heights, Ohio, ................................................................. 27 Art Van, Warren, Mich., ............................................................................... 14 Ashley HomeStore, Arcadia, Wis., ................................................ 1 Badcock Home Furniture & more, Mulberry, Fla., ................................ 21 Baer's, Pompano Beach, Fla., .................................................................... 46 Bassett Home Furnishings, Bassett, Va., .................................. 31 Belfort Furniture, Dulles, Va., .....................................................100 Berkshire Hathaway furniture division, Omaha, Neb., , , , ............................................ 7 Bernie & Phyl's Furniture, Norton, Mass., .................................. 55 Big Lots, Columbus, Ohio, .......................................................................... 9 Big Sandy Superstore, Franklin Furnace, Ohio, , .................................................................................................................. 62 Bob Mills Furniture, Oklahoma City, ........................................ 67 Bob's Discount Furniture, Manchester, Conn., ..................................... 10 Boston, Stevens Point, Wis., .......................................... 68 Boston Interiors, Stoughton, Mass., ........................................... 95 Broad River Retail, Fort Mill, S.C., .............................................. 47 C.S. Wo & Sons, Honolulu, ......................................................................... 79 Chair King/Fortunoff Backyard Store, Houston, , .......................................................................................................... 63 City Furniture, Tamarac, Fla., ............................................................ 23 Clive Daniel Home, Naples, Fla., ........................................................ 92 Conlin's Furniture, Billings, Mont., ........................................................... 93 Conn's, The Woodlands, Texas, ................................................................ 30 Cost Plus World Market, Alameda, Calif., ...................................... 29 Crate and Barrel, Northbrook, Ill., ................................................ 13 Crest Furniture, Dayton, N.J., ............................................................. 56 Darvin Furniture & Mattress, Orland Park, Ill., ........................................... 76 DirectBuy, Merrillville, Ind., , ................................... 72 Dufresne Spencer Group, Memphis, Tenn., , , ....................................................... 17 El Dorado Furniture, Miami Gardens, Fla., ............................. 41 Empresas Berrios, Cidra, Puerto Rico, ..................................... 73 Ethan Allen, Danbury, Conn., .............................................................. 19 Exclusive Furniture, Houston, ................................................. 94 FAMSA, Dallas, ............................................................................. 98 Farmers Home Furniture, Dublin, Ga., ............................ 36 FFO Home, Fort Smith, Ark., ................................................................. 53 Furniture Mart USA, Sioux Falls, S.D., ...................................... 35 Furnitureland South, Jamestown, N.C., ............................... 52 Gallery Furniture, Houston, .......................................................... 49 Gardner-White, Auburn Hills, Mich., gardner-............................................. 57 Grand Home Furnishings, Roanoke, Va., ...................... 59 Green Front Furniture, Farmville, Va., ................................................. 99 Havertys, Atlanta, .................................................................................... 18 Haynes Furniture, Virginia Beach, Va., , ............................................................................................................... 34 Herman Miller, Zeeland, Mich., , us., ......................................................................................................... 40

