David Singer’s foray into the used furniture business was supposed to be temporary. After graduating college in 2004, Singer was looking to make extra cash for law school and decided to sell off the remaining merchandise from his grandfather’s furniture company, which had shuttered three years earlier. By the end of the summer, he decided to forgo a legal career and to restart Warehouse of Fixtures TNG (The New Generation).
Singer’s learning curve was steep, and included figuring out the difference between margin and markup. Six months in, he made his first major decision, spending $14,500 to buy furniture from 321 Studios, a company that sold DVD burning software. “I had to decide if I wanted to stay in business or not,” said Singer, who borrowed money from his father and never looked back.
Today, Warehouse of Fixtures has $4 million in revenue and sells $1 million of used furniture and $3 million of new or refurbished furniture a year. Its headquarters, at 2720 Market St., spans 170,000 square feet, including a 28,000-square-foot showroom. Singer said selling refurbished furniture has been a growing category for the business.
“I’ve never seen anybody (who’s) been able to buy so much furniture from companies for nothing, as only he can,” said Doug Schukar, president and CEO of USA Mortgage and a customer for the past 10 years. “He’s probably the toughest negotiator on the buy side I’ve ever come across.”
Favorite destination: Israel
https://www.bizjournals.com/stlouis/print-edition/2014/02/07/david-singer-32.html