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WWW.IBISWORLD.COM Retail Store Fixture Dealers in the US August 2019 1

IBISWorld Industry Report OD5532Retail Store Fixture Dealers in the USAugust 2019 Claire O’Connor

Grand opening: Higher disposable income and stronger consumer confidence will boost retail sales

2 About this Industry2 Industry Definition

2 Main Activities

2 Similar Industries

2 Additional Resources

3 Industry at a Glance

4 Industry Performance4 Executive Summary

4 Key External Drivers

6 Current Performance

8 Industry Outlook

10 Industry Life Cycle

12 Products and Markets12 Supply Chain

12 Products and Services

13 Demand Determinants

14 Major Markets

15 International Trade

16 Business Locations

18 Competitive Landscape18 Market Share Concentration

18 Key Success Factors

18 Cost Structure Benchmarks

20 Basis of Competition

21 Barriers to Entry

22 Industry Globalization

23 Major Companies23 Specialty Store Services Inc.

23 SPC Retail Display Group

24 Operating Conditions24 Capital Intensity

25 Technology and Systems

25 Revenue Volatility

26 Regulation and Policy

26 Industry Assistance

27 Key Statistics27 Industry Data

27 Annual Change

27 Key Ratios

28 Jargon & Glossary

www.ibisworld.com | 1-800-330-3772 | [email protected]

This report was provided toAutobahn Consultants (2134210691)by IBISWorld on 27 October 2019 in accordance with their license agreement with IBISWorld


This industry primarily acquires retail store fixtures from manufacturers and resells them to retail industries. The industry includes a wide variety of products, such as showcases and

counters; gondola store shelving; glass, wood and plastic displays; display racks; gridwall; slatwall and accessories; forms and mannequins; sign holders; and food and jewelry displays.

The primary activities of this industry are

Selling retail store fixtures

44211 Furniture Stores in the USThis industry sells furniture, including office furniture, household furniture and outdoor furniture.

44221 Floor Covering Stores in the USEstablishments in this industry retail carpets, rugs, tiles and vinyl flooring.

44229 Home Furnishings Stores in the USOperators in this industry retail a range of home furnishing goods, including curtains, draperies, blinds, shades, kitchenware and outdoor furniture.

45399 Small Specialty Retail Stores in the USIndustry operators retail specialized lines of goods.

Industry Definition

Main Activities

Similar Industries

Additional Resources

About this Industry

For additional information on this industry

www.shopassociation.org Shop! Association

www.nrf.com National Retail Federation

www.shopdisplay.org Shop and Display Equipment Association

www.census.gov US Census Bureau

The major products and services in this industry are

Fixtures

Shelving

Storage racks and accessories

Other

Provided to: Autobahn Consultants (2134210691) | 27 October 2019


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Demand from retail trade

SOURCE: WWW.IBISWORLD.COM

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Revenue vs. employment growth

Products and services segmentation (2019)

33.1%Other

23.9%Storage racks and accessories

23.4%Fixtures

19.6%Shelving

Key Statistics Snapshot

Industry at a GlanceRetail Store Fixture Dealers in 2019

Industry Structure Life Cycle Stage Decline

Revenue Volatility Low

Capital Intensity Low

Industry Assistance Low

Concentration Level Low

Regulation Level Medium

Technology Change Low

Barriers to Entry Low

Industry Globalization Low

Competition Level High

Revenue

$5.2bnProfit

$222.3mWages

$591.7mBusinesses

696

Annual Growth 19–24

0.3%Annual Growth 14–19

5.4%

Key External DriversDemand from retail tradePer capita disposable incomeCorporate profitExternal competition

Market ShareThere are no major players in this industry

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FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 27




Key External Drivers Demand from retail tradeRetail store fixtures are sold to customers in the retail sector. When the retail sector performs well and the number of retail stores expands, demand for retail fixtures tends to increase. During the economic recovery, the rise in retail revenue resulted in heightened demand for retail store fixtures. Downstream retail demand is expected to rise in 2019, presenting an opportunity for industry operators.

Per capita disposable incomeDisposable income is one of the largest factors affecting demand for retail goods and, thus, the purchase of retail store fixtures. Growth or contraction in disposable income affects retail revenue, which drives demand for retail fixture purchases. When disposable income is low or falling and retail sales are declining, retailers are more likely to repair or delay replacing retail fixtures.

Executive Summary

Over the five years to 2019, revenue for the Retail Store Fixture Dealers industry is expected to trend higher, in line with the strengthening economy. Rising consumer confidence and growth in per capita disposable income have and continue to encourage consumers to return to retail spending, providing retailers with the funds necessary to drive renovations and expansions which, in turn, fuels the need for retail store fixtures. These changes, coupled with a growing economy, are expected to propel industry revenue higher, growing at an

annualized rate of 5.4% to $5.2 billion over the five years to 2019. Furthermore, the industry is expected to grow only 0.7% in 2019 alone, with more businesses shifting to e-commerce operations. Industry profit, measured as earnings before interest and taxes, is estimated to decrease slightly during the five-year period.

Despite favorable economic trends, there have been several developments over the past few years that have inhibited demand for retail fixtures. For example, more retailers are demanding flexible fixtures as retailers look to get

more mileage out of their fixtures and are requesting that fixtures be manufactured to maximize portability. Pop-up stores are also becoming increasingly popular, and retail fixture dealers will alter their product offerings to capitalize on this trend. Dealers are stocking portable pieces that break down easily, making it easier for them to either be moved to a different location or discarded. The rise of e-commerce has also threatened industry operators, as more downstream retailers cut square footage to focus on online operations.

Over the five years to 2024, higher disposable income and stronger consumer confidence will boost retail sales, thereby spurring demand for retail fixtures. However, the shift in the retail landscape away from specialty retail stores and toward department stores, mass merchandisers and warehouse clubs will limit the expansion opportunities for this industry. Sole proprietors, smaller chains and specialty retailers are responsible for a large percentage of retail fixture purchases and also tend to purchase most of the higher-end customized products that the industry provides. This factor will shift the product mix toward more generic and lower-margin fixtures. As a result of these factors, IBISWorld expects industry revenue to grow at an annualized rate of 0.3% to $5.3 billion during the five-year period.

