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WALTER E. SMITHE: CASE ANALYSIS
Walter E. Smithe: Case Analysis
Steven Adamaitis, Borislava Ashikova, Jason Byrnes, Bryant Hernandez, Matthew Ing,
Ashley McKinnie, Mike Minogue, Chris Venturini
University of Illinois at Chicago
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WALTER E. SMITHE: CASE ANALYSIS
Introduction
Walter E. Smithe is a high-end furniture company born and currently located in the
Chicagoland region. Since its first store opening in the 1940’s, Walter E. Smithe’s success comes
as a result of a strong brand image and consumer base. However, the company is not without
threats or weaknesses in the form of competitors, economic downturn, and consumer buying
trends. Through means of SWOT Analysis, Examination of Porter’s Five Forces, and Analysis of
the Finances and Industry, this report will provide answers and recommendations that will
facilitate Walter E. Smithe’s continued growth and success in the marketplace.
History & Company Overview
Walter E. Smithe was originally started in 1945 under the name Tone Appliances and
Furniture. This company was a partnership between Smithe and Shanahan. These two started
the company as WWII coming to an end. They thought this would be a good time for household
products to be in demand. Lucky for Smithe and Shanahan their risk paid off. With all the
veterans coming home from war business started to pick up. Not too long after starting Tone
Appliances and Furniture they decided it would be a good idea to put their own names on the
door. The business then became known as Smithe and Shanahan. Not too long after the name
was changed Shanahan decided he didn’t want to expand the business and sold his share of the
business to the Smithe brothers great uncle Charles Smithe. During the fifties the business started
to really grow. Not only did the company size itself expand but also the variety products they
carried got wider. The most popular new item in the line up was the television. A couple years
later during the sixties, the Smithe brother’s father, Walter Jr. joined the company and brought
something to the table that no one else had in the industry. Walter Jr. was the first to integrate
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WALTER E. SMITHE: CASE ANALYSIS
custom order upholstery in the Chicagoland area. This meant customers could customize their
furniture to fit their needs. This option has carried over for decades and is still what Walter E.
Smithe stores specialize in today.
It wasn’t until the late seventies and early eighties that the current Smithe brothers and
their sister Margie joined the company. It was around this time that they got out of the appliance
business and made it mostly a furniture store. Today they have expanded Walter E. Smithe to 11
different showrooms throughout the Chicagoland area. Today they sell items that could fill
almost any room of your house with the kitchen being an exception. Not only do they offer a
huge selection but also offer some services that put them above their competition. Walter E.
Smithe has over 300 designers working for them and over 400 employees total. These designers
can either help bounce ideas back and forth via email, phone or you can even schedule an inhome consultation. With the at home consultation Walter E. Smithe will send a designer to your
home to take measurements and also get a feel for your style so they can better help you pick that
perfect piece of furniture.
SWOT Analysis
First, one of Walter E. Smith’s biggest strengths are their economic initiatives. Walter E.
Smith sells both top-quality furniture with top-notch warranties, and therefore their furniture is
much more durable and longer-lasting than most. Essentially, this is the first step in making
green furniture choices. Furthermore, they hire expert craftsmen in furniture restoration to work
in their refinishing and upholstery shops. By providing the ultimate repurposing techniques and
initiatives, Walter E. Smith doubles the life span of the items their clients already own. Walter E.
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WALTER E. SMITHE: CASE ANALYSIS
Smith helps the health and well-being of the economy by repurposing furniture rather than
making completely new products.
In addition to making high-quality furniture and repurposing it, Walter E. Smith also has
economic initiatives internally. These initiatives include using high efficiency bulbs, sensory
lighting in the shops, producing shopping bags made of recycled paper and water based ink,
recycling all cardboard, Styrofoam, plastic, and paper, all washroom towels are made of recycled
material, and even their employees are drinking out of reusable cups and mugs. With this
economic initiative internally, Walter E. Smith has helped the economy by reducing electrical
usage by 25% in their shops, and have recycled 2,000 pounds of paper, 55,000 pounds of
cardboard, about 80 skids, and 500 pounds of metal.
