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I had some documents from a research done for a shopping mall by a marketing bureau that stated that about 28% of the households in the area of miami had an income of $75k+ so that why we thought it would be an interesting area.
That's not a high household income. 75k is middle class, especially in a high cost of living area.
The median income for a household in the borough was $147,298, and the median income for a family was $191,378.
I'm not recommending you open a store here. The metro area population isn't big enough, and Pittsburghers tend to be very frugal. Just trying to give you an idea of what a good median is.
I wouldn't open a mattress store in a shopping mall either. The rent is way too high and buyers generally don't look at mattresses when they are at the mall. Mattress buying is a destination. It's a "if you build it, they will come" as long as you advertise so they know you are there, and there is easy access from all parts of the metro area and plenty of parking.
In addition to being near an affluent area, you need to be in a very large metro area because mattress buying isn't something people do every few years. You need a big enough population to provide ongoing revenue from extremely expensive mattresses.
Well the plan wasn't to open a store in a mall, it was just were i got the documents from.
The plan is to build/lease/buy a building, of 50,000-100,000 sqft, in which we can open our own store with a collection from about 2500-70000 dollar, so it's not just about the top end. In that building we'd like 1 or 2 other companies for interior decorating as to create more traffic together.
with 28% of income ABOVE the 75k line, and over 18% of incomes ABOVE 150k a year, with a concept and brand mixture not yet available, i still think we can provide the consumer with something special, for a totally different experience and comfort. We're in contact with the embassy here in Holland as well to get more and better detailed information on possibilities and risks.
But besides that, the main goal of this topic was to see/find other stores in that area which serve the top end for home decoration/furniture, i've seen some good companies but most of what i've seen i think would not be able to compete with our concept and quality.
with 28% of income ABOVE the 75k line, and over 18% of incomes ABOVE 150k a year...
That's still not a super high income area. An area with an AVERAGE higher than 75k, will have greater than 28% earning above 150k.
Quote:
Originally Posted by dheruer
But besides that, the main goal of this topic was to see/find other stores in that area which serve the top end for home decoration/furniture, i've seen some good companies but most of what i've seen i think would not be able to compete with our concept and quality.
If you're set on Miami, you'll get a more accurate opinion from the people who hang out in the Florida forums. Since the United States is huge, it's impossible for most Americans to know details of mattress stores available in Miami.
Sorry, I am at the poor end of the furniture market, but personally I only buy Stickley (from Manlius, NY). This is for personal use only. But a dining room set will put you back well over $30K.
I think they make the finest furniture in the world. (I only do the mahogany, with inlays). JMHO.
Another option are the Amanas, in Iowa. Their specialty is black walnut. (which is my personal favorite).
I am a consumer, not a seller.
I have piles of Willet cherry furniture,(from Kentucky) but would never part with them, as they are part of one of my houses.
For walk-in closets, they are a dime a dozen. That should be easy to find. From what I have seen, you can build ones far better than commercial ones, yourself. Been there, done that.
There are a decent number of high end & high concept furniture stores in the Miami-Aventura area already. Seems like they serve not only South Florida but also draw some Latin American & Caribbean buyers who are looking for pieces they just can't find back home. So think bilingual sales staff (bonus points if you can manage both Spanish and Portuguese) to maximize your buyer pool.
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