Clothing retailers are expanding their home goods and furnishing products. Companies such as Urban Outfitters, Target, and Anthropology, to name a few, have seen increased revenue being generated by home furnishing products. The CEO of Target, Brian Cornell, told Marketwatch, "We certainly recognize that within overall categories, today’s consumer, our guests, [are] reinvesting in their homes. They’re spending money on home improvement.”
For Target, home goods made up 4% of its quarter earnings. This is reflective in other chain stores such as J.C. Penney, which said it would launch a new appliance show room in nearly 500 stores, and Sears, which opened its first appliance-focused store earlier this week.
As Marketwatch reports:
The results have provided further evidence of a shift in consumer spending habits, with shoppers using their money to spruce up their homes rather than just their closets. Richard Hayne, chief executive of Urban Outfitters, said he believes the real retail problem is supply, particularly in apparel.