Another strength for Walter E. Smith is their social responsibility to the community.
They are very active in enhancing and helping the community. Walter E. Smith has connected
with many charities, one of which puts old furniture to good use. For example, they give
furniture to halfway houses for people recovering from drug and alcohol use. Also, Walter E.
Smith donates fabric samples to organizations such as schools, nursing homes, and philanthropic
organizations to assist them with craft projects and fundraisers. They are following the social
responsibility concept by helping the community, donating, and being charitable.
Furthermore, Walter E. Smith has very creative marketing. A lot of consumers in the
Chicagoland area know Walter E. Smithe from their commercials. In their commercials, they
have a song that is catchy and sticks in a consumer’s head. That jingle goes like “Walter E.
Smithe, you dream it, we build it.” These commercials have brought in new customers because
the customer remembers the advertisement after it is done airing. In addition to their
slogan/motto, Walter E. Smith advertises very humorous commercials, which really capture the
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WALTER E. SMITHE: CASE ANALYSIS
attention of customers. Along with the marketing, Walter E. Smithe has an assortment of quality
products to offer with plenty of versatIlity. One Walter E. Smithe store will have over 500
collections to choose from. The products are higher quality as well, which last longer and helps
elevate the Walter E. Smithe brand as a high-end furniture retailer.
Despite all these strengths, Walter E. Smith also has a few weaknesses. The locations of
their stores is possibly their largest weakness. Not only that, but there are only 11 stores. Their
stores are only located in Illinois and Indiana, 10 of which are all scattered throughout Illinois.
Also, Walter E. Smithe is a private company. This has its benefits but it also has some
weaknesses. A private company has smaller resources than a public company. There is also a
lack of public confidence. Public has little confidence in a private company because its affairs
are unknown and it is not subject to strict control under the law. The last weakness of Walter E.
Smithe is that their website is out-of-date. Compared to other companies in the furniture
industry, their website is plain, boring, and difficult to use. It makes it uninviting to potential
customers, and therefore they are losing customers.
Walter E. Smith has a huge opportunity to expand the locations of their stores throughout
the United States. Although they have a huge market share in the Chicagoland area, there is a lot
of room to expand. Walter E. Smith has the opportunity to expand geographically to areas where
income and population are both at high levels where customers can afford their expensive
furniture. Furthermore, another opportunity for Walter E. Smith is to try to enter the low-end or
traditional market segment. Their furniture is very expensive compared to competitors, so
lowering quality and prices could help make their products more affordable. The last opportunity
for Walter E. Smith is to hire real estate agents to help market their furniture to more new home
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WALTER E. SMITHE: CASE ANALYSIS
buyers. This will assist in an already huge advantage in marketing for Walter E. Smith, and can
increase sales.
Lastly, Walter E. Smith’s biggest threats are their competitors in the high-end luxury
furniture industry. Their three main competitors include J.C. Penney, Ashley Furniture, and
Harlem Furniture. Also, some other threats are Ethan Allen, William-Sonoma, Crate & Barrel,
and Pottery Barn. J.C. Penney is a little different and isn’t a direct competitor since they have a
variety of services and products not just furniture. When comparing revenue for the past year, we
can see that Ashley Furniture made $1,433.70M, Harlem Furniture made $62.50M, and Walter
E. Smithe made 52.60M. There are a few reasons for this. Walter E. Smithe is only local
compared to those other companies who spread out a little further geographically. Also, there are
low barriers to entry in this industry which has more low-end furniture retailers becoming more
of a threat. Companies like IKEA, who have a lesser quality product, is becoming a bigger threat
since in this down economy they are taking some of Walter E. Smithe’s consumers because of
their lower prices. Although with all of these threats, Walter E. Smithe has positioned themselves
well in the market in Chicagoland.
