Last week we spoke with Mark Gannon, CEO of Sofa Source International and IFHS Event Organiser to reflect on the recent Irish Furniture and Homewares Show. Sofa Source was one of the exhibitors and this week we'll dive into the Irish company's future plans and the current challenges for the furniture industry.
Expanding market presence
Sofa Source International, while headquartered in Ireland, has firmly established its footprint across Europe. Mark highlighted that the company's primary markets include France, Spain, Sweden, and the UK. Despite operating from Ireland, their influence extends well beyond, with major retailer and wholesaler customers spread across these regions.
As Sofa Source looks to the future, the company is focused on expanding its presence in Europe. 'We currently have a small and dedicated team of agents in the region. We are planning to grow this team to better serve our European customers. By enhancing our service capabilities and broadening our reach, we aim to strengthen relationships with key customers and tap into new opportunities across the continent,' Mark says. This expansion is part of their broader strategy to establish Sofa Source as a leading name in the European furniture market, delivering innovative designs and exceptional service to a growing customer base.
In addition to their European ambitions, Sofa Source is gearing up for Furniture China (Stand E2-C06) in Shanghai, where they will showcase their new Loungee-Tech collection with a significant emphasis on tech-integrated sofas, featuring speakers and wireless technology. 'These features are gaining popularity in the market,' says Mark.
Current market conditions: navigating economic uncertainty
Mark shared insights into the current market conditions, emphasising that economic uncertainty, inflation, and fluctuating interest rates are having a significant impact on consumer spending habits. 'Shoppers are more price-conscious and are cutting back on non-essential purchases,' he notes. This shift has led retailers to adapt their pricing strategies, offering more promotions to attract budget-conscious consumers. Despite this and the rise of online shopping, physical stores remain relevant, especially in home goods.
'There's also a growing demand for sustainability, personalisation, and ethical business practices. Brands that align with these values are gaining customer loyalty. Additionally, the rise of "conscious consumerism" is pushing retailers to offer more eco-friendly products and transparent supply chains.'
The biggest challenge for the furniture industry right now, according to Mark, is the supply chain. 'Shipping volatility is still hitting the furniture industry with rising prices and longer lead-times. The key to our business is being able to manage these challenges with a solution focused approach, ensuring our customers are well-informed and have a good plan to keep their business supplied throughout these issues. We expect it to stabilise towards the end of the year.'
The Sofa Source team at the Manchester Furniture Show this July.
Visit Sofa Source in Shanghai at for Furniture China (Stand E2-C06).
Sofa Source is looking for new agents. Take a look at the job offer here!
More information:
Sofa Source International
+353(0)90 6628 844
[email protected]
www.sofasource.com
Ireland