Company, home base, web address

Rank

HOM Furniture, Coon Rapids, Minn., , , .................................................................................................................. 38 Home Furniture Plus Bedding, Lafayette, La., .................................... 84 Hudson's Furniture, Sanford, Fla., ........................................... 82 Ikea, Conshohocken, Pa., IKEA-.................................................................... 2 Jerome's, San Diego, .............................................................................. 37 Johnny Janosik, Laurel, Del., ......................................................... 86 Kane's Furniture, Pinellas Park, Fla., ............................................ 44 Kimbrell's Home Furnishings, Charlotte, N.C., .................................... 85 Kittle's Furniture, Indianapolis, .................................................................. 97 Knoxville Wholesale Furniture, Knoxville, Tenn., .................................................................................. 96 Lacks Valley Stores, Pharr, Texas, ............................................................... 78 La-Z-Boy Furniture Galleries, Monroe, Mich., la-z-....................................... 12 Living Spaces, Rancho Cucamonga, Calif., ................................... 22 Lovesac, Stamford, Conn., ...................................................................... 42 Macy's Furniture Gallery, New York, ......................................................... 45 Mathis Brothers, Oklahoma City, ................................................ 24 Matter Brothers Furniture, Fort Myers, Fla., , .............................................................................................. 88 Mattress Firm, Houston, .................................................................... 4 Mattress Warehouse, Frederick, Md., .......................................... 43 Mattress1One, Orlando, Fla., .............................................................. 77 Miskelly Furniture, Jackson, Miss., ....................................................... 89 Mitchell Gold + Bob Williams, Taylorsville, N.C., ............................ 54 Mor Furniture for Less, San Diego, ................................................. 33 Morris Furniture, Dayton, Ohio, .................................................... 64 The Original Mattress Factory, Cleveland, Ohio, ...................... 60 The Parrott Group, Florence, S.C., parrotts-.......................................... 80 Pier 1 Imports, Fort Worth, Texas, ............................................................... 16 Raymour & Flanigan, Liverpool, N.Y., ....................................... 11 Regency Furniture, Brandywine, Md., , , ........................................................... 32 RH, Corte Madera, Calif., ..................................................... 6 Roche Bobois, New York, roche-.............................................................. 74 Room & Board, Minneapolis, ...................................................... 25 The RoomPlace, Lombard, Ill., ..................................................... 50 Rooms To Go, Seffner, Fla., ................................................................. 5 Russell Turner Furniture Holding Corp., Thomasville, Ga., ahs-..................... 70 Sam Levitz Furniture, Tucson, Ariz., ..................................................... 71 Schewels Home, Lynchburg, Va., ........................................................ 81 Sit'n Sleep, Gardena, Calif., .................................................................. 61 Sleep Number, Minneapolis, ............................................................ 8 Slumberland, Little Canada, Minn., ................................................. 26 Steinhafels, Waukesha, Wis., ............................................................. 48 Stickley, Audi & Co., Manlius, N.Y., .................................................. 58 Tempur Sealy International, Lexington, Ky., , ....................................................................................................... 39 Tipperary Sales, Augusta, Ga., ............................................... 91 Trivett's Furniture, Fredericksburg, Va., , ................ 69 Walker Furniture, Las Vegas, ....................................................... 87 Walter E. Smithe Furniture, Itasca, Ill., ...................................................... 75 Weekends Only Furniture & Mattress, St. Louis, ........................ 83 Weir's Furniture, Dallas, ................................................................. 90 The Wellsville Group, Westons Mills, N.Y., ................................ 65 Williams-Sonoma, San Francisco, williams-....................................... 3

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2020 TOP 100

30 TOP 100 U.S. FURNITURE STORES 2020

Furniture Today | May 25-31, 2020

TOP 100 U.S. FURNITURE STORES \\\\\ 2020

RANK (last year) Company, home base and notes

Estimated furniture, bedding,

accessory sales in $ millions

2019

2018

Percent change

Number

of units

2019

2018

Selling space all stores

sq. ft. 1000s

1

Ashley HomeStore

$4,961.0 $4,535.6

9.4%

722

658

NA

(1)

Arcadia, Wis.

$5,014.8 total revenues

Manufacturer's dedicated store network. Opened its first store in 1997 and now has more than 1,025 licensed and company-owned, promotional to mid-priced stores, in 60 countries. Sales and store counts for U.S. only.

Ashley offers an e-commerce program for its furniture stores. Average unit size for a conventional Ashley HomeStore is about 40,000 square feet and for the smaller rural market stores about 15,000 to 20,000 square feet.

Showrooms feature complete lifestyle vignettes including the lighting, rugs and wall art. Product categories include bedroom, dining room, upholstery, leather, occasional tables, home office, youth bedroom, recliners, mattresses and accessories. The Mattress Gallery inside HomeStores has top-name brands such as Sealy, Serta, Simmons Beautyrest, Stearns & Foster, Tempur-Pedic and Ashley-Sleep. Ashley HomeStore owners on the Top 100

list are Dufresne Spencer Group, City Furniture, Mathis Brothers, Regency Furniture, Furniture Mart USA, Broad River Retail, Crest Furniture, Morris Furniture, The Wellsville Group, Boston, Trivett's Furniture, Russell Turner

Furniture Holding Corp., Sam Levitz Furniture, Empresas Berrios, C.S. Wo & Sons, The Parrott Group and Knoxville Wholesale Furniture.