Industry PerformanceExecutive Summary | Key External Drivers | Current Performance Industry Outlook | Life Cycle Stage

The shift in the retail landscape away from specialty retail stores and toward department stores will limit expansion opportunities



Industry Performance

Key External Driverscontinued

Per capita disposable income is expected to increase in 2019, presenting a potential opportunity for the industry.

Corporate profitBusiness sentiment and corporate profit affect company budgets, including retailers, and a business’s power to purchase fixtures and invest in retail expansion (which also drives demand for fixtures). The higher a company’s earnings and more optimistic its sentiment, the more likely it becomes that the business will purchase new fixtures to renovate stores or open new

retail stores. Corporate profit is expected to increase in 2019.

External competitionRetail store fixture dealers primarily compete with used goods and online retailers. During the recession, the poor performance of retail establishments resulted in an influx of used retail fixtures into the market. A weak retail sector also encouraged retailers to seek out less costly retail store fixtures instead of new ones. External competition is expected to remain at a high level in 2019, posing a potential threat to the industry.

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Consumer demand backs up

Changes in disposable income, consumer confidence and corporate profit strongly affect the retail sector and demand for retail store fixtures. Over the five years to 2019, consumer confidence and corporate profit have increased at an annualized rate of 7.5% and 2.5%, respectively. The more disposable income consumers have, the more likely they are to spend that additional income at a retail store. When the retail sector is performing well, retail stores tend to invest in expansion and renovations, all of which necessitate the purchase of new fixtures. Similarly, consumer confidence, which measures how consumers feel about their own financial future as and that of the overall economy also drives retail trends. When consumers feel pessimistic about their financial prospects, they tend to spend less at retail establishments, further reducing demand for new fixtures at retail establishments. Finally, corporate profit trends also drive retail fixture

purchases because stores are less likely to invest in expansions and renovations when their profit is declining.

Rising disposable income levels and falling unemployment rates have increased consumer confidence and contributed to growth in retail purchases. Retailers witnessed their profit levels rise and began investing some newly amassed capital in renovations and expansions, resulting in the purchase of more retail fixtures.

Profit as a percentage of revenue is expected to decrease slightly over the five years to 2019, as a result of intense price-based competition within the industry. Many retailers are increasingly opting to purchase directly from manufacturers and therefore, many industry operators have had to compete more heavily based on price. In 2019, the average industry profit margin for operators in the Retail Store Fixture Dealers industry is expected to account for 4.3% of revenue, down from 4.7% in 2014.

Current Performance

Over the five years to 2019, revenue for the Retail Store Fixture Dealers industry is expected to trend higher, as the economy continues to strengthen. Rising disposable income, higher consumer confidence and growing corporate profit benefited the overall retail sector, resulting in more retail store openings and renovations. This overall growth, in turn, lifted demand for retail store fixtures. However, although the industry is expected to grow, rising external competition from used fixtures hurt demand for new retail fixtures. Additionally, the rising dominance of e-commerce further threatens industry demand, especially as large department stores reduce store square footage. During the five-year period, industry

revenue is expected to rise at an annualized rate of 5.4% to $5.2 billion, with a revenue boost of 0.7% in 2019.

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External competition Although retail demand is anticipated to rise, external competition is expected to inhibit the industry’s growth prospects. In particular, this industry has grappled with stiff competition from vendors of used retail fixtures. Many operators offer used industry products to try and capture the price conscious consumer. This was especially detrimental given the fact that demand from retail establishments for industry products was already low. The overabundance of used goods provided retailers with a more cost-effective option compared with new fixtures and exacerbated the drop-in demand for new retail fixtures.

Online competition has also become an increasing threat, both directly and indirectly, to industry operators. As more consumers opt to purchase items online, many traditional brick-and-mortar stores have been consolidating operations. With fewer stores, fewer fixtures are needed to furnish stores, indirectly negatively

affecting revenue. On top of this, online operators also present a direct threat as consumers become more comfortable with purchasing industry products online, regardless of their large size and bulky nature. To this end, the number of industry operators is expected to increase at a slight annualized rate of 0.1% to 696 operators over the five years to 2019. To retain and attract customers, many operators have increased their employment, as they focus on their customer service offering. Over the five years to 2019 industry employment is expected to rise at an annualized rate of 2.5% to reach 10,413 employees.

Online competition has become an increasing threat, both directly and indirectly

Trends There have been several developments over the past few years that have sustained demand for retail fixtures. For example, more retailers are demanding flexible fixtures. Retailers are looking to get more mileage out of their fixtures and are requesting that fixtures be manufactured to maximize portability. This provides

retailers with the flexibility to easily alter floor plans and designs. Other features of increased flexibility include offering various display accessories or adjustable shelving units. These elements turn fixtures into multifaceted display pieces that accommodate a wide range of merchandise.




New threats and trends

Despite retailers increasing their demand for fixtures, industry growth will be threatened due to changes in the retail landscape. Over the next five years, retail fixture dealers will be subject to less competition from used goods. As retail revenue picks up, these shops will fall back into their old purchasing habits and increasingly opt for new fixtures instead of used ones, despite their costs savings. This will be due to retailers having more funds available and fixture dealers offering new products that are more appealing to and better meet the needs of retail establishments.

Retailers are increasingly demanding fixtures and displays that tell a brand’s

story. Customers will demand products that display repetition and consistency in design. In addition, retail customers will look to save money over the next five years by using more cost-effective materials. In particular, laminate and veneer will be used in a wider range of projects. These types of fixtures will stay true to a retailer’s brand and image, yet still be cost effective.

Pop-up stores are also becoming increasingly popular, and retail fixture dealers will alter their product offerings to capitalize on this trend. Dealers will have to stock portable pieces that break down easily, either to be moved to a different location or discarded. However,

Consumer demand As the economy continues to strengthen, consumers will continue to boost their spending at retail establishments. IBISWorld forecasts per capita disposable income will rise at an annualized rate of 1.5% over the five years to 2024. Corporate profit is also anticipated to expand at an annualized rate of 1.2% during the same five-year period. Consumers will likely continue spending money at retail locations as the economy stabilizes and disposable income increases. This, in turn, will supply retailers with the type of cash flow and profit growth to justify store renovations, driving demand for new retail fixtures. Over the five years to 2024, demand from retail trade is forecast to grow at an annualized rate of 1.2%.