Porter’s 5 Forces Analysis
Considering the negative impact that the housing market crises had on Walter E Smithe
as well as the highly competitive environment they operate, it is imperative for the organization
to not only carefully examine and analyze the general environment but also the competitive
environment (also called industry environment). The competitive environment consists of many
factors that may affect a firm’s strategy. Some of these factors include potential new and already
existing competitors, customers and suppliers. Porter’s Five-Forces Model is one of the most
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WALTER E. SMITHE: CASE ANALYSIS
popular and effective analytical techniques of a firm’s competitive environment. As the name
hints, the model examines the environment using five basic competitive forces: 1. The threat of
new entrants, 2. The bargaining power of buyers, 3. The bargaining power of suppliers, 4.Tthe
threat of substitute products and services and 5. Level of intense competition/rivalry among
competitors in the industry.
In no particular order let’s begin by analyzing the threat of new entrants in the market.
Based on our research and overall analysis of both the company and the industry we have valued
the threats of potential entrants to be at a moderate level. The reasons for our valuation include
fixed costs such as building and equipment as well as the costs of production; Walter E Smithe
offers products of premium quality, thus we can reasonably assume that the costs of production
would be higher also. Higher costs of production due to premium quality product also limit
achieving economies of scale, thus preventing potential entrants of spreading costs over the
number of units produced and eventually minimizing costs. Walter E Smithe has already
established a strong brand identification so new entrants would be forced to spend heavily to
overcome existing customer loyalties. This may prove to be very expensive and time consuming
since it is evident that Walter E Smithe puts tremendous efforts into taking care of their
customers. They extend their efforts so far where they pay attention to the smallest details such
as same day delivery calls from top executives to ensure that the delivery process went smoothly
and the customer is satisfied. Potential new entrants will also face high advertising costs as a
barrier considering that Walter E Smithe has outstanding marketing practices, one of the best in
the whole industry.
Potential new entrants should not only be concerned with barriers that Walter E Smithe
has established but also significant barriers/difficulties they may experience based on the
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WALTER E. SMITHE: CASE ANALYSIS
industry as a whole. Such barrier may affect the new entrants decisons so strongly that they may
even reconsider entering this particular market. Statistics show that gross margins experienced
by many stores in the furniture industry are high, about 40%, however selling expenses are also
high; so high that net income as a percentage of net sales is below 1%.
Although there are significant barriers of entry in the furniture store industry, potential
new entrants may take advantage of existing loopholes. Potential new entrants may enter the
market by competing on price or even imitating Walter E Smithe’s strategy. The strategy of
offering customized products based on consumer preferences has gained a tremendous amount of
popularity over the past couple of years. Not only that but global markets, the internet and
greater accessibility to information and resources provide just the right amount leverage and
resources for a potential new entrant to successfully penetrate the market and compete with a
similar strategy.
We have also evaluated at a moderate level the bargaining power of buyers. The
products are highly differentiated and far from standardized, they are customized to satisfy
consumer preferences with the help of assigned designers. The high differentiation places buyers
at a slight disadvantage from a power perspective since they cannot easily purchase the same or
similar product elsewhere. Walter E Smithe depends on numerous buyers thus is not relying on a
single buyer for large volumes of purchases - they have options. The target market that Walter E
Smithe is focusing on is moderately price sensitive. Despite the numerous advantages that Walter
E Smithe has compared to the buyers, it must also be cautious since there are many competitors
in the industry that buyers may select from. Not only are there plenty of competitors but buyers
face very few switching costs if they were to decide to select a competitor.
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WALTER E. SMITHE: CASE ANALYSIS
Although Walter E Smithe has stability in managing buyer’s power, it must certainly
consider outside factors. Demand in the industry depends strongly on economic conditions.
Demand and actual furniture purchased are highly influenced by home sales, consumer income,
new home construction and employment. During weak economic periods the furniture industry is
very sensitive due to the large price tag of most purchases which are also often viewed as
discretionary. To avoid troubles and overcome weak economic periods, companies like Walter E
Smithe must continuously strive to keep debt at low level while effectively managing available
cash.