2

Ikea

$3,310.0 $3,220.0

2.8%

51

48

NA

(2)

Conshohocken, Pa.

$5,400.0 total revenues

Fiscal years ended Aug. 31. Ikea US is owned by the Ingka Group, the largest and one of 12 Sweden-based Ikea franchisees, operating some 374 Ikea stores in 30 countries, including 51 in the U.S. Phone-order sales from a

Baltimore call center and online sales are included. 2018 sales revised. During its past fiscal year, Ikea US opened two blue box Ikea locations in Texas and Virginia, one new format store in New York and expanded its distribution network with three new units in Staten Island, N.Y., Lakeland, Fla., and Joliet, Ill. In February 2019, Ikea opened its fifth store in Texas, a 289,000-square-foot unit in Live Oak, Texas, in the San Antonio area. In April, Ikea opened a 331,000-square-foot store in Norfolk, Va. Ikea has been adding a variety of new store formats to complement its big blue box Ikea stores, including smaller format stores and planning studios or city center location

stores. These additional formats are meant to bring Ikea closer to where people live, work and socialize. The first one in the U.S. opened in Manhattan in April 2019, a 17,500-square-foot, three-level Ikea Planning Studio offering personalized, one-on-one advice on solutions for the home. Planning Studios do not have items to bring home, but all relevant products are there to touch and try. Another new Ikea format will open in the U.S. this

summer. A smaller format store, with 115,000-square-feet, will open in Queens, N.Y.

3

Williams-Sonoma

$3,260.0 $3,100.0

5.2%

572

579

NA

(4)

San Francisco

$5,532.4 total revenues

Fiscal years ended Feb. 2 and Feb. 3. Publicly held multi-channel specialty retailer selling home furnishings through a portfolio of brands. Furniture is sold primarily through the Pottery Barn brands, West Elm, Williams-

Sonoma Home and Rejuvenation. Almost all products carried are designed in-house and are exclusive to the company's brands. In addition, the company manufactures merchandise, primarily upholstered furniture and

lighting, at facilities located in North Carolina, California, Oregon and Mississippi. At fiscal yearend, operated 614 retail stores in the U.S., Puerto Rico, Canada, Australia and the U.K., as well as e-commerce websites and direct

mail catalogs for each of the brands. Also operated 129 franchised stores in the Middle East, the Philippines, Mexico and South Korea. Sales and store counts for U.S. and Puerto Rico only. The company's overall net revenue

increase was primarily driven by West Elm and Pottery Barn. West Elm, the company's second largest brand, had another year of double-digit revenue growth and comparable brand revenue growth of 14.4%. The growth

was led by furniture, with strength in dining and bedroom categories. The company's largest brand, Pottery Barn, had comparable brand revenue growth of 4.1%, due to growth in new businesses including Pottery Barn

Apartment. All brands delivered positive comparable brand growth. In 2019, the company successfully launched a Business to Business (B2B) division across all brands.

4

Mattress Firm

$3,139.0 $3,270.0

-4.0%

2,500

3,300

NA

(3)

Houston

Fiscal years ended Sept. 30. Bedding specialty chain founded in 1986. Subsidiary of South African-based Steinhoff International Holdings. Operates with stores in 49 states as well as online. The company offers a broad selec-

tion of mattresses and bedding accessories from leading manufacturers including Serta, Simmons, Tempur-Pedic, Tulo, Sleepy's, Chattam & Wells and Purple. Mattress Firm emerged from Chapter 11 protection in November

2018, less than two months after its initial filing, having closed some 700-plus stores as part of its restructuring. In May 2019, John Eck was appointed president and CEO, taking over the positions from Steve Stagner, who

resigned. In June, Mattress Firm entered into an agreement with Tempur Sealy to reintroduce Tempur-Pedic, Stearns & Foster and Sealy branded products into stores across the country. The two companies had split from

their first agreement in 2017. Tempur Sealy product was reintroduced into the Mattress Firm stores in the fourth quarter of 2019 and first quarter of 2020.

