How La-Z-Boy is going after millennials
The 88-year-old furniture maker La-Z-Boy wants to appeal to a younger crowd. The Wall Street Journal reported that the company plans to change its stores to give a hipper vibe and also tack on new features, such as sending designers to people’s homes for free advice.
The move marks a dramatic shift from a company which sees its furniture sold mostly to people ages 45 to 65 and who make on average $75,000 to $125,000 a household, according to the publication.
To help market itself to millennials, the brand has commercials with actress Brooke Shields which don’t discuss its iconic recliners. Rather, the commercials discuss other furniture offerings. “We don’t believe we have to remind people we make recliners,” said CEO Kurt Darrow in an interview with the newspaper.
But it isn’t as if sales of the store are in trouble. In fact, they were up 5% year-over-year as of April 25 to $1.43 billion. Meanwhile, profit rose 29% to $55.1 million. The company currently has 325 stores, with plans to open as many as 400 in the coming years. It’s opening those stores, which are smaller than usual, in places such as Washington, D.C. with hopes of attracting younger consumers.
La-Z-Boy also wants to expands its reach in urban markets including Miami and New York and Boston.