This audio is auto-generated. Please let us know if you have feedback.
Dive Brief:
- Expanding its Elfa product line, The Container Store has launched Decor+ by Elfa as part of its efforts to expand its Custom Spaces offering, the retailer announced Wednesday.
- The additions to the line were designed for closet and living spaces like offices. Decor+ by Elfa is available at all stores and online.
- The expansion comes after the launch of Garage+ by Elfa, which was added in late 2023 and surpassed initial sales expectations, per the company. The retailer said it plans to promote Decor+ by Elfa in a marketing campaign this fall.
Dive Insight:
The Container Store’s product expansion is part of the organizational retailer’s effort to propel its Custom Spaces to a new level. The retailer introduced new offerings to its Custom Spaces product lines, including its Garage+ by Elfa system and its Preston lines, last year.
With the debut of Decor+ by Elfa, customers can have free in-store, virtual or-in home custom design, or can shop for individual products or purchase a pre-designed space. Items can be installed independently or with the help professional installers.
Image courtesy of The Container Store
Decor+ by Elfa has the same wall-hanging adjustable framework as Elfa, but with new features including enclosed full-extension drawers, LED lighting and solid wood drawers, fronts and trim. It is made of steel and solid birch and comes with the option of back panels. Among the other products in the assortment are mesh drawers, knobs and accessories, per the company’s website.
“Expanding our assortment so that we are meeting the needs and desires of today’s consumer is one of the key elements to increasing our Custom Spaces business to 60% of annual sales and capitalizing on the $6 billion addressable Custom Spaces market over time,” Satish Malhotra, CEO and President of The Container Store, said in a statement. “We believe the unique proposition of Decor+ paired with our complementary organizing solutions gives us a competitive market advantage and look forward to seeing how customers respond.”
As the company aims to grow its Custom Spaces arm, The Container Store reported a 20.7% drop in Q4 consolidated net sales from last year to $206 million. Store comps fell 21.8% year over year, while e-commerce was down 30.8% during the quarter. The New York Stock Exchange notified the company that it is out of compliance with average closing price rules. The company is working to return to compliance.
In February, the company reduced its workforce by 2.5%, roughly 100 staffers. The retailer provided laid-off workers with severance and other support from human resources.
via https://www.aiupnow.com
Tatiana Walk-Morris, Khareem Sudlow
