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Steven Adamaitis - Borislava Ashikova - Jason Byrnes - Bryant Hernandez Matthew Ing - Ashley McKinnie - Mike Minogue - Chris Venturini

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Steven Adamaitis - Borislava Ashikova - Jason Byrnes - Bryant Hernandez Matthew Ing - Ashley McKinnie - Mike Minogue - Chris Venturini. Problem. How can Walter E. Smithe guarantee continued success in the future? Questions include: - What changes are required/needed?

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Presentation Transcript
slide1
Steven Adamaitis - Borislava Ashikova - Jason Byrnes - Bryant Hernandez Matthew Ing - Ashley McKinnie - Mike Minogue - Chris Venturini
problem
Problem

How can Walter E. Smithe guarantee continued success in the future?

Questions include:

- What changes are required/needed?

- Has the brand outgrown the geographic area?

- Who/What are the most notable threats?

contents
Contents
  • Company Overview and History
  • SWOT Analysis
  • Porter’s 5 Forces
  • Finance and Industry Analysis
  • Recommendations
  • Conclusion
company overview history

Company Overview & History

Bryant Hernandez & Chris Venturini

company history
Company History
  • Smithe and Shanahan form partnership in 1945 known as Tone Appliances and Furniture
  • WWII comes to end
  • Name changed to Smithe & Shanahan
  • Shanahan sells his share to Charles Smithe
company history1
Company History
  • During the 1960’s Walter Jr. introduced custom order upholstery
  • Late 70’s early 80’s the Smithe
  • brothers Walter, Tim and
  • Mark join the company
  • Sell strictly furniture
company overview
Company Overview
  • Furniture company based in Itasca, Illinois
  • “You Dream It, We Build It”
  • 11 Different Showrooms
  • Over 400 employees

Bryant Hernandez

company overview cont
Company Overview Cont.
  • Makes, sells, and repairs furniture, specializing in custom upholstery
  • Services

- Textile combining

- Color consultation

- Space planning

- Accessory placement

  • Partnered with over 200 designers

Bryant Hernandez

swot analysis

SWOT Analysis

Steven Adamaitis & Jason Byrnes

strengths
Strengths
  • Economic Initiatives
  • Social Responsibility
  • Marketing
    • “You dream it we build it”
  • Quality Products and Selection
  • “SmitheCard”
weaknesses
Weaknesses
  • Store Locations
    • Only 10 Chicagoland stores and 1 Indiana store.
  • Private Company
  • Furniture is too expensive??
opportunities
Opportunities
  • Expand out of Chicagoland area.
  • Enter the low-end industry as well.
  • Hire real estate agents to help market their furniture to new home buyers.
threats
Threats
  • Two main competitors in high-end furniture:
      • Ethan Allen
      • William Sonoma
  • Competition in low-end as well
      • IKEA
porter s five forces

Porter’s Five Forces

Borislava Ashikova

revenues
Revenues
  • Currently, revenue is about $102 million
industry comparison
Industry Comparison
  • According to an article by Chicagobusiness.com, Walter E Smithe has been increasing sales by 6%
competitors
Competitors
  • Ethan Allen
  • William Sonoma
  • Crate and Barrel
  • Pottery Barn
recommendations

Recommendations

Mike Minogue

recommendation 1

Recommendation #1

Local Expansion “Where is the money?”

local expansion population
Local Expansion - Population
  • Need to open up in a populated area to insure long term sustainability
local expansion income
Local Expansion - Income

Median Income

Percentage of households with income more than $200,000

local expansion belvidere il
Local Expansion - Belvidere, IL
  • Relatively high income (~$50,000 median household)
  • 25,585 residents
  • Rockford extremely close
  • I-90 convenience
recommendation 2

Recommendation #2

Florida Expansion “Where is grandma?”

florida expansion
Florida Expansion

Age Map

Population Map

florida expansion sarasota fl
Florida Expansion - Sarasota, FL
  • Part of Sarasota County
  • 52,211 residents
  • Access to Tampa via I-75
  • Brand recognition from retirees
recommendation 3

Recommendation #3

Real Estate Partnership “Where is our furniture?”

real estate partnership
Real Estate Partnership
  • Furnish old and new homes with great furniture
  • Baird & Warner, Coldwell Banker, RE/MAX
  • Give agents incentives for recommending Walter E. Smithe
conclusion

Walter E. Smithe’s continued success will be guaranteed through utilizing its strongest assets: Brand reputation and mastered business model:

  • Walter E. Smithe has a solid reputation and brand image that should not be altered
  • The business model can be successfully implemented in other geographic markets
  • Partnering with others in related fields (real estate)

The recommendations discussed in this presentation do exactly that

Conclusion

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