5

Rooms To Go

$2,560.0 $2,560.0

0.0%

151

151

NA

(5)

Seffner, Fla.

Privately owned mid-priced chain with stores in Florida, Georgia, North and South Carolina, Louisiana, Mississippi, Tennessee, Texas, Alabama and Virginia, as well as several franchise units in Puerto Rico. Operations include

Rooms To Go, Rooms To Go Kids & Teens, Rooms To Go Patio, clearance centers and online sales. In 2019, Rooms To Go opened two stores: a full-line showroom in Newport News, Va., and a patio showroom in Kennesaw,

Ga. The retailer also closed two stores: a patio showroom in North Naples, Fla, and a clearance center in Lake Park, Fla. The retailer also converted 7,000 square feet in its existing RTG store in Fort Lauderdale, Fla., to patio

and converted the RTG Kids store in West Palm Beach, Fla., to a combined RTG Kids store and Patio. Expansion plans for 2020 include new showrooms in Virginia Beach, Va., (opened in March) and Orlando, Fla., and a patio

showroom in Stuart, Fla. RTG plans on continuing its rollout of outdoor furniture stores, some as standalone showrooms and others as stores within a new format for the full-line stores.

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6

RH

$2,355.0 $2,135.0

10.3%

100

104

NA

(6)

Corte Madera, Calif.

$2,514.3 total revenues

Fiscal years ended Feb. 1 and Feb. 2. Publicly held luxury retailer in the home furnishings marketplace operating an integrated business across multiple channels of distribution made up of its stores, Source Books and web-

sites. At yearend, operated 22 Design Galleries, 40 Legacy Galleries, two Modern Galleries, four Baby & Child and Teen Galleries and 38 outlet stores throughout the U.S. and Canada. Sales and store counts for U.S. only. In

2019, RH opened two 60,000-square-foot Design Galleries: in Minneapolis in September and in Columbus in December. Both Galleries include the integrated RH Hospitality experience with restaurants, wine vaults and

barista bars. The retailer also closed the two smaller Legacy Galleries in those areas as well as a third Legacy Gallery in Durham, N.C., two Baby & Child Galleries in Portland, Ore., and Dallas, and one Outlet. After deferring the

introduction of major new product category expansions for the past two years, RH launched two new Source Books in 2019: RH Beach House in the summer and RH Ski House in the fall. For 2020, RH's plans to open Design

Galleries in Marin, Calif.; Charlotte, N.C.; San Francisco; Dallas; and Jacksonville, Fla., have been delayed with the exception of the Marin and Charlotte galleries, which are said to possibly open this spring or summer. RH is also

exploring opportunities for Design Galleries outside of North America including in the United Kingdom and Europe in 2021 or 2022.

7

Berkshire Hathaway furniture division $2,069.0 $2,096.0

-1.3%

34

34

NA

(7)

Omaha, Neb.

$3,215.0 total revenues

The furniture division of Berkshire Hathaway includes Nebraska Furniture Mart, RC Willey, Star Furniture and Jordan's Furniture. NFM operates five stores: a 475,000-square-foot showroom in Omaha; a 450,000-square-foot showroom in Kansas City, Kan.; a 560,000-square-foot showroom in The Colony, Texas; a 30,000-square-foot showroom specializing in flooring, appliances and electronics in Clive, Iowa; and a Homemakers Furniture store in Des Moines, Iowa. Jordan's operates six retail locations and a distribution center, with three stores and the distribution center located in the greater Boston area; one retail store includes a Colossal Clearance Center. The

other three stores are in Warwick, R.I.; New Haven, Conn.; and in Nashua, N.H. In 2020, Jordan's will open its first Maine showroom, a 120,000-square-foot two-level store in Portland in a former Filene's/Bon-Ton location. RC Willey operates 12 stores: six in northern Utah, three in Nevada, two in California and one in Idaho. It has three distribution centers that support operations in Salt Lake City, Las Vegas and Sacramento, Calif. Star Furniture

operates 11 stores in Texas, with seven showrooms and one clearance outlet in the Houston area and one store each in Austin, San Antonio and Bryan/College Station. In May 2019, Star opened a 70,000-square-foot store in

