75% of furniture retailers in Hungary reported dramatic losses in 2009

2010-02-26

Only one in four furniture retailers outside Budapest did not report dramatic losses in 2009, and a mere 9% managed to achieve growth, according to a study conducted in January 2010 involving 100 furniture retail units outside Budapest, quoted in Napi Gazdasag.
Many stores were closed down in 2009 and even the Christmas-season boost in sales was visible in just 27% of furniture stores in Hungary.
According to Zoltan Varga, president of the First Hungarian Network of Furtniture Stores (EMBH), Hungarian furniture retailers will overcome the negative trend being observed in the sector only by cooperating with each other. By joining the EMBH association, furniture retailers can use its trademark, which entitles them to discounted rates from suppliers, as well as marketing and training support. Thus far, 40 units have decided to join the network and the number is expected to reach 100 before the end of the year.