Unlike the bargaining power of buyers, supplier’s bargaining power is set at weak levels.
Imports of furniture and materials to the United States come primarily from countries such as
China, Vietnam, Mexico and Malaysia. Suppliers groups’ products are not differentiated in fact
they are highly standardized. Walter E Smithe has numerous suppliers to choose from and the
switching costs from one to the other are minimal. In fact it is in the best of interest of most of
these suppliers to retain Walter E Smithe as a customer since they are one of the larger chains in
the industry and thus will be continuously making high volume purchases.
The threat of substitute products is very little (weak) or even somewhat nonexistent.
Instead Walter E Smithe should be concerned about the occurring shift in strategy from focus on
product to focus on style. Furniture stores have competed on price for a long time and still are to
an extent, however most high end furniture stores shifted to emphasizing lifestyle rather than just
selling furniture. Design trends and consumer preferences change so furnishings reflect both
style and function. Considering the design and preference trends stores should anticipate and be
prepared for consumer demand of items for media and multi purpose rooms as well as other
specialty specs that are becoming more popular and would need furnishings.
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WALTER E. SMITHE: CASE ANALYSIS
Last but not least we have considered the intensity of rivalry and competition in the
industry. Competition is very strong in the furniture store industry. There are numerous equally
balanced competitors. Slow industry growth has been experiences and indicted by the fact that
U.S consumer spending on durable goods, an indicator of furniture sales, fell 1.9% in August of
2013 compared to the same month in 2012. A saturation of the market has been experienced with
local family owned furniture stores closing down and also on a national scale some larger chains
such as Bassett Furniture closing down stores and plants due to reports of nearly 9 million dollar
loss. The saturation of the market combined with a slowly growing industry create an even more
rigorous fight among competitors to gain/win consumer’s attention and market share.
Companies in the industry may also experience somewhat high exit barriers that still keep them
around even if they are earning significantly low returns on their investment. Some of these exit
barriers include investments in facilities, inventory as well as protecting family/company image.
Based on your research and analysis we can determine that Walter E Smithe has
established itself as highly reputable furniture store organization however there are certain
factors that need immediate plus continuous attention and possible adjustments of strategy. Such
factors include the newly emerging trends of furnishing multipurpose rooms, potential weak
economic periods that may negatively affect sales due to high price tags as well numerous
existing competitors.
Financial and Industry Analysis
Currently, revenues are about $51.6 million. It may be related to the housing sales on the
market. In earlier years such as 2007, revenues were relatively high. Though later on are th
housing market crash, revenues started to decrease between the 2009-2010 fiscal year. As the
housing market is beginning to rebound revenues are starting to pick up.
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WALTER E. SMITHE: CASE ANALYSIS
As far as the entire furniture industry, it is actually on average better than Walter E
Smithe; but overall Walter E Smithe is pretty consistent with its revenues, seeing as the company
has not hit a major low. Also, their revenues have been increasing about six percent per year.
Some of Walter E Smithe’s major high end competitors are Ethan Allen, Williams
Sonoma, Crate and Barrel and Pottery Barn. Ethan Allen is a does it all furniture store meaning it
creates its design, manufacture, market, distribute, deliver, and install furniture. Williams
Sonoma and Pottery barn goes hand and hand because pottery barn is actually an umbrella of
Williams Sonoma. Williams Sonoma sells everything from cookware to furniture, to décor.
Pottery barn more so focuses on furniture and even has its stores broken up into categories such
as baby, kids and teens if you have a specific vision for decorating your home. Crate and barrel is
similar to William Sonoma in theme because it is a high end furniture store and even has themed
décor for interior design such as Thanksgiving, Hanukkah, and Christmas.
