FLOORtalk

John Simonson, president of Webstream Dynamics and 5-Star Store Reviews, looks back at the recent International Builders’ Show, which was held in Orlando, Fla. He discusses the venue, show’s turnout, the number of exhibitors and the number of floor covering companies that participated in the show. Simonson talks about some of the new products and services rolled out at the show and next year’s show in Las Vegas.

Fred Reinhart, Partner in Reinhart Carpet Outlet, talks about the demographics of his urban and suburban clients in the metro-Philadelphia. He also discusses legacy planning and passing businesses onto the next generation.

Fred Reinhart, partner in Reinhart Carpet Outlet, expands on the company’s second location, noting its progress and the outlook for the future. Reinhart also talks about the company’s adoption of industry-specific software and how that has changed its approach to business operations, starting with the point of sale and how it has improved efficiencies and productivity. Reinhart also compares the product offering at his two stores and the rationale behind those choices and his increase in cut order business.

Fred Reinhart, partner in Reinhart Carpet Outlet, an urban store, discusses the expansion of hard surface product offerings and better goods as well as the execution of the company’s succession plan. Reinhart talks about the company’s move to open a second location, offering a progress report on this suburban location and its basic concept.

Matt Miller, president of Interface Americas, discusses further the expansion and modernization of the company’s Kyle 2 facility, making the plant as environmentally friendly as possible, and the cost-benefit tradeoffs focusing on carbon, water, natural light. Also discussed is the company’s LVT program and the initial product offerings, as well as the company's support for AB 1158, an amendment signed into law by California as an amendment to AB 2398, breaking ranks with other CRI members.

Matt Miller, president of Interface Americas, discusses the company’s Climate Take Back mission, its global efforts to combat climate change, including the reuse of post-consumer waste and the challenges of finding new sources. Miller talks about the use of renewable energy sources at their Kyle 2 plant in LaGrange, Ga., and the process of expanding and modernization of plant in a sustainable way and gaining efficiencies in the company’s supply chain.

Matt Miller, president of Interface Americas, discusses more about the expansion and modernization of the company’s Kyle 2 and the process involved in making the plant as environmentally friendly as possible and the cost benefit tradeoffs focusing on carbon, water, and natural light. The first phase of expansion will add approximately 45-55,000 sq ft tufting facilities and is scheduled to be complete in Q2 of 2018. The second phase will add a raw materials warehouse and office space to the campus and is slotted to be completed in 2019.

Larry Winter of Nichols, Cauley & Associates, discusses the problem that arise as a result of retailers holding on to inventory too long and the financial problems that this can create, noting that in blowing out distressed inventory that “the first loss is the best loss.” Winter also talks about the value for retailers to join industry groups for the ability to network with other retailers and to take part in benchmarking. He recommends retailers sit down with their account at least once a year for a “fiscal.”

Larry Winter of Nichols, Cauley and Associates, talks about financial statements and the importance of retailers developing a firm understand of their financial statements and each element within the statements as a means in effectively managing the business. Winter provides questions for retailers to ask their accountants to help better the financial aspects of their businesses and he enumerates some of the statements accountants can generate, such as the cash flow statement, which can prove very valuable in operating a successful business.

Larry Winter of Nichols, Cauley and Associates talks about managing cash and cash flow, one of the prime elements in operating any successful business, and extremely important in managing a retail flooring business. Winter discusses the need for retailers to learn how to read and understand financial statements and develop a working relationship with their accountant or other financial expert. He also talks about practices that lead to cash floor problems and how many retailers often experience serious problems when business picks up.