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Changes in the Retail Landscape Force Louis Shanks to Close After Almost 80 Years

After nearly 80 years of operation, furniture retailer Louis Shanks has made the difficult decision to close its doors due to changes in the retail landscape and challenges to its business model. The Austin-based company operates two stores, one in San Antonio near Interstate 10 and Huebner Road, and another in Austin at 2930 W. Anderson Lane.

Customization No Longer Preferred by Shoppers

Michael Forwood, the grandson of the company’s founder who oversees daily operations, explained that Louis Shanks’ strategy of customizing furniture selection is no longer favored by many shoppers. He mentioned that people nowadays do not have the time to go through the process of customizing every detail, so they prefer curated looks from companies that offer limited choices in finishes or catalogs.

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Economic Headwinds and Inflation as Contributing Factors

In addition to the changing preferences of shoppers, the decision to close Louis Shanks was partly influenced by economic headwinds. Forwood mentioned a significant downturn in the economy and the impact of inflation on consumers’ spending habits. He noted that people now have to allocate more of their budget to groceries, leaving less discretionary income for customized furniture purchases.

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A Family Legacy Comes to an End

Louis Shanks, the founder of the company, grew up as an orphan during the Great Depression. Instead of pursuing formal education, he took a job as a furniture manufacturer’s representative. Later, he partnered with Harry Meyers and established their first retail store in downtown Austin in 1945.

The closure of Louis Shanks’ stores marks the end of a family legacy that spanned four generations. Forwood spoke about the emotional impact of the decision, as his grandmother serves as the treasurer, his father as the president, and his aunt as the vice president of the company. The San Antonio store even has employees who have been with Louis Shanks since its opening in 1983.

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Industry Challenges and the Role of In-Store Experience

Local designer Mary Beth Edgerton highlights the closure of Louis Shanks as another example of the ongoing challenges faced by the mid-to-upper tier of the furniture industry. She references the recent bankruptcy of Mitchell Gold + Bob Williams, a manufacturer of “lifestyle furniture,” which further exacerbates concerns about the future of brick-and-mortar stores in the industry.

Edgerton emphasizes the importance of the in-store experience, where customers can physically interact with the furniture before making a purchase. She mentions that stores like Louis Shanks, with their expert staff, played a crucial role in assisting inexperienced buyers with their purchasing decisions. The personalized guidance and the ability to physically see, touch, and sit on furniture cannot be fully replicated online.

However, with the integration of AI technologies, businesses can bridge the gap between the online and offline worlds. Virtual reality and augmented reality solutions can provide customers with immersive experiences, allowing them to visualize furniture in their own homes. AI algorithms can also recommend personalized options based on individual preferences and needs.

Going-Out-of-Business Sale and Beyond

According to Forwood, the stores will commence a going-out-of-business sale starting Thursday. This sale presents an opportunity for customers to take advantage of discounts and acquire pieces from Louis Shanks at potentially reduced prices.

While the closure of Louis Shanks is undoubtedly a significant loss, it also serves as a moment for reflection and adaptation. By capitalizing on the advantages offered by AI technologies like the legalese decoder, furniture retailers can explore new avenues for growth and navigate the evolving retail landscape with confidence.

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