Despite overall robust growth, average industry profit is expected to stagnate during the five-year period. Many fixture dealers lowered their prices during the recession to attract customers. To retain consumer spending in the coming years, industry operators will not raise prices unless they feel demand is extremely strong. Therefore, the average industry profit margin is expected to remain at 4.3% of revenue in 2024.

Industry Outlook

With retail spending expected to continue rising, revenue for the Retail Store Fixture Dealers industry will increase as retailers have more funds available for store expansions and fixture upgrades. This will provide retailers with the capital they need to fund store expansions and fixture

upgrades at existing locations. Over the five years to 2024, revenue is expected to rise at an annualized rate of 0.3% to $5.3 billion. Despite positive conditions, growth over the next five years is expected to be more subdued due to rising competition from manufacturers and online operators.

Consumers will likely continue spending money at retail locations as the economy stabilizes




New threats and trendscontinued

the shift in the retail landscape away from specialty retail stores toward department stores, mass merchandisers and warehouse clubs will limit the expansion opportunities for this industry. More shopping will take place at these one-stop shops and concentration within the retail sector is expected to increase. This will limit expansion opportunities

for sole proprietors, smaller chains and specialty retailers, which are responsible for a large percentage of retail fixture purchases. Sole proprietors, smaller chains and specialty retailers also purchase most of the higher-end customized products that the industry provides, shifting the product mix toward more generic and lower-margin fixtures.

Industry landscape Despite increased demand and rising revenue, the number of industry participants is expected to continue to increase marginally. Over the next five years, the number of industry operators is forecast to increase slightly at an annualized rate of 0.2% to 703 operators. As during the previous five-year period, industry employment is expected to rise at a faster rate. Employees are needed for day to day tasks and perform customer

service initiatives. Consequently, employment is forecast to rise at an annualized rate of 0.6% during the same period, to 10,705 workers in 2024.

Despite increased demand, the number of industry participants is expected to continue to increase



Industry PerformanceDownstream retailers repeatedly purchase this industry’s products, implying wholehearted market acceptance

Retailers are increasingly opting for used fixtures

Changes in the retail landscape will likely limit future growth opportunities

Life Cycle Stage




Industry Life Cycle The Retail Store Fixture Dealers industry is in the decline phase of its life cycle, despite its increasing contribution to US GDP. The industry’s contribution to the national economy, measured as its industry value added (IVA), is estimated to increase at an annual rate of 2.8% over the 10 years to 2024. By contrast, US GDP is expected to grow at an annualized rate of 2.0% during the 10-year period. Typically, IVA growth that is faster than US GDP is indicative of a growing industry, however the number of companies is anticipated to increase only marginally at an annualized rate of 0.1%.

External competition is expected to also negatively affect the industry. In particular, this industry has experienced stiff competition from vendors of used retail fixtures. This was especially detrimental given the fact that demand from retail establishments was already low. The overabundance of used goods

provided retailers has provided price conscious retailers with a much more cost-effective option compared with new fixtures and created some competition, displacing opportunities for store fixture dealer industry growth.

The shift in the retail landscape away from specialty retail stores toward department stores, mass merchandisers and warehouse clubs will limit the expansion opportunities for this industry. An increasing amount of shopping will be done at these one-stop shops and concentration within the retail sector is expected to increase. This will limit the expansion opportunities for specialty retailers, which are responsible for a large percentage of retail fixture purchases. They also purchase most of the higher end customized products that the industry provides, shifting the product mix toward more generic and lower margin fixtures.

This industry is in Decline



Products & Services

Storage racks and accessoriesUsed in warehouses and stock rooms, storage racks and accessories make up 23.9% of Retail Store Fixture Dealers industry revenue in 2019. As inventory software has become more advanced over the past five years, it has enabled operators to track product shortages and suggest or even auto order replenishments. This enables retailers to keep fewer products on hand, resulting in less storage space. As a result, this product segment is expected to account for a smaller share of industry revenue in 2019 than in the previous five years.

FixturesThe fixtures product segment includes products not attached to walls but does not include freestanding shelving. Fixture products include showcases, clothing racks of varying types (arm, box, rolling, round and specialty racks) and their accessories, tables, stands and wall systems (other than shelving wall systems). In 2019, fixtures are expected to account for 23.4% of revenue.

Fixtures are more prevalent in stores with plenty of square footage and big box retailers, such as Walmart and Target. Similar companies that offer less costly

Products & MarketsSupply Chain | Products & Services | Demand Determinants Major Markets | International Trade | Business Locations

KEY BUYING INDUSTRIES

44-45 Retail Trade in the US A variety of retail businesses purchase industry products to fit out their store and display merchandise.

KEY SELLING INDUSTRIES

32121 Wood Paneling Manufacturing in the US Retail store fixture dealers purchase wood paneling for sale at the retail level.

32199b Wood Product Manufacturing in the US Retail store fixture dealers purchase shelving and other wood industry products from this industry.

42321 Furniture Wholesaling in the US Retail store fixture dealers purchase industry products from furniture wholesalers and sell them to retail consumers at a markup.

Supply Chain

Products and services segmentation (2019)

Total $5.2bn

33.1%Other

23.9%Storage racks and accessories

23.4%Fixtures

19.6%Shelving




Products & Markets

Demand Determinants

The main factors affecting demand for products from the Retail Store Fixture Dealers industry include the level of disposable income, consumer confidence, corporate profit and price. Since new stores need to purchase fixtures to outfit their stores, demand for industry products is affected by the rate of retail openings. The rate of retail openings is in turn affected by consumer demand, which is largely affected by consumer’s disposable income. When disposable income is high, consumers generally purchase more products at the retail level. However, when income is low, consumers cut back on spending and refrain from purchasing expensive goods, thereby reducing the likelihood of new store openings.

