Dive Brief:
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La-Z-Boy, the reclining-furniture retailer approaching nine decades of existence, aims to broaden its appeal to younger consumers, the company says.
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The company is expanding its “Urban Attitudes” line, making a point that not all its furniture reclines. It is also planning to increase its number of stores from 325 to 400, and is experimenting with smaller, urban stores. La-Z-Boy furniture, which includes tables and non-reclining furniture of all kinds, is also sold through other retailers.
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The company reported sales increase of 5% year-over-year for the fiscal year ended April 25, to $1.43 billion, and a profit increase of 29% to $55.1 million.
Dive Insight:
Many people think of their uncles, grandfathers, and Sunday afternoon football when they think of La-Z-Boy, but the company has worked hard to move beyond that. It’s not like they’re taking those recliners away; in fact, some of them have become more sophisticated, addressing ergonomics and offering massages. And there must be a subset of hipsters who love the reclining chair because their grandfathers loved theirs.
But the move to more elegant items is paying off for the retailer. The company says it’s still working to appeal to its middle-class customer, with incomes around $75,000 to $125,000 — who isn’t about to call an interior designer to decorate their home but who is nevertheless interested in style.
Right now the company’s customers are around 45 to 65, but its changes, both in design, and possibly in its more urban locations, could bring in younger customers, even those outside that quite particular hipster demographic.