Walter E Smithe’s revenue is not nearly as great as its comparable William Sonoma with
net revenue of about $4 billion. However, William Sonoma is actually larger in scale so that
might be the reason why since this store has many branches of furniture stores. Ethan Allen
makes a bit more than Walter E Smithe with revenues at about $6 million but again Walter E
Smithe isn’t a full service furniture store like Ethan Allen, nor is their website as sophisticated as
Ethan Allen/ Williams Sonoma so they could be losing revenues for that reason. This is not to
imply that Walter E Smithe should become a do it all enterprise but it should take into
consideration of the wide marginal revenue gap between the stores. According to an article
published in the New York Space magazine, “Offline retailers will always incur more costs than
us. Consumers have become conditioned to think something is only high-end if it is high-priced.
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WALTER E. SMITHE: CASE ANALYSIS
Our belief is if you remove the distributor and costs associated with retail then the
aforementioned mentality is no longer the case.”
Recommendations
In order to remain competitive in the future, Walter E. Smithe needs to make some
changes. In the short term, they will continue to remain profitable based on what they currently
have. They currently have a loyal customer base in the Chicago area that can get customized
furniture at one of their eleven conveniently placed stores. In order to maintain sustainability
into the future, a few things need to be done. The three recommendations made here are vital for
long term success of Walter E. Smithe. The first recommendation would to expand further
locally. The next recommendation would be a nationwide expansion. The final recommendation
would be to drive sales by increasing partnerships and channel members. Here are the reasons
why all three of these recommendations are going to increase success and are essentially vital.
The first recommendation once again is to expand locally. As mentioned previously,
Walter E. Smithe has 10 stores in Illinois, and 1 store in northwest Indiana. All of these stores
would be considered to be in the “Chicago” area, as shown by Exhibit 1. To this point, Walter
E. Smithe has placed their stores pretty evenly throughout Chicago and the surrounding suburbs.
They have a bit of store congestion a little bit north of Chicago in an area commonly referred to
as the “North shore”. It can be assumed that the reason for this is higher customer demand for
high end furniture in that area. The goal now is to find another area in the Chicago area that also
would have large demand for high end furniture. Using the combination of larger population and
higher income, this specific area can be found.
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WALTER E. SMITHE: CASE ANALYSIS
Basically any company whose primary source of revenue is on the retail front, needs to
have locations set up where there a high number of residents. Walter E. Smithe has already set
up locations in populated areas in Chicago, and the surrounding suburbs. As Exhibit 2 clearly
shows though, there are other locations relatively close to the current Walter E. Smithe
headquarters in Itasca, Illinois that have not yet been touched. They also need to make sure to
set up a location in an area that also has a relatively high income. They have already bombarded
the small area of the North Shore in Chicagoland with a few stores to take advantage of the high
income in that area. Those who make more money will have a larger disposable income to spend
on things like custom furniture. This may be hard to fine when looking at Exhibit 3 and
Exhibit 4, but a few of those areas do exist and have been untouched.
Specifically, Walter E. Smithe should expand locally to Belvidere Illinois. The town of
Belvidere has many great characteristics that make it perfect for a new store. First off, it has a
relatively high household income of around $50,000. It also boasts a cozy population of around
25,000 residents. More importantly, it is also located near Rockford, which is one of the largest
cities in Illinois, aside from Chicago. Though Rockford may not have a high average income,
due to its high population, it will have plenty of residents that would be willing to make the short
trip to Belvidere for custom furniture. Top all of this off with the convenience of Interstate 90,
and Belvidere becomes the perfect choice for a 12th Walter E. Smithe store.
As mentioned previously, one of the weaknesses of Walter E. Smithe was the fact that
they are a private company. Expanding their business outside the Chicagoland area can put them
on the right track to perhaps going public sometime down the line. For now though, an opening
of a new Walter E. Smithe store in Florida would be a great start. Florida would be a great
choice because it is a popular retirement state for many Chicagoland residents. Long time
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WALTER E. SMITHE: CASE ANALYSIS
residents of Chicago and the surrounding suburbs would be familiar with the Walter E. Smithe
brand down in Florida. Using the combination of important factors such as median age and
population, the perfect location for a Florida store can be pinpointed.