Similarly, consumer confidence affects consumers’ perceptions of economic prosperity. When confidence is high there is an increase in retail purchases, encouraging new entrants (who need to purchase retail store fixtures). However,

when it is low and consumers become pessimistic, retail sales tend to soften, particularly for more expensive and high-end items.

Retail store fixture purchases are also determined by prices, as most downstream retailers are price conscious. Demand for products supplied by this industry will subsequently be affected by the price charged by operators. Given the fact that some retail fixture products are regarded as big-ticket items, downstream retailers will shop around for the best available price.

Corporate profit also largely determines purchases of industry products. When corporate profit is high and, on the rise, (as they have been over the past five years), companies are more likely to open new stores and upgrade the infrastructure of existing ones. When stores are built or remodeled, downstream companies purchase retail fixtures from industry players.

Products & Servicescontinued

prices for retail items have a competitive advantage over small specialty retailers due to economies of scale. Consequently, there is a higher share of stores with large amounts of open space (and high fixture usage) in 2019 than there was five years ago. As a result, this segment’s share of industry revenue is expected to rise over the five years to 2019.

ShelvingShelving is expected to generate 19.6% of revenue in 2019. This product segment includes freestanding shelving and shelving attached to walls. Freestanding shelves are sometimes known as gondolas and are typically three to four feet high. Both freestanding shelving and wall shelving create compartments to

display merchandise in. This segment has remained relatively stable over the past five years.

OtherOther products in this industry include glass, wood and plastic displays, accessories, forms, mannequins and sign holders. In 2019, this segment is expected to account for 33.1% of revenue. Since mannequins are typically not in large national big box retailers, their sales are expected to increase over the past five years. Conversely, sign holder sales are expected to have fallen over the past five years, substituted by media advertisements and digital displays. There this segment has remained stable over the past five years.



Products & Markets

Major Markets

The Retail Store Fixture Dealers industry services a broad range of market segments, with the largest segment being retailers. In addition, the industry also serves private businesses, government facilities and other markets such as direct sales, contract outfitters and repair shops.

RetailersVarious retailers, including mass merchants, contract dealers, local furniture stores and department stores, are estimated to account for 62.2% of total industry sales in 2019. As manufacturers increasingly vertically integrate (e.g. companies such as Ashley Furniture and Ethan Allen manufacture, distribute and retail their own products), sales to the retail segment subsequently fell. Additionally, as more consumers opted to shop online, many retailers have cut down their retail square footage and store counts, further hampering demand from this segment. In the coming five years, demand from retailers is expected to fall slightly as these trends continue.

Private businessesPrivate businesses, such as offices, hotels and restaurants, may source their furniture through wholesalers, representing an estimated 23.6% of total

industry sales. By purchasing directly from wholesalers, these private businesses can achieve significant cost savings by avoiding the markup that is generally associated with retail sales. However, to purchase directly from wholesalers, a business must purchase a large quantity of furniture, forcing smaller businesses to shop for furniture through retailers. Corporate profit has increased during the period, leading demand from businesses to increase. This segment share of revenue has remained relatively stable as improving economic conditions have benefited the industry as a whole.

Other marketsOther markets are estimated to account for 14.2% of total revenue. Within this segment, governmental bodies, including public schools, libraries and other offices, are estimated to account for 2.0% of industry revenue in 2019. Other markets include direct sales to consumers, contract outfitters and repair shops for use in repair work. The internet has aided wholesalers in reaching a wider customer base. However, as a result of dealing with consumers who choose to buy in lower quantities, shipping costs for industry operators has been rising. This has led to subdued growth from this segment.

Major market segmentation (2019)

Total $5.2bn

62.2 %Retailers

23.6 %Private businesses

14.2 %Government

bodies and other




Products & Markets

International Trade International trade in the Retail Store Fixture Dealers industry is accounted for at the manufacturing level of

upstream suppliers, and, as a result, this industry does not have import or export figures.



Products & Markets

Business Locations 2019

MO2.1

West

West

West

Rocky Mountains Plains

Southwest

Southeast

New England

VT0.1

MA1.9

RI0.4

NJ3.7

DE0.2

NH0.3

CT0.9

MD1.7

DC0.1

1

5

3

7

2

6

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8 9

Additional States (as marked on map)

AZ1.7

CA13.7

NV1.1

OR1.2

WA1.9

MT0.3

NE0.5

MN1.6

IA1.0

OH3.5 VA

1.7

FL9.0

KS1.1

CO1.7

UT0.9

ID0.3

TX8.2

OK0.8

NC2.8

AK0.2

WY0.0

TN2.5

KY1.0

GA3.6

IL4.3

ME0.3

ND0.2

WI1.8 MI

2.4 PA3.8

WV0.3

SD0.2

NM0.4

AR0.8

MS0.4

AL0.9

SC1.3

LA1.1

HI0.6

IN1.9

NY7.7 5

67

8

321

4

9


Mid- Atlantic

Establishments (%)

Less than 3% 3% to less than 10% 10% to less than 20% 20% or more

Great Lakes



Products & Markets

Business Locations IBISWorld estimates that Retail Store Fixture Dealers industry establishments are concentrated in the Southeast, West and Mid-Atlantic regions, with a combined share of 61.1%. Per capita income, access to transportation and proximity to retail furniture stores are the main determinants of the geographical distribution of industry establishments.

Southeast regionThe Southeast region is estimated to account for the highest number of establishments, with a share of 25.3%. This region is also expected to hold the greatest concentration of retail locations in the United States. This region includes Texas which accounts for 8.2% of industry operators and has some of the largest cities in the country by population, such as Houston and Dallas. The proximity to retailers makes this region attractive to wholesalers and dealers because it enables them to increase speed of delivery and reduce transportation costs.

West regionThe West is estimated to account for 18.7% of total industry establishments. This high level of concentration can be attributed to the state of California, which is home to 13.7% of industry operators. California has some of the largest ports in the United States, making it an ideal location for furniture

wholesalers that import oriental products and distribute them to retailers.

Mid-Atlantic regionThe Mid-Atlantic region is expected to account for 17.1% of industry establishments. This region includes the state of New York, which holds 7.7% of all industry operations in the United States. While it is a strong retail center, New York is also home to the largest port in the United States. Therefore, it is an ideal location for importing home furniture. The Mid-Atlantic region also has the highest per capita income in the United States, giving the region an attractive income base from which wholesalers can benefit.

