Sure, Presidents Day is over, but we took a look back at Doorcounts’ data to see how independent retailers fared and analyzed what they might do during buying holidays to grab more sales.
Keep in mind, this wasn’t a typical Presidents Day because Uncle Sam extended tax day to May 17th, which created delays in people getting refund checks (and spending that dough on mattresses and furniture).
There’s a ton of data in the mattress industry about how big box stores and larger independent retailers benefit from holidays like Presidents Day, Fourth of July, and Memorial Day, but what about the smaller retailers?
How can an independent dealer know that their sales and store visits are “normal” if they have nothing to compare them to?
We went to the data and retail gurus at Doorcounts and asked them to pull their numbers for one and two-store furniture and mattress retailers for the weeks before and after Presidents Day 2021. Here’s what they told us:
Week before Presidents Day:
Mattress:
Daily foot traffic: 15
Sales conversion: 33.13%
Daily revenue: $2,910
Average ticket: $738.47
Furniture:
Daily foot traffic: 27
Sales conversion: 29.17%
Daily revenue: $9,861
Average ticket: $1,406
Week after Presidents Day:
Mattress:
Daily foot traffic: 9
Sales conversion: 41.72%
Daily revenue: $2,994
Average ticket: $949
Furniture:
Daily foot traffic: 32
Sales conversion: 27.42%
Daily Revenue: $12,650
Average ticket: $1,610
At first glance, it looks like before Presidents Day, buyers weren’t as motivated. Maybe after Presidents Day retailers continued to run ads with a deadline and consumers realized they missed the three-day weekend sales and needed to make a purchase.
You’ll notice in the week after Presidents day foot traffic was down for mattress stores, but daily revenue rose and average tickets were higher.
Furniture stores saw more people walk through the door and experienced a giant jump in daily revenue.
What does all of this mean, and what’s the opportunity for retailers?
Focus on the Week After Presidents Day
First, keep your promotions running even after the actual holiday. People need time to hear the message, but even after they hear it, they might drag their heels. Place a deadline on your promotions, create some scarcity, and generate a final push.
Expand Your Offering
Another opportunity for mattress retailers is to sell furniture (and even appliances).
That obviously can’t be done with the snap of a finger, but there are ways to go about it gradually and methodically, experimenting with different products that your local market might need. Or, do what Nick Quinn did and bring in a promotional product like rocking chairs, sell them cheaper than Walmart, and transition that foot traffic into mattress buyers.
Get creative with what you bring in as a loss-leader. If it’s summer, offer outdoor furniture. If it’s spring, bring in baby bedding products. What kind of tech can you introduce at your store that connects to sleep and wellness?
There are endless possibilities, but the goal is to drive more people into your store before, during, and after holiday buying events. And as the Doorcounts data shows, focusing on after can be a key strategy.
Stay tuned to The FAM, because we’ll be working with Doorcounts to break down the numbers for Memorial Day in June.