Exhibit 5 is going to divide Florida in terms of population. Obviously, Walter E. Smithe
needs to make sure that they set up a new store where there are many full time residents. Unlike
other states, Florida has many temporary or seasonal residents. Since Walter E. Smithe offers
such customizable, higher end products, they are most likely want to target full time residents,
and an area where there is a lot of them. Of course they want to make sure to find their target
market in Florida, which would specifically be retired Chicagoans. Exhibit 6 shows the median
age of every county in Florida. Walter E. Smithe wants to target a location that has a high
population with a higher age, which would indicate more retirees.
The perfect storm of high population and an aging population can be found in Sarasota
Florida. The city of Sarasota is part of Sarasota county, which has a relatively high median age;
a great indication of the target market. It also has a fairly high population of around 50,000
residents, not to mention the fact it is very close to Tampa, which is one of the largest cities in
Florida. Like the Belvidere store in Illinois, Sarasota also has prime location of Interstate 75
which is one of the largest highways in the country and connects all parts of the state. The
ultimate goal is to gain brand recognition among retired Chicagoans in Florida. The prime
location of this store should do a great job of this.
The final recommendation that Walter E. Smithe should take into serious consideration is
some sort of real estate partnership. Since Walter E. Smithe is in fact a furniture company, most
of their business obviously will be those who are furnishing their own homes. The whole idea
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WALTER E. SMITHE: CASE ANALYSIS
behind the real estate partnership would be to create leads for new customers, and create strong
relationships with real estate agents.
The implementation of this plan is quite simple. Walter E. Smithe would simply offer
some kind of incentive or commission to real estate agents who recommended Walter E. Smithe
to the people they just sold a house to. The price point of how much they would pay the agents
would have to be determined based on the amount of revenue that they brought in. The real
estate partnership could even offer a direct incentive for the customer. The customer can say that
they were referred by their real estate agent, and can get a certain amount off of their order.
Walter E. Smithe currently does a great job of marketing their company, and this real estate
partnership could add even more to that marketing mix.
Conclusion (INCOMPLETE)
Through examination via SWOT, Porter’s 5 Forces, and Financial Analysis it is apparent
that Walter E. Smithe’s current position is favorable. Competition is stronger but it has not
proved to be detrimental; nor has the economy or consumer buying habits proved to be
particularly crippling. These, and other, major threats can be seen as speed bumps rather than
complete roadblocks.
Walter E. Smithe does not require a major reworking of the brand. Instead, Walter E.
Smithe must expand and emphasis their core strengths and identity. The first strength is their
proven business model and high product quality. This strength will be amplified with the
recommendation of local (Suburban Illinois) and national (Florida) expansion. Consumers who
hold the same values and buying criteria exist all over the country and this recommendation will
make sure Walter E. Smithe reaches them.
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WALTER E. SMITHE: CASE ANALYSIS
The second opportunity makes benefit of Walter E. Smithe’s existing style and expertise.
The recommendation to partner with real estate agencies allows the company to expand their
reach beyond their existing personal customer base without ostracizing them. These partnerships
will also act as off-site showrooms, exposing homebuyers to the brand’s quality furniture.
Walter E. Smithe has the capabilities and the assets to ensure their long-term success and
growth. By amplifying those through these recommendations, Walter E. Smithe can have their
message be heard by more people and their furniture in more homes than ever.
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WALTER E. SMITHE: CASE ANALYSIS
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15000000000
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9ad005e1dc2c48049
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Appendix
Exhibit 1
Map showing location of current Walter E. Smithe locations in Illinois (10) and Indiana (1)
Exhibit 2
Map showing areas of higher population in Northeast section of Illinois.
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WALTER E. SMITHE: CASE ANALYSIS
Exhibit 3
Map showing percentage of households making above $200,000 per year in the area.
Exhibit 4
Map showing median income throughout Northeast Illinois. Darker areas indicate higher annual income.
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WALTER E. SMITHE: CASE ANALYSIS
Exhibit 5
Map showing areas of high population in Florida.
Exhibit 6
Map showing population in Florida in terms of median age