Cypress, Texas, in a former Randalls grocery store. In August, Star celebrated the grand reopening of its Katy, Texas, showroom in West Houston.

2020 TOP 100

8

Sleep Number

$1,688.2 $1,517.8

11.2%

611

579

1,749

(8)

Minneapolis

Publicly held, founded in 1987. As a purpose-driven company in health and wellness, Sleep Number's mission is to improve lives by individualizing sleep experiences. Sleep Number offers consumers high-quality, individu-

alized sleep solutions and services. More than 99% of the company's sales are direct to consumers through Sleep Number stores in all 50 states, online at and via phone. The remaining sales are from the

wholesale channel that sells to and through selected retail and wholesale customers in the U.S., sales not included. Online and phone sales accounted for approximately 7.6% of 2019 sales. Units average 2,802 square feet.

Average sales per square foot, $1,034. Average stock turns, 7.5 times. Average gross margin, 61.9%. Same store sales increased 6% in 2019. Sleep Number opened 59 stores and closed 27 in 2019. Sleep Number unveiled its

new Climate360 smart bed at the 2020 Consumer Electronics Show. Winning Best of Innovation, the bed adjusts throughout the night, warming and cooling, working with an individual's natural sleep cycle. The smart bed

is expected to be available by 2021.

34 TOP 100 U.S. FURNITURE STORES 2020

Furniture Today | May 25-31, 2020

RANK (last year) Company, home base and notes

Estimated furniture, bedding,

accessory sales in $ millions

2019

2018

Percent change

Number

of units

2019

2018

Selling space all stores

sq. ft. 1000s

9

Big Lots

$1,636.0 $1,475.0

10.9%

1,404

1,401

31,705

(9)

Columbus, Ohio

$5,323.2 total revenues

Fiscal years ended Feb. 1 and Feb. 2. Publicly held, discount retailer operating stores in 47 states with approximately 33% of stores operating in four states: California, Texas, Ohio and Florida. Stores are primarily in strip shopping centers with an average of 22,600 selling square feet offering value-priced merchandise from both traditional and close-out channels. Furniture ? including upholstery, mattresses, case goods, ready-to-assemble and patio furniture ? is sourced either from recognized brand-name manufacturers or sold under its own brand. Included in this list is Ameriwood, Ashley, Lane, Sauder, Sealy, Serta, Stratford and Stratolounger. The upholstery, mattresses and case goods departments drove the furniture category's overall sales increase as well as the category's comp sales increase of 8.2%. The category was helped by a new and expanded assortment of brand-name mattresses introduced in the third quarter and the new Broyhill assortment launched late in 2019. Big Lots acquired the Broyhill brand in 2018. Continues to roll-out its "store of the future" format, which has furniture front and center and flanked by seasonal and soft home goods through remodels and new openings. Ended 2019 with 466 new format stores after remodeling 207 stores and opening 54 with the new layout. The retailer will slow down its rollout with only 20 stores to be remodeled this year. Anticipates 40 new stores and closing up to 55 existing locations in 2020, with many of the closings involving relocations to improved locations.

10

Bob's Discount Furniture

$1,612.4 $1,434.7

12.4%

122

104

NA

(11)

Manchester, Conn.

