The US mattress business has bounced back after months of shutdown from the coronavirus pandemic driving customers away.
Sales at Holder Mattress Co. rose about 30 percent last month, compared to a year ago, after the company began letting people return to two stores in northern Indiana, said Lauren Taylor, president and grandson of the company’s founder.
“There are a lot of hidden requests” for beds, he said, “or people see spending money at home, because they can’t spend it on things like holidays.”
Holder is one of several small businesses tracked by Reuters through this decline and recent recovery. Millions of small businesses in the US face an uncertain future after the new coronavirus pandemic closed shops, restaurants, schools and traveling in the world’s largest consumer economy.
Taylor said the company had adapted to rules and boundaries he had never imagined before the crisis. When he first reopened a month ago, for example, Taylor asked customers to make an appointment to shop, so they could control who was in the store and clean the surface between each shopper.
Indiana moves into the fourth phase of reopening on Friday, when retail stores can operate at full capacity. Taylor said that he would allow many buyers at the time, adding “we will not turn anyone away.”
Another important part of his business, home delivery, still faces limitations. To limit the potential exposure for his workers, for example, he requires the buyer to have only one person at home who is related to the shipping crew, and for that person to fill out a health questionnaire beforehand.
Last month’s strong sale was a bright spot for Taylor, but he is still nervous about the coming months.
The company received more than $ 100,000 from the Payroll Protection Program, a federal program aimed at keeping people employed during closure. Taylor has never laid off any of his nine employees.
Taylor said PPP funds would run out this week and he was sure he would get a loan that was forgiven by handing over detailed records of how he had spent the money. The program stipulates that most, but not all, of the funds are used to keep workers working. “We have documented more than needed,” he said, adding the spread sheet he received from his bank did not require details of the expenditure he had collected.
He was also approved for the $ 282,600 Economic Disaster Loan. It was a 30-year loan with an interest rate of 3.75 percent, which he said would provide an important buffer for his company.
The biggest surprise so far has been the attitude of customers about masks, he said.
Customers at their store in Carmel, Ind., A suburb of Indianapolis, with a population of 95,000, were happy to wear face masks, he said, while many customers at the Kokomo store, India, balked. Kokomo is 58,000 population, a blue-collar city.
With the country’s new reopening guidelines, that will no longer be a problem, Taylor said. “Masks will change from being suggested to be optional – we will no longer pressure people to wear them,” he said, although staff will continue to be disguised for the near term.