Business

Coffee Break: Scott Price, president of Toms Price

Posted August 28, 2022 1:00 am

Photo courtesy of Toms PriceThe new Toms Price store in Oak Brook has a 32,000-square-foot showroom.

Scott Price

President

Toms Price

1500 16th Street, Oak Brook, IL 60523

(630) 668-7878

www.tomsprice.com

Industry: Furniture & Interior Design

Number of employees: 100

Age: 44

Family information: Married to Meghan, 4-year-old daughter Kate.

Hometown: Lake Forest

Q: Describe your company.

A: Toms Price is Chicago's oldest furniture store; it was started 114 years ago in 1908 by my great grandfather George Price and his business partner Edwin Toms as a wholesale furniture company in Chicago. Since then, we have grown to several suburban locations (Oak Brook, Lincolnshire, Bloomingdale) and now provide full-service interior design as well as rugs, carpeting, lighting, mattresses and decorative accessories - in addition to furniture, of course.

Q: Do you plan to hire any additional staff or make any significant capital investments in your company in the next year?

A: 2022 has been a year of great change for our company. We closed our historic Wheaton location and opened a new flagship store in Oak Brook, just north of Oak Brook Center. This 32,000 square foot showroom is new and filled with the latest designs and 20 exceptional designers to help clients make selections and pull their homes together.

This our first showroom with a lighting gallery and we're really excited about that business. We've hired approximately 15 new employees in this location alone. We are currently working on a couple of new locations for 2023.

Q: What will your company's main challenges be in the next year?

A: Our main challenge is the challenge facing so many in business today - supply chain issues. COVID-19 refocused our attention to the importance of the home in our lives. This created historic demand that the furniture industry (and supporting industries, like trucking) just couldn't meet - resulting in long lead times and uncertainty about exact delivery dates for special orders.

Our manufacturers are slowly digging out of their backlogs and we have responded by purchasing a large amount of stock inventory to provide clients with options for immediate gratification.

Q: What's the hottest trend in your industry?

A: Design trends in furniture tend to come to the Midwest from the coasts. The California Casual or transitional look that is so prevalent now that we hardly see much in the way of what we would have considered traditional furniture even a decade ago. Lines are cleaner and more relaxed in keeping with the way most people live today.

Fabrics are family friendly and stain resistant. Much like fashion has casualized so have furniture and design. This does not mean that quality or aesthetic are being sacrificed. A great looking room should be stylish, comfortable, easy to live with while still providing some real wow for the eye.

Q: If you had one tip to give to a rookie executive, what would it be?

A: Having been through both the 2008 recession and the 2020 COVID-19 craziness, my tip to a rookie executive would be stay calm - things are never as bad or as good as they seem. We've seen some really good - and some really challenging - times in the furniture business, but ultimately if you stay the course and service the customer you survive.

Q: Do you have a business mantra?

A: I like to say yes a lot and no very rarely. We're a small enough company to be customer focused and able to provide custom solutions. Years ago, a wonderful client on Lake Geneva asked for help storing all of their outdoor furniture during the winter. Saying yes to that request lead to us getting into the outdoor storage business which clients love.

More recently, a longtime generational client who was downsizing asked for help emptying their single-family home and parceling out pieces to various family members. Saying yes to that request not only helped our client, but led to reupholsters and new business from all of their extended family members.

Q: From a business outlook, whom do you look up to?

A: In the furniture industry, I have always admired Alfred and Aminy Audi, the owners of Stickley Furniture, our largest manufacturer. They work very hard, give back to their community, have exceptional business acumen and a positive outlook. Plus, Alfred was a championship golfer and Aminy is a well-respected international diplomat, so not too bad.

Q: What is one interesting fact about you or your company that most people may not know?

A: Most people don't know that Toms Price is really three companies in one: 1. Our brick-and-mortar retail furniture stores; 2. Our to-the-trade business where we sell furniture to interior designers; 3) Our interior design division that furnishes high-end homes all over the country.

People are surprised that I don't just run Toms Price but actually do design work for a handful of high-net-worth clients. I enjoy this one-on-one interaction with customers but also feel it's important for our company's design direction to be steered by someone who actually practices interior design. Plus, I love great houses and great people - and have been very blessed to be surrounded by both.

Q: Was there a moment in your career that didn't go as you had planned? What lesson did you learn from it?

A: Without question, the 2008 recession and its impact on the furniture business (and business in general) was the most challenging professional time of my life. 2008 was our 100th year in business and we were planning on opening an additional store in Fall 2008 to celebrate. The financial and real estate market declines in summer 2008 immediately reduced our top-line revenue about 30% and we had to put that store on hold, lay off employees and look for ways to reduce expenses.

In the ensuing years business gradually recovered but the lessons of 2008 still permeate today.

Q: What do you like to do in your free time?

A: I don't have much free time but do try to sneak in a round of golf about once a week. I also enjoying going to Lake Geneva and Lake Forest beach with my daughter.

Q: What book is on your nightstand?

A: There are only coffee table books on my nightstand.

Q: What keeps you up at night?

A: Email keeps me up at night. I try (not always successfully) to respond to all of my emails by the end of every day, so I often find myself getting back to people at night or in the early morning hours.

Q: If you were not doing this job, what do you think you would be doing?

A: I began my career in finance and would probably be doing something in private equity or a family investment office if I was not running our furniture business.

Q: What was your first paying job?

A: Baby sitting.

Q: If you could put your company name on a sports venue, which one would you choose?

A: Probably a golf tournament like the old Western Open (current BMW Championship)

Q: Two people to follow on Twitter and why. (besides your company)

A: While Toms Price is active on social media, I'm not personally on any social media platforms.