High Point Market
|This article relies on references to primary sources. (April 2009)|
|High Point Market|
|Location(s)||High Point, North Carolina|
(as Southern Furniture Market)
|Organized by||High Point Market Authority|
The High Point Market (originally Southern Furniture Market), held in High Point, North Carolina, is the largest home furnishings industry trade show in the world, measuring over 10 million square feet (1 km²) encompassed in approximately 180 buildings throughout the area. The market holds two major shows each year, one in April and another in October, running for 6 days each time.
As of 2006, North Carolina's largest business convention drew 70,000 from 100 countries. A 2013 Duke University study, paid for by the High Point Market Authority, showed that the market contributed $5.4 billion to the area's economy.
The first formal Southern Furniture Market was held in High Point March 1–15, 1909. In 1921, the Southern Furniture Exposition Building opened for its first show June 20. Built in 19 months, the showroom cost approximately $1 million and held 249,000 square feet (23,100 m2) of exhibition space. Regular shows were held in January and July. With the exception of 1943, the market was put on hold from 1941 until the end of World War II.
The Wrenn Wing was added to the Southern Furniture Exposition Building in 1950. The center's fourth expansion is connected to older parts of the building by glass walkways over Wrenn Street. During the 1950s, informal "in-between" markets began to emerge, hosting visitors in April and October. The main markets were still held in January and July.
The size and scope of the mid-season marketing during April and October begin to surpass the January and July shows in the 1960s. Showrooms other than the Southern Furniture Exposition Building gained stature, both in size and importance. In 1980, organizers in Dallas made a bid to host the major national home furnishings market. In 1982, the January and July shows were discontinued, leaving the April and October shows.
Also in 1982, Market Square opened in the renovated Tomlinson Chair complex. It is credited with starting the dramatic increase in showroom space that made High Point a major furniture exhibition center.
The Southern Furniture Market was renamed the International Home Furnishings Market in 1989. High Point's largest showroom, the Southern Furniture Exposition Building, changed its name to the International Home Furnishings Center, or IHFC. With nearly 7,000,000 square feet (650,000 m2) of furniture showroom space already available around the city, a decade-long showroom building boom began. In the 1990s, a construction boom added an additional 3,000,000 square feet (279,000 m2) of showrooms to High Point. Showroom expansion continued in 2000, with the addition of new temporary exhibit spaces: The Suites at Market Square and Showplace.
A year later, the 12th floor of the IHFC opened, giving the building 3,500,000 square feet (330,000 m2) of space, more than 14 times its original size. Market organizers estimated that approximately 80,000 visitors, on average, attend the April and October Markets. In 2001, organizers announced the formation of the High Point Market Authority, the official organizer of the Market. In 2002, the Authority approached the N.C. General Assembly for the first time in its history seeking state support for the trade show, the largest event in the state of North Carolina.
In 2003, The Market Authority began a massive shuttle service that today supports over 300,000 riders per year. The N.C. Department of Transportation set aside $900,000 for each of the next two years so the Authority could offer free shuttles to and from 100 hotels and the Piedmont Triad International Airport, Charlotte Douglas International Airport, and Raleigh-Durham International Airport. In 2005, a new transportation terminal opened in downtown High Point.
In 2011, IHFC Acquisition Co. bought the IHFC for $275 million. Bassett Furniture Industries was that company's largest stockholder. SEC reports from Bassett showed a connection with The Related Cos., an investor in World Market Center. The Related Cos. was rumored to be part of a deal which would bring most of High Point's showroom space under one owner, and there were fears that the industry would move more activity to Las Vegas. At a press conference May 3, 2011, World Market Center CEO Bob Maricich and other officials of a new company announced the consolidation of what had been competing showroom facilities. International Market Centers (IMC), owned by Bain Capital and Oaktree Capital, with headquarters in both High Point and Las Vegas, bought the IHFC, Market Square and Showplace, representing about two-thirds of the city's showroom space.
The Market currently has roughly 2,000 exhibitors, 10.5 million square feet of showroom space, 180 buildings and approximately 70,000-80,000 attendees each Market.
The High Point Market has been noted for being a significant part of the region's furniture "cluster," which was discussed by sociologist Richard Florida and initially by economist Michael Porter. The High Point Market has also been the focus of an extensive case study by urban sociologist John Joe Schlichtman. In this research, High Point's ability to capture the global furniture merchandising market is said to signal a new era in what is possible for small cities. Along these lines, Schlichtman terms High Point a "Niche City", which is "a city that forges global centrality by creating an economic specialization in a specific segment of the global service economy."
- Gillian May-Lian Wee, "Shopping for furniture deals in High Point, N.C.," The Charlotte Observer, October 20, 2005.
- Tony Mecia, "Debate on the table: Las Vegas or High Point?" The Charlotte Observer, October 15, 2006.
- Davis, Jonelle (October 19, 2013). "Furniture Market hopes to build on 'slight recovery'". News & Record. Retrieved October 19, 2013.
- Paul Muschick, "Market Square Opens Show Under New Owners," Greensboro News & Record, October 16, 1998, p B2c.
- Richard M. Barron, "Investors to buy showroom," Greensboro News & Record, March 2, 2011, p. A2.
- Evans, Matt (April 19, 2011). "Receiver files for Showplace sale". The Business Journal. Retrieved September 12, 2013.
- Evans, Matt (April 15, 2011). "Group with Vegas ties seen as central player in H.P. consolidation". The Business Journal. Retrieved September 12, 2013.
- Evans, Matt (May 3, 2011). "HP, Vegas to HQ new showroom powerhouse". The Business Journal. Retrieved September 12, 2013.
- Evans, Matt (May 6, 2011). "New showroom chief: Las Vegas, High Point can grow". The Business Journal. Retrieved September 12, 2013.
- Richard Florida, Who’s Your City? How the Creative Economy is Making Where to Live the Most Important Decision of Your Life, New York, NY: Basic Books, 2008. pp. 113, 118
- Michael Porter, "Clusters and the New Economics of Competition." Harvard Business Review. November–December 1998
- Michelle Abbott, "Urban Sociologist Studies High Point, N.C.'s Path to Furniture Mart Prosperity," High Point Enterprise, September 2, 2003.
- John Joe Schlichtman, "Making Temp Town: The Political and Economic Machinations of the Furniture Capital of the World.” Small Cities: Urban Experience Beyond the Metropolis, Routledge. 2006.
- John Joe Schlichtman, "The Niche City Idea: How a Declining Manufacturing Center Exploited the Opportunities of Globalization.” International Journal of Urban and Regional Research, Volume 33.1 March 2009 105–25