Bob Lewis, president and CEO of Closet & Storage Concepts / More Space Place, epitomizes what it means to commit to an industry with a relentlessly positive attitude. Lewis has never slid into complacency since founding the home organization company 30 years ago, which, today, designs, manufactures and installs custom closets, Murphy wall-beds and other space-saving home furnishings.
It’s no surprise then that 2016 was an exceptionally strong year for Lewis’ team and company. In addition to Lewis being named among the 2016 Wood Industry Market Leaders by the Woodworking Network, his company celebrated the rapid growth of individual unit performance metrics across the system. This year also marked completion of the successful integration of the More Space Place franchise system, which the company acquired in 2013.
According to Lewis, the acquisition was a perfect fit, given that More Space Place is the No. 1 seller of the Murphy bed—a product that greatly contributes to the Closet & Storage Concepts mission to offer improved space and home storage solutions. Since the 2013 acquisition, More Space Place stores have seen their average unit volume double and experienced a dramatic increase in profitability. There’s also a new More Space Place store in development in Greenville, South Carolina.
“We’ve been working very hard with the integration of More Space Place,” says Tom Harris, director of franchise development. “Now, we’re looking towards a very positive year of adding new franchises into the system. We’ve seen excellent revenue growth over the past year and we expect that trend to continue into 2017.”
The combination of both brands, backed with the experience and business savvy of Closet & Storage Concepts’ executive team, positions the company to be one of the largest participants in the space-saving home furnishings and improvement industry. Earlier this year, Franchise Times named the company one of the “Smartest Growing Brands” in its “Fast and Serious” feature.
Another big win for the company this year was opening two new Closet & Storage Concepts franchise locations, including a location in Modesto, California. The company also opened its second showroom-only store in northern New Jersey. By opening showroom-only franchise locations, the business model gives new franchisees a more approachable, less expensive startup by outsourcing the product manufacturing component to other Closet & Storage Concepts locations.
“We’re very proud of our accomplishments in 2016 and for having completed the integration of the More Space Place acquisition,” says Lewis. “We’re well positioned for a strong 2017 and look forward to continued growth. We’re going to be able to take advantage of the increase in our buying power to benefit both franchise systems and expand our locations throughout the country.”