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Distribution of establishments vs. population




Cost Structure Benchmarks

Cost structure benchmarks are based off of the average Retail Store Fixture Dealers industry operator. Therefore, different segments may vary based on the size and scope of the specific operator.

WagesWages account for 11.4% of retail fixture dealer’s revenue because the industry is fairly labor intensive. The staff employed in this industry undertakes a variety of roles, including merchandising and display, warehouse and maintenance functions and office and administrative work. Larger industry players arrange fixtures pieces to create showrooms, which incorporate fixtures and accessories to create a

complete look. The aim of showrooms is to give prospective customers an image of what the fixtures may look like in their own retail establishment. This requires considerable manual labor from staff employees.

PurchasesPurchases are the largest cost for industry operators. They account for 60.9% of industry revenue in 2019 and include all fixtures for sale. Overall purchasing costs have been declining because many upstream manufacturers have begun to source some of their inputs from low-priced overseas producers. Therefore, costs along the supply chain have decreased.

Key Success Factors Experienced work forceOperators should ensure their staff is capable of addressing consumer queries and providing sound advice.

Proximity to key marketsStores should be located where there is a high volume of retail establishments to maximize store exposure to prospective customers. Being in areas with a large retail presence will increase success.

Production of goods currently favored by the marketIndustry operators should keep up with changing retail trends and fads in fixture types and features.

Having a clear market positionOperators should portray a clear image of the company. Retailers need to be aware of the type of products a company offers and the segment of the market they target.

Market Share Concentration

The Retail Store Fixture Dealers industry is highly fragmented. No single player in the industry accounts for more than 1.0% of market share, and the top four players are estimated to account for less than 5.0% of the total industry concentration. Market share increased as a result of companies that sought to cope with revenue loss through mergers and acquisitions over the five years to 2019. Over the next five years, concentration is not expected to change significantly.

IBISWorld estimates that by the end of 2019, the industry will have 696 businesses, most of which will be operated by single owners or family businesses. Most of the remaining companies in the industry have more than one location in the United States. In general, Retail Store Fixture Dealers tend to be small in size, with low levels of employment. Due to their small size and tendency to serve only a regional market, most stores in this industry will continue to maintain only one or two locations throughout the five years to 2024.

Competitive LandscapeMarket Share Concentration | Key Success Factors | Cost Structure Benchmarks Basis of Competition | Barriers to Entry | Industry Globalization

Level Concentration in this industry is Low

IBISWorld identifies 250 Key Success Factors for a business. The most important for this industry are:



Competitive Landscape

Cost Structure Benchmarkscontinued

ProfitRetail Store Fixture Dealers are expected to achieve profit, which refers to earnings before interest and taxes, of 4.3% of revenue in 2019, reflecting the general condition of the industry and the economic climate. Profit also depends on the size of the company and where fixtures are sourced. Larger fixture dealers have higher profit because they often manufacture and retail their own fixtures, meaning there are no middleman costs. Profit is expected to slightly decrease over the five years to 2019.

DepreciationDepreciation can cover buildings (for those that are not leased), fixtures and fittings (for warehousing and displaying their own items) and inventory management software. The cost of

depreciation will invariably fluctuate among operators depending on size and the number of assets involved. In 2019, these expenses are expected to account for an average of 0.7%. This portion has grown slightly over the past five years because more retailers have adopted advanced technologies to assist in inventory control, purchasing orders and other day-to-day management tasks.

MarketingMarketing expenditure is necessary to ensure brand exposure is high and can be used to promote quality. Marketing is anticipated to account for 0.6% of industry revenue.

RentRent expenses are relatively high because many fixture dealers need large spaces for their showrooms. Rent is

Sector vs. Industry Costs

n Profi tn Wagesn Purchasesn Depreciationn Marketingn Rent & Utilitiesn Other

Average Costs of all Industries in sector (2019)

Industry Costs (2019)

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Basis of Competition The Retail Store Fixture Dealers industry is highly competitive. Competition for the industry lies internally (between fixture dealers) and externally (between the retail fixture dealers and used good dealers).

Internal competitionIndustry operators compete on the basis of customer service, delivery time, quality and price. To compete with other retailers, operators need to provide excellent service to their customers. This is achieved through having extensive knowledge of the product and selling fixtures at a fair price. For customers to be willing to make large purchases, they need to know the retailer is providing accurate information. In addition, having efficient and short delivery times can make a company differentiate itself among the rest. Many companies take weeks or even months to deliver fixtures.

Along with customer service, individuals also look for quality. Customers are concerned with fixtures craftsmanship and durability since many retailers hope to have their new fixtures for an extensive amount of time. Some dealers have fixtures at all ranges of quality to attract a larger customer base.

Companies also compete on the basis of price. Consumers are continuously looking for value for money in their product purchases and since fixtures can be expensive purchases, retailers will shop around to get the best price possible. Deep discounting which is the practice of

slashing retail prices by more than normal has become a common method of luring customers into stores to try and mitigate the threat from online retailers.

Increasingly, fixture dealers are competing based on the types of products they offer and the features their fixtures include. For example, more retailers are demanding flexible fixtures. Retailers are looking to get more mileage out of their fixtures and are requesting that fixtures be outfitted with casters to maximize portability. This provides retailers with the flexibility to easily alter floor plan and designs. Another aspect of increased flexibility includes offering several display accessories or adjustable shelving. These elements turn fixtures into multifaceted display pieces that accommodate a wide range of merchandise. Pop-up stores are also becoming increasingly popular, and dealers are stocking portable pieces that break down easily, either to be moved to a different location or discarded.

Dealers that sell products that cater to fixture trends will best poised for success moving forward. Retail fixture dealers are also jumping on the green movement. The LEED for Retail program launched in 2010 and has encouraged more retailers to try to secure the certification. Dealers that sell LEED complaint products will have an advantage over their competition. Dealers that sell LEED complaint products will have an advantage over their competition.

Cost Structure Benchmarkscontinued

anticipated to account for 0.4% of industry revenue in 2019.

