Furniture clearance retailer Trade Secret has reported strong sales as shoppers seek to rein in spend and seek out bargains.
Trade Secret, which sells cancelled and returned stock from retailers such as Marks & Spencer and Laura Ashley, delivered a record month in November, with like-for-like sales soaring 15 per cent. For the full year to November 30 the retailer reported total sales of£3.1 million.
Trade Secret managing director Charles Wheeler said: “There are still people in the market for furniture and this market is leaning towards value for money, which is a huge benefit to us.”
The retailer sells from 75,000 sq ft of warehouse space in London, 25,000 sq ft in Oxfordshire and 8,000 sq ft in Hampshire. It is planning to open a further two warehouses in the Birmingham region next year.
The strategy follows the launch of other furniture clearance businesses. Earlier this year Miranda Grubb, former director at interiors mail order specialist OKA, launched a clearance furniture web site called Whatafind.com, stocking products from retailers such as Feather & Black and The Cotswold Company.
Similarly, Home Retail Group plans to launch a clearance web site called Saveonasofa.co.uk (Retail Week, December 5).
Wheeler said: “M&S customers are prepared to come to our unheated, no frills premises, which are like aircraft hangars. We’re telling consumers: ‘Don’t move, improve, but improve on a budget’.”
Trade Secret also sells stock from retailers such as House of Fraser and Bhs Home. It operates in the top end of the market and does not offer credit.
Wheeler conceded that 2009 will be a difficult year, but he argued that Trade Secret will sustain its growth. “We offer the feel-good factor; people feel more comfortable paying less. The supply is there so we can certainly expand,” he said.
The furniture sector has been hit hard by the downturn, with casualties this year including MFI, ScS, Rosebys, Ilva and Beds Direct.
Trade Secret managing director Charles Wheeler said: “There are still people in the market for furniture and this market is leaning towards value for money, which is a huge benefit to us.”
The retailer sells from 75,000 sq ft of warehouse space in London, 25,000 sq ft in Oxfordshire and 8,000 sq ft in Hampshire. It is planning to open a further two warehouses in the Birmingham region next year.
The strategy follows the launch of other furniture clearance businesses. Earlier this year Miranda Grubb, former director at interiors mail order specialist OKA, launched a clearance furniture web site called Whatafind.com, stocking products from retailers such as Feather & Black and The Cotswold Company.
Similarly, Home Retail Group plans to launch a clearance web site called Saveonasofa.co.uk (Retail Week, December 5).
Wheeler said: “M&S customers are prepared to come to our unheated, no frills premises, which are like aircraft hangars. We’re telling consumers: ‘Don’t move, improve, but improve on a budget’.”
Trade Secret also sells stock from retailers such as House of Fraser and Bhs Home. It operates in the top end of the market and does not offer credit.
Wheeler conceded that 2009 will be a difficult year, but he argued that Trade Secret will sustain its growth. “We offer the feel-good factor; people feel more comfortable paying less. The supply is there so we can certainly expand,” he said.
The furniture sector has been hit hard by the downturn, with casualties this year including MFI, ScS, Rosebys, Ilva and Beds Direct.
No comments yet