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Salt Lake City, Utah’s Strong Economy Presents Limitless Growth Opportunity for Closet & Storage Concepts
Salt Lake City, Utah’s Strong Economy Presents Limitless Growth Opportunity for Closet & Storage Concepts

For Closet & Storage Concepts, Salt Lake City is an important market due to its strong economy.

Backed by more than 30 years of experience, Closet & Storage Concepts knows what it takes to create the custom closet and storage design of a homeowner’s dreams. From Murphy wall beds, home offices, mudrooms and pantries to garages, the brand has emerged as a leader in the industry thanks to its ability to customize the perfect solutions tailored to a customer’s specific needs.

Today, that keen attention to detail has gone a long way. Closet & Storage Concepts has since branched out from its headquarters in West Berlin, New Jersey, and through franchising, they’ve brought their renowned services to more than 10 states throughout the country.

Now, as more and more homeowners choose to remodel instead of incurring the expenses of moving, Closet & Storage Concepts is prepared to heed the call. With a laser focus on smart growth, the brand is now looking to take its model to Salt Lake City, Utah. 

For Closet & Storage Concepts, Salt Lake City is an important market due to its strong economy. When it comes to performance and economic health, Utah outranks most other states in metrics such as GDP growth, the percentage of fastest-growing firms, business startup activity and jobs in the high-tech industries. Similarly, Utah’s median annual household income of $60,000, which ranked 14th on the report, and its foreclosure rate of 0.4 percent, which was second-lowest, are also signs of financial health among Utah families. That’s good news for brands like Closet & Storage Concepts, which thrives in strong economic areas.

“We’re seeing more and more downsizing trends in the housing market. Baby Boomers are looking to use their spaces more creatively as they make arrangements to age in place, while Millennials are flocking to smaller dwellings in urban centers. Ultimately, this is expanding the market for space-saving home furnishings solutions, especially among demographics that have a little more expendable income,” said Bob Lewis, the CEO of Closet & Storage Concepts. “In Utah in particular, we’re seeing a flourishing business environment and high employment rates. There’s a strong correlation between these things and the type of demographic we typically target.”

Lewis added that in addition to Utah’s strong economy, there’s an unmet need in the state for Closet & Storage Concepts’ services. According to Metrostudy’s latest Residential Remodeling Index, remodeling projects will rise by 9.9 percent between 2016 and 2019, reaching 12.6 million jobs by the end of the decade. That’s 11.5 million this year, which in itself is a 5.1 percent gain from 2015. In line with those trends, Lewis believes introducing their concept to Utah will provide residents the resources needed to make their remodeling dreams a reality.

“More and more people are in need of a custom home storage solution. Our team of designers perform a thorough in-home analysis before creating a custom organization system that is both on budget and completely unique,” Lewis said. “We’re confident this kind of service will be much welcomed in an area like Salt Lake City, Utah, and we’re excited to see what growth opportunities are in store as we enter into this untapped territory.”

 

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