UtilitiesUtility expenses are estimated to account for 0.1% of industry revenue in 2019. Utilities include electricity, gas and other necessary purchases to keep operations running.

OtherExpenses categorized as other in this industry include general administrative costs and accrued interest. Marketing expenditure is necessary to ensure brand exposure is high and can be used to promote quality. Other expenses expected to account for 21.6% of industry revenue in 2019.

Level & Trend Competition in this industry is High and the trend is Steady




Barriers to Entry Companies planning to enter the Retail Store Fixture Dealers industry have experienced low barriers to entry over the past five years. The top two retail fixture dealers represent less than 5.0% of total industry revenue. While these retailers have built a strong brand, there are market opportunities for new entrants, as half of industry revenue is generated by small and independent fixture dealers with less than nine employees. The main barriers for new entrants are start-up costs, product saturation and established distribution networks.

Operators planning to enter this industry should consider the capital investment and costs associated with it. The availability of suitable land on which to build a store and warehouse or the vacation of a suitably sized store or warehouse that is already established is a barrier for prospective entrants to consider. The physical size of warehouses and showrooms in this industry ranges with players and is largely dependent on the range of merchandise offered. Additionally, operators will need to design showrooms and install cash registers, fixtures and fittings. The initial start-up costs are likely to be high and therefore a discouraging factor for potential entrants.

Product saturation can also deter operators from entering the industry. The industry’s level of product differentiation is fairly low, so it could be difficult for new companies to attract customers. The pre-existence of distribution networks between operators and suppliers may be viewed as a barrier to entry. Prospective operators planning to enter the industry should be mindful of the long-standing relationship existing players have with suppliers and consumers alike. New companies should also be wary of companies that manufacture and retail their fixtures. Those stores have a competitive advantage, as they can offer their own fixtures at a lower price than their competitors.

Basis of Competitioncontinued

External competitionExternal competition has been negatively affecting the industry. In particular, this industry has contended with stiff competition from vendors of used retail fixtures. This was especially detrimental given the fact that demand from retail establishments was already low. The overabundance of used goods provided retailers with a much more cost-effective option compared new fixtures and exacerbated the drop-in demand new retail fixture dealers experienced.

Furthermore, operators experience intense competition from online retailers. Consumers have become increasingly comfortable with purchasing big-ticket items online, mainly because the convenience and ability to easily shop around for the best price has begun to outweigh shipping costs or delivery of large items. Furthermore, favorable shipping and return policies has only intensified the competition between brick-and-mortar industry operators and online operators.

Barriers to Entry checklist

Competition HighConcentration LowLife Cycle Stage DeclineCapital Intensity LowTechnology Change LowRegulation and Policy MediumIndustry Assistance Low


Level & Trend Barriers to Entry in this industry are Low and Steady




Industry Globalization

Globalization measures the extent of foreign activity by domestic operators in the Retail Store Fixture Dealers industry and the dominance of foreign operators in the domestic market. Globalization for this industry is low because majority of

participants are American-owned and gain their revenue from domestic operations. Although there are imports and exports of retail fixtures, foreign trade in accounted for at the manufacturing level.

Barriers to Entrycontinued

Another threat to new fixtures stores is the established brand names of their competitors. Retail fixtures can be an expensive investment, so many consumers

only buy from established dealers they feel they can trust the brands and the sales staff. It may be difficult for new entrants to attract customers if their brand is unfamiliar.

Level & Trend Globalization in this industry is Low and the trend is Steady



Other Company Performance

Headquartered in Chino, CA, and founded in 1960, SPC Retail Display Group is a supplier of wire, plastic, metal and cardboard displays and store fixtures. The company also deals shopping carts and other miscellaneous retailing accessories.

SPC Retail Display Group sources its merchandise from a manufacturing facility in Xiamen, China and deals through its 100,000 square foot warehouse in Chino, CA. In 2019, company industry-specific revenue is expected to reach $17.4 million.

Other Company Performance

Specialty Store Services Inc. (Specialty Store Services) was founded in 1986 in Des Plaines, IL. The company specializes in the sale of commercial and custom equipment including store displays, shelving, hangers and clothing racks. In addition to store fixtures, Specialty Store Services also deals loss prevention merchandise such as safes

and counterfeit detectors, however, these are not included in industry-specific revenue. Additionally, the company offers product information and reviews online and options for financing. Specialty Store Services operates with more than 80 employees and is expected to generate $42.2 million in sales in 2019.

Other Companies The Retail Store Fixture Dealers industry is characterized by a relatively large amount of small and privately owned operators that generally supply their own local city or region. In 2019, IBISWorld estimates that this industry will include 696 operators

with 802 locations across the nation. Due to the industry’s fragmented nature, there are no major players that represent a considerable share of the market. Most industry players account for less than 1.0% of industry revenue.

Major CompaniesThere are no Major Players in this industry | Other Companies

Specialty Store Services Inc. Market Share: 0.8%

SPC Retail Display Group Market Share: 0.3%



Capital Intensity The Retail Store Fixture Dealers industry has a low level of capital intensity, with $0.06 spent on capital for every dollar spent on wages in 2019 because the industry is fairly labor intensive. The staff employed in this industry undertakes a variety of roles, including merchandising and display, warehouse and maintenance functions and office and administrative work. The industry does not manufacture products and therefore does not need to invest heavily in machinery. However, manual labor is prevalent, as industry products need to be transported to warehouses, delivered to clients and arranged in showrooms.

Operating ConditionsCapital Intensity | Technology & Systems | Revenue VolatilityRegulation & Policy | Industry Assistance

Capital Intensity

0.5

0.0

0.1

0.2

0.3

0.4

SOURCE: WWW.IBISWORLD.COMDotted line shows a high level of capital intensity

Capital units per labor unit

Retail Store Fixture Dealers

Wholesale Trade

Economy

Level The level of capital intensity is Low



Operating Conditions

Revenue Volatility The Retail Store Fixture Dealers industry is sensitive to changes in economic activity. In particular, changes in consumer disposable income can cause consumers to defer purchasing products from retailers that furnish their stores with industry products. Furthermore, weak consumer spending leads to fewer store openings and remodels, which hurt industry revenue. The level of corporate profit can also alter industry revenue by means of

investment in new store openings or upgrading existing store fixtures. Corporate profit has been on the rise over the five years to 2019. Despite this, the rising dominance of online retailing has slightly inhibited demand, especially toward the later portion of the five-year period.

