There’s a shift taking place across the home improvement industry. Demand for the segment’s services is at an all-time high—homeowners are more confident in the economy, which means that they’re spending more on interior upgrades. And with sales in the home improvement industry expected to top the $9.4 billion mark by the end of the year, brands like Closet & Storage Concepts/More Space Place are capitalizing on this momentum.
Closet & Storage Concepts/More Space Place isn’t the only home improvement concept noticing a change—even industry giants like The Home Depot are experiencing a significant sales boost. In August, the retail chain reported its highest quarterly revenue ever, with sales climbing by 6.6 percent. And it’s clear that the brand is expecting the home improvement trend to continue—on the heels of its successful quarter, The Home Depot raised its outlook for fiscal 2017 for the second time this year.
According to Bob Lewis, president and CEO of Closet & Storage Concepts/More Space Place, this spike in demand isn’t an accident. Rather, it’s due to millennials’ spending activity.
“While interest from baby boomers has been incredibly strong over the past few years, what we’re now beginning to see is rising interest from millennials. The next generation of consumers is starting to invest in property, and they’re willing to spend more money in order to make improvements to their homes,” said Lewis. “To tap into that climbing demand, we’re focused on engaging potential millennial customers in the most efficient and effective ways. We’re seeing a lot of activity through social media—especially Facebook—and we plan to continue enhancing our digital presence going forward.”
To expand its reach beyond its existing locations, Closet & Storage Concepts/More Space Place is actively looking to partner with new franchisees in markets primed for growth, including Miami, Florida and New York. But according to Lewis, bringing new franchisees on board isn’t the only way in which Closet & Storage Concepts is capitalizing on its strong momentum. The brand is also encouraging its existing franchisees to expand their offerings.
“The acquisition of the More Space Place brand provides Closet & Storage Concepts franchisees with a great competitive advantage that can’t be found anywhere else. That’s why we’re encouraging our existing local owners to make the most of it by expanding their offerings to include space-saving home furnishings such as Murphy beds,” said Lewis. “Murphy beds are making a major comeback in homes across the country. There’s a climbing level of urbanization taking place with millennials, which means that they’re looking for ways to improve their small living spaces. By exploring the potential that Murphy beds have to offer, our franchisees will be able to further engage that core customer base.”
Originally founded in 1987, Closet & Storage Concepts has a long history of raising the bar in the home improvement and home organization industries. And through its evolution as a unique brand and the acquisition of More Space Place, Closet & Storage Concepts has always stayed ahead of the curve. That’s why the brand now boasts 40 locations across the country, with plans to continue expanding in key target development markets. And as the industry continues to see more activity across multiple generations, Closet & Storage Concepts/More Space Place is positioned for rapid growth alongside local franchise owners.
“While there’s always a consistent level of demand in the home improvement industry, there’s no doubt that it’s exciting to be a part of the segment at a time like this when demand is rapidly climbing,” Lewis said. “As we head into the next few months and 2018, we’re looking forward to helping our franchisees build on this trend to boost their sales and improve their overall operations. By providing top tier support, we’re confident that the home improvement industry’s rising popularity will lead to positive results across the entire Closet & Storage Concepts/More Space Place system.”