High Point Market
Encyclopedia
The High Point Market, held in High Point
, North Carolina
, is the largest home furnishings industry trade show in the world, measuring over 11 million square feet (1 km²) encompassed in about 180 buildings throughout the area. The market holds two major shows each year, one in April and another in October; each show runs for 6 days.
As of 2006, North Carolina's largest business convention drew 80,000 from 106 countries and contributed $1.1 billion to the state's economy.
The first formal Southern Furniture Market was held in High Point March 1–15, 1909. In 1921, the Southern Furniture Exposition Building opened for its first show June 20. Built in 19 months, the showroom cost about $1 million and held 249000 square feet (23,132.9 m²) of exhibition space. Regular shows were held in January and July. With the exception of 1943, the market was put on hold from 1941 until the end of World War II
.
The Wrenn Wing was added to the Southern Furniture Exposition Building in 1950. The center's fourth expansion is connected to older parts of the building by glass walkways over Wrenn Street. During the 1950s, informal "in-between" markets began to emerge, hosting visitors in April and October. The main markets were still held in January and July.
The size and scope of the mid-season marketing April and October begin to surpass the January and July shows in the 1960s. Showrooms other than the Southern Furniture Exposition Building gained stature, both in size and importance. In 1980, organizers in Dallas make a bid to host the major national home furnishings market. In 1982, the January and July shows were discontinued, leaving the April and October shows.
The Southern Furniture Market was renamed the International Home Furnishings Market in 1989. High Point's largest showroom, the Southern Furniture Exposition Building, changed its name to the International Home Furnishings Center, or IHFC. With nearly 7000000 square feet (650,321.3 m²) of furniture showroom space already available around the city a decade-long showroom building boom began. In the 1990s, a construction boom added an additional 3000000 square feet (278,709.1 m²) of showrooms to High Point. Showroom expansion continued in 2000, with the addition of new temporary exhibit spaces: The Suites at Market Square and Showplace.
A year later. the 12th floor of the IHFC opened, giving the building 3500000 square feet (325,160.6 m²) of space, more than 14 times its original size. Market organizers estimated about 80,000 visitors on average attend the April and October Markets. In 2001, organizers announced the formation of the High Point International Home Furnishings Market Authority Corp. In 2002, the authority approached the N.C. General Assembly
for the first time in its history seeking state support for the trade show. The Market was shortened by a half-day to open on a Thursday and close the following Wednesday.
In 2003, The Market Authority begins a scaled down version of shuttle service. The N.C. Department of Transportation
set aside $900,000 for each of the next two years so the Authority could offer free shuttles to and from 100 hotels and the Piedmont Triad International Airport
. The Market currently had about 3,000 exhibitors, 11500000 square feet (1,068,385 m²) of showroom space, 188 buildings and approximately 70,000 - 80,000 attendees each Market. In 2005, a new transportation terminal opens in downtown High Point and the market grows by 187500 square feet (17,419.3 m²) as five new showrooms are opened. The next year, Judy Mendenhall, the Market Authority's first president, retired and the city of High Point renamed the new transportation terminal the Mendenhall Transportation Center.
Former Market Authority president and CEO Brian Casey left the organization in the Spring of 2011. Cheminne Taylor-Smith is the current VP of marketing. Casey's position was filled by convention and trade show veteran Tom Conley in August 2011. http://www.furnituretoday.com/article/541682-Tom_Conley_named_president_and_CEO_of_High_Point_Market_Authority.php?intref=sr
and initially by economist Michael Porter
. The High Point Market has also been the focus of an extensive case study by urban sociologist John Joe Schlichtman. In this research, High Point's ability to capture the global furniture merchandising market is said to signal a new era in what is possible for small cities. Along these lines, Schlichtman terms High Point a "Niche City", which is "a city that forges global centrality by creating an economic specialization in a specific segment of the global service economy."