Privately owned, founded in 1991. Promotional to mid-priced chain operating stores across 20 states from coast to coast. In 2019, Bob's opened 18 new stores moving into new states and markets including Las Vegas, De-

troit and Grand Rapids, Mich., as well as further expansion in Southern California into the Fresno and San Diego areas after entering California in 2018. In 2020, Bob's is continuing its push into new major metro markets

across the country and filling-in with stores in existing markets. Just before Presidents' Day Weekend, Bob's opened its first Cincinnati market stores in Florence, Ky., and Colerain, Ohio, and in two new markets northwest of Chicago in Dayton, Ohio, and Rockford, Ill. The retailer also relocated a store in Norwalk, Conn. For the remainder of 2020, Bob's has plans to move into the Cleveland-area market with three stores in Mayfield Heights, North

Olmsted and North Canton, Ohio, as well as open fill-in stores in Riverside and Visalia, Calif. The retailer also announced it would be opening stores in the Phoenix market, although specific locations and timing has not been

released.

11

Raymour & Flanigan

$1,478.0 $1,456.0

1.5%

136

128

NA

(10)

Liverpool, N.Y.

Mid-priced Northeastern chain established in 1947. Raymour & Flanigan operates stores in New York, Massachusetts, Pennsylvania, New Jersey, Connecticut, Rhode Island and Delaware, including five Clearance Centers. Also sells online. Showrooms range in size from 15,000 to 75,000 square feet. In 2019, opened nine showrooms in Lawrenceville, Elizabeth, Vineland and Marlton, N.J.; Wyomissing, Philadelphia and Exton, Pa.; and Hamburg

and Williamsville, N.Y. Also closed one store in New York City.

12

La-Z-Boy Furniture Galleries

$1,303.5 $1,247.7

4.5%

320

318

NA

(12)

Monroe, Mich.

Manufacturer's dedicated store network of dealer-owned and company-owned units, with 169 dealer-owned stores and 151 company-owned stores at year's end. Figures exclude the 35 La-Z-Boy Furniture Galleries in

Canada. Average stock turns, 5 times. Same-store sales increased 3.8%. In 2019, opened six galleries and closed four. Plans to end 2020 with 320 to 325 U.S. stores. Relocated a store in Beaverton, Ore., earlier this year. The

company announced it will acquire six independently owned La-Z-Boy Furniture Galleries in the Seattle area as well as a warehouse. The transaction is a result of the planned retirement of the owners and is expected to be

completed in June. La-Z-Boy store owners on the Top 100 are Mathis Brothers and Tipperary Sales.

13

Crate and Barrel

$1,072.8 $1,042.9

2.9%

110

99

NA

(15)

Northbrook, Ill.

$1,661.9 total revenues

Fiscal years ended March 1 and March 3. Founded in 1962. Crate and Barrel is owned by Otto Group, a privately held German retail and services group. Lifestyle multi-channel specialty retailer operating through a family of

brands: Crate and Barrel, Crate and Barrel Kids, CB2 and Hudson Grace. The company also operates e-commerce websites, catalogs and franchise locations around the globe. At yearend, operations included 118 stores in

North America, including 20 CB2 and 10 Outlets, and 16 additional franchised stores in countries around the world. Online sales account for approximately half of all sales. Estimated sales and store counts for U.S. only. In

2019, the company opened one Crate and Barrel in Nashville, Tenn., two Crate and Barrel Furniture Outlets in Jackson Township, N.J., and Gaffney, S.C., and two CB2 stores in Dallas and Boston. In June 2019, Crate and Barrel

acquired Hudson Grace, a boutique home d?cor, entertaining and gift brand based in San Francisco. Hudson Grace has six brick-and-mortar retail locations (five in California and one in Atlanta) and an e-commerce website. Earlier this year, the retailer opened its first Design Studio in Pasadena, Calif. The new concept store is an extension of the Design Studio that is offered online with a selection of Crate and Barrel's most popular furniture and d?cor items, as well as custom and made-to-order furniture.

14

Art Van

$1,043.0 $1,119.0

-6.8%

192

193

NA

(13)

Warren, Mich.

