CHICAGO, IL., May, 12, 2021 – Water Tower Research has published an Initiation of Coverage report on Steelcase Incorporated (NYSE:SCS), a global market share leader for commercial/contract furniture. Together with a commercial/contract furniture industry report titled “Commercial/Contract Furniture: The Times, They Are A-Changin’,” these reports provide an overview of Steelcase, its history and research-based discipline, and the commercial/contract furniture industry.
Steelcase is a global market share leader for commercial/contract furniture. “Named for the 15th time by Fortune Magazine as one the world’ most admired companies…its global capabilities and research-based approach make it a preferred partner for organizations in any part of the world,” said Budd Bugatch, Senior Analyst for Water Research who has followed Steelcase and commercial/contract furniture industry for more than 20 years. Bugatch continued, “With the vaccination phase of the COVID-19 pandemic now taking hold, Steelcase is poised to regain momentum at businesses and other organizations return to some sense of normalcy.”
Mr. Bugatch concluded, “COVID-19 caused significant declines in YOY order and sales comparisons of commercial/contract furniture during the last 9 months of calendar 2020 and first 3 months of calendar 2021, as reported by BIFMA, the industry’s trade association. Pre-pandemic, Steelcase was regaining market share and delivering improving profitability, having reported one of its best full-year results of the past 20 years in fiscal 2020. Due to its Work Better research, Steelcase is in an ideal position to inform organization leaders about five key needs of people, post pandemic: (1) safety, (2) belonging, (3) productivity, (4) comfort, and (5) control.“
In the industry report, Mr. Bugatch traces the history of the commercial/contract furniture industry through its growth years of the second half of the 20th century into the cyclical years of the first part of the 21st century. He further discusses the recently announced agreement by Herman Miller and Knoll to combine and comments about the expected transformational changes as well as the potential disruptions and opportunities that may occur with the combination.
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