Over the five years to 2019, industry revenue has exhibited a low level of volatility. Industry revenue increased as much as 9.1% in 2017 and as little as

Technology & Systems Like most industries in the retail sector, technological advances that have occurred in the past include the introduction of computer scanning cash registers and automated warehouse equipment. The introduction of scanning and electronic data interchange systems is estimated to have improved management and distribution issues.

Technically, the latest trend to affect the Retail Store Fixture Dealers industry has been the internet as a means of selling fixtures. Several players in this industry have established websites for the online sale of products. Due to the big-ticket costs for industry products, downstream retailers may be apprehensive about purchasing

something that they have not personally tested for appearance and functionality. In addition to this, there is also the issue of practicality in purchasing a big-ticket item electronically and the safety concerns with doing so.

Advanced warehouse software is continually progressing, enabling for even more efficient operations. Industry operators that purchase advanced inventory software often save money on labor while minimizing losses from overstocking and under stocking. This technology is expected to continue to become less costly and more useful for operators over the next five years. Large companies seeking to achieve a competitive edge will increasingly turn to automation software.

Level The level of technology change is Low

Level The level of volatility is Low



Operating Conditions

Industry Assistance Products supplied by the Retail Store Fixture Dealers industry are subject to a number and range of tariffs. However, while tariffs are applicable to goods supplied by this industry, they do little at the retail level. Retail operators purchase goods from importers and wholesalers after the tariff has been applied.

A change in the tariff rate of a particular good will alter not only from where the good is purchased, but also change the purchase price. For example, a decline in

tariffs of goods will result in falling purchasing costs, which can be passed onto consumers. This enables the retailer to remain price competitive. On a broader scale, operators are represented by the National Retail Federation (NRF), the largest retail trade association in the world. The NRF represents retailers across the United States and 45 other countries. Members range from department stores, boutiques, wholesalers, grocers, chain restaurants and internet retailers.

Regulation & Policy Regulations relevant to the Retail Store Fixture Dealers industry are generally covered by each state. Congress and individual states enact trade regulation with the aim of maintaining a free and competitive economy.

Congress has passed the Sherman Act, the Wilson Act, the Clayton Act and the Robinson-Patman Act regarding unfair competition. Together these make up US federal antitrust law. The Sherman Act (1890) prohibits the formation of monopolies that hinder competition. The Wilson Act (1895) prohibits conspiracies that restrain import trade. The Clayton Act (1914) bans certain forms of price discrimination. Finally, the Robinson-Patman Act (1936) provides some protection to small, independent retailers and their suppliers from unfair competition from vertically integrated, multi-location chain stores. States have enacted their own antitrust laws to ensure that the public is provided with the best prices, quality and competition

among businesses, including retail store fixture dealers.

The laws that affect credit programs offered by retailers include the Federal Consumer Credit Protection Act (Truth in Lending), which specifies written disclosure of information relating to financing. The Federal Fair Credit Reporting Act specifies that certain disclosures to potential customers concerning credit information can be used to deny credit. Also, the Federal Equal Credit Opportunity Act prohibits discriminating against any credit applicants based on certain grounds and the Fair Debt Collection Practices Act that regulates how payments are collected on credit accounts.

In addition, industry participants are subject to environmental regulations imposed by federal, state and local authorities in relation to the generation, handling, storage, transportation and disposal of waste and biohazardous materials, and the sale and distribution of products.

Revenue Volatilitycontinued

0.7% in 2019. As the economy continued to grow, consumers spending increased as disposable income rose and consumers gained confidence. However, despite steady growth during the period, revenue

increases were slightly more subdued as more consumers opted to shop over the internet. As a result, some retailers have cut back on their store counts, leading to lower demand for industry merchandise.

Level & Trend The level of Regulation is Medium and the trend is Steady

Level & Trend The level of Industry Assistance is Low and the trend is Steady



Key StatisticsRevenue

($m)

Industry Value Added

($m)Establish-

ments Enterprises Employment Exports ImportsWages ($m)

Domestic Demand


($m)2010 2,966.3 475.4 827 732 8,918 -- -- 321.1 N/A 10,643.02011 3,186.9 494.8 798 707 8,833 -- -- 341.8 N/A 10,843.82012 3,384.6 647.0 836 723 10,208 -- -- 467.6 N/A 11,006.82013 3,696.6 625.7 798 706 9,158 -- -- 418.6 N/A 11,166.92014 3,982.1 663.5 789 693 9,196 -- -- 448.5 N/A 11,494.32015 4,306.4 699.6 779 686 9,181 -- -- 492.9 N/A 11,921.92016 4,643.3 834.7 774 676 9,590 -- -- 542.1 N/A 12,248.22017 5,066.0 842.2 797 693 10,180 -- -- 578.7 N/A 12,558.72018 5,133.8 843.0 799 694 10,311 -- -- 586.2 N/A 12,890.62019 5,170.2 850.6 802 696 10,413 -- -- 591.7 N/A 13,231.02020 5,162.3 850.3 799 693 10,404 -- -- 591.1 N/A 13,500.12021 5,165.1 852.0 799 693 10,447 -- -- 593.1 N/A 13,764.02022 5,195.4 857.9 802 695 10,530 -- -- 597.6 N/A 14,041.72023 5,221.3 864.1 805 698 10,613 -- -- 601.9 N/A 14,320.32024 5,260.4 870.6 810 703 10,705 -- -- 607.0 N/A 14,618.2

IVA/Revenue (%)

Imports/ Demand

(%)

Exports/ Revenue

(%)

Revenue per Employee

($’000)Wages/Revenue

(%)Employees

per Est.Average Wage

($)