Since 2005, the High Point Market has been receiving increasing competition from the 5.1 million square foot World Market Center
project in Las Vegas
, Nevada
, which, if fully built according to its multi-stage plan, is slated to exceed the High Point Market in square footage. However, in July 2008, World Market Center put plans on hold for further expansion beyond Building C, giving no indication when or if it planned to continue construction of the 12 million square feet of space initially slated for completion by 2013. http://www.furnituretoday.com/article/47409-WMC_delays_Building_D_groundbreaking.php?intref=sr
In February of 2011, speculation developed that Las Vegas World Market Center interests were positioning to purchase a controlling stake in the High Point Market. After two World Market Center buildings were placed in receivership for defaulting on about $570 million in loans in Spring 2011, http://www.lvrj.com/business/hearing-to-install-receiver-for-mart-building-scrapped-119462509.html reports circulated that Related Cos. had formed a partnership with Bain Capital and Oaktree Capital to purchase a majority of High Point exhibit space to help salvage its investment in Las Vegas. http://www.furnituretoday.com/article/537909-IHFC_sale_could_close_by_end_of_April_Bassett_says.php
International Market Centers, a group formed by Bain, Oaktree and Related, purchased the three largest showroom entities in High Point, in addition to holding the three largest properties in Las Vegas comprising World Market Center in the Spring and Summer of 2011. IMC's portfolio comprises 18 buildings and 11.5 million square feet of showroom space in High Point and Las Vegas. In High Point, with holdings comprising about 60% of the city's active showroom space, IMC owns the former Market Square complex, the International Home Furnishings Center and Showplace and associated properties. http://www.furnituretoday.com/article/541514-IMC_completes_acquisition_of_High_Point_s_Showplace_properties.php?intref=sr
High Point, North Carolina
High Point is a city located in the Piedmont Triad region of North Carolina. As of 2010 the city had a total population of 104,371, according to the US Census Bureau. High Point is currently the eighth-largest municipality in North Carolina....
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, is the largest home furnishings industry trade show in the world, measuring over 11 million square feet (1 km²) encompassed in about 180 buildings throughout the area. The market holds two major shows each year, one in April and another in October; each show runs for 6 days.
As of 2006, North Carolina's largest business convention drew 80,000 from 106 countries and contributed $1.1 billion to the state's economy.
History
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
.
The Wrenn Wing was added to the Southern Furniture Exposition Building in 1950. The center's fourth expansion is connected to older parts of the building by glass walkways over Wrenn Street. During the 1950s, informal "in-between" markets began to emerge, hosting visitors in April and October. The main markets were still held in January and July.
The size and scope of the mid-season marketing April and October begin to surpass the January and July shows in the 1960s. Showrooms other than the Southern Furniture Exposition Building gained stature, both in size and importance. In 1980, organizers in Dallas make a bid to host the major national home furnishings market. In 1982, the January and July shows were discontinued, leaving the April and October shows.
The Southern Furniture Market was renamed the International Home Furnishings Market in 1989. High Point's largest showroom, the Southern Furniture Exposition Building, changed its name to the International Home Furnishings Center, or IHFC. With nearly 7000000 square feet (650,321.3 m²) of furniture showroom space already available around the city a decade-long showroom building boom began. In the 1990s, a construction boom added an additional 3000000 square feet (278,709.1 m²) of showrooms to High Point. Showroom expansion continued in 2000, with the addition of new temporary exhibit spaces: The Suites at Market Square and Showplace.
North Carolina General Assembly
The North Carolina General Assembly is the state legislature of the U.S. state of North Carolina. The General Assembly drafts and legislates the state laws of North Carolina, also known as the General Statutes...
for the first time in its history seeking state support for the trade show. The Market was shortened by a half-day to open on a Thursday and close the following Wednesday.
In 2003, The Market Authority begins a scaled down version of shuttle service. The N.C. Department of Transportation
North Carolina Department of Transportation
The North Carolina Department of Transportation is responsible for building, repairing, and operating highways, bridges, and other modes of transportation, including ferries in the U.S. state of North Carolina.-History:...
set aside $900,000 for each of the next two years so the Authority could offer free shuttles to and from 100 hotels and the Piedmont Triad International Airport
Piedmont Triad International Airport
Piedmont Triad International Airport is an airport just west of Greensboro, serving Greensboro, High Point and Winston-Salem as well as the entire Piedmont Triad Region in North Carolina. The airport has 3 runways; the third opened January 27, 2010 for traffic. The airport is located just off...
