The State of the Industry Issue is always much anticipated with industry stakeholders getting a glimpse of each category’s performance and how other industry leaders performed over the last 12 months.
It’s also a time to reflect on the year — wins and losses — and then begin to map the year ahead. 2023 was yet another year of disruption and difficulty. UFLPA, inflation, interest rates, challenged housing — all of it led to a soft economy.
Here at FCW, while we kept a sharp focus on all aspects of the flooring business from news to strategies, innovations and more, we also took the time to see and experience the best of this industry.
Sharyn Bernard joined Mohawk at the Susan G. Komen three-day walk for breast cancer research. We also attended HMTX’s fundraiser event in support of mental health and addiction rehabilitation. Sharyn also worked with industry leaders about their involvement with United Way (see the November 20th Issue.)
We also put full support behind FCIF which provides funds for those in the industry facing grave medical conditions and WIFI founded two years ago to attract, embrace and educated women in the flooring industry. We also lend a hand with FCEF to drive understanding and support for addressing the installation crisis in a meaningful way.
Earlier this month, Mallory Cruise-McGrath and I joined the Shaw team once again to fundraise and run in the St. Jude Memphis Marathon Weekend. Each event provides an opportunity to go beyond basic business and truly get to the heart of what matters most. Here in Memphis, the team raised more than $660,000 to make sure no family receives a bill.
St. Jude is timed perfectly. As we all get wrapped up in holiday preparations, to see and hear firsthand the impact of doing good for others can offer a shift in perspective. The night before race day, there is a pasta party for St. Jude Heroes — those that fundraise while they train for the run. This year, parents of a St. Jude patient, Emily, who did not survive, talked to attendees about their child’s journey at St. Jude. It was moving and motivating.
The next morning, I happened to be in the same coral at the race start as that family. We got to talking for a minute and Emily’s mom shared with me just how important every dollar raised meant to them — treatment gave them more time with their child; all of Emily’s needs were addressed from personal to medical; and, the family never had to worry about how they would pay for it. Their story and others make every ache and pain I’m experiencing in the aftermath of my run more than worth it.
All of these mentioned efforts, along with so many others, make 2023 more of a success than perhaps the profit line will reveal. But there were other gains made too, regardless of prevailing headwinds.
For companies reporting growth this year (or at the very least stability) that has mostly been a result of grabbing market share versus growing the larger floor covering pie. Some strategies we have seen for gaining share include:
• Competing in additional categories to expand portfolio, sales opportunities and become nimble to changes in consumer preference.
• Expanding distribution reach — more regions, more stores.
• Innovating new product constructions and technologies unmatched in the competitive field.
• Wrap a strong story around products going to market — sustainability, style or service, for example.
• Creating a culture of success and putting emphasis on team building that fosters a strong work ethic and productivity while building customer loyalty.
All of the ups and downs of 2023 should be viewed with perspective: It wasn’t 2020 and 2021 but it also wasn’t 2008 or 2009. Even with challenges faced, meaningful gains were made and this industry succeeded in ways that aren’t always measurable.
On behalf of all of us here at FCW, I wish you and yours a peaceful and prosperous New Year!