Founded in 1959 by the late Art Van Elslander and owned by private-equity firm Thomas H. Lee Partners since early 2017. Mid-priced to high-end retailer that operated in Michigan, Illinois, Ohio, Indiana, Iowa, Missouri,

Pennsylvania, Virginia and Maryland under the brands: Art Van Furniture, Art Van PureSleep, Scott Shuptrine Interiors, Levin Furniture, Levin Mattress and Wolf Furniture. The company also had about 20 franchise locations.

Facing an abrupt liquidity crisis in early 2020 and after failing to secure additional capital, Art Van filed for Chapter 11 bankruptcy protection March 8 with a plan to liquidate the majority of 167 company-owned stores. A plan to sell the Levin business and select Wolf stores to former Levin CEO Robert Levin fell through, and those stores later were slated for liquidation, too. Art Van said store shutdowns, lack of financing and other complica-

tions resulting from the coronavirus pandemic scuttled all store going-out-of-business sales. The bankruptcy case was converted to a Chapter 7 liquidation in April.

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15

American Signature

$973.0 $987.8

-1.5%

114

115

NA

(16)

Columbus, Ohio

Fiscal years ended July 27 and July 28. Owned by Schottenstein Stores Corp. Not affiliated with Dayton, N.J.-based Crest Furniture (No. 56). Operates primarily in the Midwest and on the East Coast in 17 states under the names Value City Furniture and American Signature Furniture and through e-commerce at and . Includes 24 American Signature Furniture stores and 90

Value City Furniture stores. Launched a curated selection of design guru Bobby Berk's new collection in stores and online in October 2019. The new Bobby Berk Collection was created in partnership with home furnishings

manufacturer A.R.T. Furniture.

16

Pier 1 Imports

$895.0 $1,050.0

-14.8%

541

906

NA

(14)

Fort Worth, Texas

Fiscal years ended Feb. 29 and March 2. Publicly held specialist of imported home decor and furniture, founded in 1962. In January 2020, Pier 1 announced plans to reduce its store footprint by up to 450 locations including

all locations in Canada to enable the company to move forward with an appropriately sized store footprint and operating structure. On Feb. 17, 2020, Pier 1 filed for Chapter 11 bankruptcy protection and announced it had an

agreement with a majority of its term loan lenders and would be pursuing a sale of the company. The deadline to submit bids was to be on or around March 23. As a result of having to close all stores because of the country's

coronavirus containment measures, Pier 1 put a halt to its bankruptcy court auction saying lenders would take ownership of the company. Although all brick-and-mortar stores are closed, the retailer's e-commerce website,

, is still operating. E-commerce accounts for about 27% of the company's total sales.

2020 TOP 100

17

Dufresne Spencer Group

$887.0 $730.5

21.4%

124

84

NA

(19)

Memphis, Tenn.

Privately owned group, founded in 2002. At yearend, operated 108 Ashley HomeStores including five outlets, three Stash Home stores, 12 Levitz Mattress stores and one South Loop store in Alabama, Arkansas, Illinois, Indiana, Kentucky, Louisiana, Michigan, Mississippi, Missouri, New Mexico, Tennessee and Texas. The company also sells online. Throughout 2019, DSG made several acquisitions into new markets, opened fill-in stores in existing markets, and closed and sold off stores that were too far away to be serviced well. In January 2019, the company acquired seven Ashley's and two Olinde's from former Top 100 retailer, Olinde's of Baton Rouge La.,

converting the two multi-line Olinde's stores to Ashley HomeStores. In April 2019, DSG acquired 18 stores in the Chicago market including 16 Ashley HomeStores, one Outlet and one South Loop home furnishings store. In

November 2019, the company acquired 21 stores in the Dallas/Fort Worth and El Paso, Texas, areas from the Levitz family, which included eight Ashleys, one Outlet and 12 Levitz Mattress. Another acquisition in November

was four Ashley HomeStores in the Jackson and Hattiesburg, Miss., area. DSG sold its 12 Ashley stores in the Seattle, Portland, Ore., and Idaho areas and closed its Stash Home in Tupelo, Miss., and an Outlet in St. Louis, Mo.

DSG's focus of growth in 2020 is the Detroit area.

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