Each Friday, Furniture News puts five questions to a selected industry professional to explore their background and approach to business. Today, it's the turn of Steve Day, director of Fortune Years and Precious Wood …
How did you get into the trade?
That’s a memory test, as it was so long ago! Basically, in my early Twenties I started retailing ex-catalogue returns, which quickly led to retailing pine furniture.
What was the turning point in your career?
Not signing for West Ham United! If I had, I wouldn’t be in this wonderful industry of ours! Seriously though, I don’t think there has been what you can call a real turning point, as such – just really learning all aspects of the trade along the way, initially from retail, then sales and marketing within the trade, and now manufacturing too, here in Dalian, China.
Combining the three simply gives a good understanding of the business and industry. Although, as of today I would say the turning point was going into business with my partner Mr Chris Fang, who quite simply has proven to be the finest manufacturer of oak furniture in Asia for over 10 years now.
How will the industry evolve?
We have seen mass evolution over the last few years, which is mainly down to the majority of production moving overseas – and then, of course, into play came the internet. The next stage is that the retailer will deal directly with the manufacturer again, without having to go through agents and third-party associates who claim to own factories, etc – as they have done in the main since production went overseas.
“The retailer will deal directly with the manufacturer again, without having to go through agents and third-party associates who claim to own factories”
The internet, whilst it had a period of being seen as a cheaper place for the consumer to buy, has and will continue to evolve, and will simply become a ‘national Yellow Pages’, which the consumer uses as a directory of stores and product information. The day of the online-only trader will, thankfully, die quickly. Consumers like to shop in-store, and touch and feel the product.
How can retailers increase sales and profitability?
Buy directly from the manufacturer. And utilise the internet to attract consumers into their store. The average Mr and Mrs Smith simply Google for directions to what they wish to purchase. The old methods of newspapers, etc, are dead in the water.
What brings a smile to your face in this industry?
A retailer, striking sale after sale with his consumer with our products, brings a big one.
This is an extract from an article published previously in Furniture News magazine. For more stories like this, you can subscribe to receive a regular physical copy of the magazine, or to have a free digital issue delivered to your inbox each month.