Share of the Economy

(%)2010 16.03 N/A N/A 332.62 10.82 10.78 36,005.83 0.002011 15.53 N/A N/A 360.79 10.73 11.07 38,695.80 0.002012 19.12 N/A N/A 331.56 13.82 12.21 45,807.21 0.002013 16.93 N/A N/A 403.65 11.32 11.48 45,708.67 0.002014 16.66 N/A N/A 433.03 11.26 11.66 48,771.20 0.002015 16.25 N/A N/A 469.06 11.45 11.79 53,686.96 0.002016 17.98 N/A N/A 484.18 11.67 12.39 56,527.63 0.002017 16.62 N/A N/A 497.64 11.42 12.77 56,846.76 0.002018 16.42 N/A N/A 497.90 11.42 12.90 56,851.91 0.002019 16.45 N/A N/A 496.51 11.44 12.98 56,823.20 0.002020 16.47 N/A N/A 496.18 11.45 13.02 56,814.69 0.002021 16.50 N/A N/A 494.41 11.48 13.08 56,772.28 0.002022 16.51 N/A N/A 493.39 11.50 13.13 56,752.14 0.002023 16.55 N/A N/A 491.97 11.53 13.18 56,713.46 0.002024 16.55 N/A N/A 491.40 11.54 13.22 56,702.48 0.00

Figures are in inflation-adjusted 2019 dollars.

Revenue (%)

Industry Value Added

(%)

Establish-ments

(%)Enterprises

(%)Employment

(%)Exports

(%)Imports

(%)Wages

(%)

Domestic Demand

(%)


(%)2011 7.4 4.1 -3.5 -3.4 -1.0 N/A N/A 6.4 N/A 1.92012 6.2 30.8 4.8 2.3 15.6 N/A N/A 36.8 N/A 1.52013 9.2 -3.3 -4.5 -2.4 -10.3 N/A N/A -10.5 N/A 1.52014 7.7 6.0 -1.1 -1.8 0.4 N/A N/A 7.1 N/A 2.92015 8.1 5.4 -1.3 -1.0 -0.2 N/A N/A 9.9 N/A 3.72016 7.8 19.3 -0.6 -1.5 4.5 N/A N/A 10.0 N/A 2.72017 9.1 0.9 3.0 2.5 6.2 N/A N/A 6.8 N/A 2.52018 1.3 0.1 0.3 0.1 1.3 N/A N/A 1.3 N/A 2.62019 0.7 0.9 0.4 0.3 1.0 N/A N/A 0.9 N/A 2.62020 -0.2 0.0 -0.4 -0.4 -0.1 N/A N/A -0.1 N/A 2.02021 0.1 0.2 0.0 0.0 0.4 N/A N/A 0.3 N/A 2.02022 0.6 0.7 0.4 0.3 0.8 N/A N/A 0.8 N/A 2.02023 0.5 0.7 0.4 0.4 0.8 N/A N/A 0.7 N/A 2.02024 0.7 0.8 0.6 0.7 0.9 N/A N/A 0.8 N/A 2.1

Annual Change

Key Ratios

Industry Data




Jargon & Glossary

BARRIERS TO ENTRY High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor. IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $0.333 of capital to $1 of labor; medium is $0.125 to $0.333 of capital to $1 of labor; low is less than $0.125 of capital for every $1 of labor.

CONSTANT PRICES The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the “real” growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

EMPLOYMENT The number of permanent, part-time, temporary and seasonal employees, working proprietors, partners, managers and executives within the industry.

ENTERPRISE A division that is separately managed and keeps management accounts. Each enterprise consists of one or more establishments that are under common ownership or control.

ESTABLISHMENT The smallest type of accounting unit within an enterprise, an establishment is a single physical location where business is conducted or where services or industrial operations are performed. Multiple establishments under common control make up an enterprise.

EXPORTS Total value of industry goods and services sold by US companies to customers abroad.

IMPORTS Total value of industry goods and services brought in from foreign countries to be sold in the United States.

INDUSTRY CONCENTRATION An indicator of the dominance of the top four players in an industry. Concentration is considered high if the top players account for more than 70% of industry revenue. Medium is 40% to 70% of industry revenue. Low is less than 40%.

INDUSTRY REVENUE The total sales of industry goods and services (exclusive of excise and sales tax); subsidies on production; all other operating income from outside the firm (such as commission income, repair and service income, and rent, leasing and hiring income); and capital work done by rental or lease. Receipts from interest royalties, dividends and the sale of fixed tangible assets are excluded.

INDUSTRY VALUE ADDED (IVA) The market value of goods and services produced by the industry minus the cost of goods and services used in production. IVA is also described as the industry’s contribution to GDP, or profit plus wages and depreciation.

INTERNATIONAL TRADE The level of international trade is determined by ratios of exports to revenue and imports to domestic demand. For exports/revenue: low is less than 5%, medium is 5% to 20%, and high is more than 20%. Imports/domestic demand: low is less than 5%, medium is 5% to 35%, and high is more than 35%.

LIFE CYCLE All industries go through periods of growth, maturity and decline. IBISWorld determines an industry’s life cycle by considering its growth rate (measured by IVA) compared with GDP; the growth rate of the number of establishments; the amount of change the industry’s products are undergoing; the rate of technological change; and the level of customer acceptance of industry products and services.

NONEMPLOYING ESTABLISHMENT Businesses with no paid employment or payroll, also known as nonemployers. These are mostly set up by self-employed individuals.

PROFIT IBISWorld uses earnings before interest and tax (EBIT) as an indicator of a company’s profitability. It is calculated as revenue minus expenses, excluding interest and tax.

VOLATILITY The level of volatility is determined by averaging the absolute change in revenue in each of the past five years. Volatility levels: very high is more than ±20%; high volatility is ±10% to ±20%; moderate volatility is ±3% to ±10%; and low volatility is less than ±3%.

WAGES The gross total wages and salaries of all employees in the industry. The cost of benefits is also included in this figure.

Industry Jargon

IBISWorld Glossary

BIG BOX RETAILER A retailer that has high square footage, usually offers a very wide selection of products and typically is part of a chain.

CASTERS Each of a set of small wheels, free to swivel in any direction, fixed to the legs or base of a heavy piece of furniture so that it can be moved easily.

LEED Leadership in Energy & Environmental Design (LEED) is an internationally recognized green building certification system.

POP-UP STORES Pop-up stores are short-term sales spaces.


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