. The Market currently had about 3,000 exhibitors, 11500000 square feet (1,068,385 m²) of showroom space, 188 buildings and approximately 70,000 - 80,000 attendees each Market. In 2005, a new transportation terminal opens in downtown High Point and the market grows by 187500 square feet (17,419.3 m²) as five new showrooms are opened. The next year, Judy Mendenhall, the Market Authority's first president, retired and the city of High Point renamed the new transportation terminal the Mendenhall Transportation Center.
Former Market Authority president and CEO Brian Casey left the organization in the Spring of 2011. Cheminne Taylor-Smith is the current VP of marketing. Casey's position was filled by convention and trade show veteran Tom Conley in August 2011. http://www.furnituretoday.com/article/541682-Tom_Conley_named_president_and_CEO_of_High_Point_Market_Authority.php?intref=sr
Furniture Cluster/Niche
The High Point Market has been noted for being a significant part of the region's furniture "cluster," which was discussed most recently by sociologist Richard FloridaRichard Florida
Richard Florida is an American urban studies theorist.Richard Florida's focus is on social and economic theory. He is currently a professor and head of the Martin Prosperity Institute at the Rotman School of Management, at the University of Toronto. He also heads a private consulting firm, the...
and initially by economist Michael Porter
Michael Porter
Michael Eugene Porter is the Bishop William Lawrence University Professor at Harvard Business School. He is a leading authority on company strategy and the competitiveness of nations and regions. Michael Porter’s work is recognized in many governments, corporations and academic circles globally...
. The High Point Market has also been the focus of an extensive case study by urban sociologist John Joe Schlichtman. In this research, High Point's ability to capture the global furniture merchandising market is said to signal a new era in what is possible for small cities. Along these lines, Schlichtman terms High Point a "Niche City", which is "a city that forges global centrality by creating an economic specialization in a specific segment of the global service economy."
Since 2005, the High Point Market has been receiving increasing competition from the 5.1 million square foot World Market Center
World Market Center
World Market Center Las Vegas, located at 495 S. Grand Central Parkway in Las Vegas, Nevada, is a showcase for the home and hospitality contract furnishings industry in downtown Las Vegas.World Market Center currently has about of space...
project in Las Vegas
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
, which, if fully built according to its multi-stage plan, is slated to exceed the High Point Market in square footage. However, in July 2008, World Market Center put plans on hold for further expansion beyond Building C, giving no indication when or if it planned to continue construction of the 12 million square feet of space initially slated for completion by 2013. http://www.furnituretoday.com/article/47409-WMC_delays_Building_D_groundbreaking.php?intref=sr
In February of 2011, speculation developed that Las Vegas World Market Center interests were positioning to purchase a controlling stake in the High Point Market. After two World Market Center buildings were placed in receivership for defaulting on about $570 million in loans in Spring 2011, http://www.lvrj.com/business/hearing-to-install-receiver-for-mart-building-scrapped-119462509.html reports circulated that Related Cos. had formed a partnership with Bain Capital and Oaktree Capital to purchase a majority of High Point exhibit space to help salvage its investment in Las Vegas. http://www.furnituretoday.com/article/537909-IHFC_sale_could_close_by_end_of_April_Bassett_says.php
International Market Centers, a group formed by Bain, Oaktree and Related, purchased the three largest showroom entities in High Point, in addition to holding the three largest properties in Las Vegas comprising World Market Center in the Spring and Summer of 2011. IMC's portfolio comprises 18 buildings and 11.5 million square feet of showroom space in High Point and Las Vegas. In High Point, with holdings comprising about 60% of the city's active showroom space, IMC owns the former Market Square complex, the International Home Furnishings Center and Showplace and associated properties. http://www.furnituretoday.com/article/541514-IMC_completes_acquisition_of_High_Point_s_Showplace_properties.php?intref=sr