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Steven Adamaitis - Borislava Ashikova - Jason Byrnes - Bryant Hernandez Matthew Ing - Ashley McKinnie - Mike Minogue -

Steven Adamaitis - Borislava Ashikova - Jason Byrnes - Bryant Hernandez Matthew Ing - Ashley McKinnie - Mike Minogue - Chris Venturini. Problem. How can Walter E. Smithe guarantee continued success in the future? Questions include: - What changes are required/needed?

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Steven Adamaitis - Borislava Ashikova - Jason Byrnes - Bryant Hernandez Matthew Ing - Ashley McKinnie - Mike Minogue -

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  1. Steven Adamaitis - Borislava Ashikova - Jason Byrnes - Bryant Hernandez Matthew Ing - Ashley McKinnie - Mike Minogue - Chris Venturini

  2. Problem How can Walter E. Smithe guarantee continued success in the future? Questions include: - What changes are required/needed? - Has the brand outgrown the geographic area? - Who/What are the most notable threats?

  3. Contents • Company Overview and History • SWOT Analysis • Porter’s 5 Forces • Finance and Industry Analysis • Recommendations • Conclusion

  4. Company Overview & History Bryant Hernandez & Chris Venturini

  5. Company History • Smithe and Shanahan form partnership in 1945 known as Tone Appliances and Furniture • WWII comes to end • Name changed to Smithe & Shanahan • Shanahan sells his share to Charles Smithe

  6. Company History • During the 1960’s Walter Jr. introduced custom order upholstery • Late 70’s early 80’s the Smithe • brothers Walter, Tim and • Mark join the company • Sell strictly furniture

  7. Company Overview • Furniture company based in Itasca, Illinois • “You Dream It, We Build It” • 11 Different Showrooms • Over 400 employees Bryant Hernandez

  8. Company Overview Cont. • Makes, sells, and repairs furniture, specializing in custom upholstery • Services - Textile combining - Color consultation - Space planning - Accessory placement • Partnered with over 200 designers Bryant Hernandez

  9. SWOT Analysis Steven Adamaitis & Jason Byrnes

  10. Strengths • Economic Initiatives • Social Responsibility • Marketing • “You dream it we build it” • Quality Products and Selection • “SmitheCard”

  11. Weaknesses • Store Locations • Only 10 Chicagoland stores and 1 Indiana store. • Private Company • Furniture is too expensive??

  12. Opportunities • Expand out of Chicagoland area. • Enter the low-end industry as well. • Hire real estate agents to help market their furniture to new home buyers.

  13. Threats • Two main competitors in high-end furniture: • Ethan Allen • William Sonoma • Competition in low-end as well • IKEA

  14. Porter’s Five Forces Borislava Ashikova

  15. Financials & Industry Analysis Ashley McKinnie

  16. Revenues • Currently, revenue is about $102 million

  17. Industry Comparison • According to an article by Chicagobusiness.com, Walter E Smithe has been increasing sales by 6%

  18. Competitors • Ethan Allen • William Sonoma • Crate and Barrel • Pottery Barn

  19. Recommendations Mike Minogue

  20. Recommendation #1 Local Expansion “Where is the money?”

  21. Local Expansion - Current Locations

  22. Local Expansion - Population • Need to open up in a populated area to insure long term sustainability

  23. Local Expansion - Income Median Income Percentage of households with income more than $200,000

  24. Local Expansion - Belvidere, IL • Relatively high income (~$50,000 median household) • 25,585 residents • Rockford extremely close • I-90 convenience

  25. Recommendation #2 Florida Expansion “Where is grandma?”

  26. Florida Expansion Age Map Population Map

  27. Florida Expansion - Sarasota, FL • Part of Sarasota County • 52,211 residents • Access to Tampa via I-75 • Brand recognition from retirees

  28. Recommendation #3 Real Estate Partnership “Where is our furniture?”

  29. Real Estate Partnership • Furnish old and new homes with great furniture • Baird & Warner, Coldwell Banker, RE/MAX • Give agents incentives for recommending Walter E. Smithe

  30. Walter E. Smithe’s continued success will be guaranteed through utilizing its strongest assets: Brand reputation and mastered business model: • Walter E. Smithe has a solid reputation and brand image that should not be altered • The business model can be successfully implemented in other geographic markets • Partnering with others in related fields (real estate) The recommendations discussed in this presentation do exactly that Conclusion

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