85th Anniversary Of Nebraska Furniture Mart (NFM) And What Is ISM?

When observing the world of finance, economy or simply our environment, it is worth getting acquainted with the oldest companies that have been building their greatness over the years. Such companies survived wars, crises, and some even clashes with the elements. Two of them from the United States present this article.

Nebraska Furniture Mart

Nebraska Furniture Mart (NFM), a Berkshire Hathaway Company, is the largest home furnishing store in North America selling furniture, flooring, appliances and electronics. They offer to shop for furniture online or in store, virtually or in person.

The Omaha, Neb.-based retailer is celebrating its 85th anniversary this year. While a lot has changed since the first Nebraska Furniture Mart store opened here 85 years ago, CEO Tony Boldt said there’s one key element that is largely the same as it ever was. In his opinion, retail trade remains the same, i.e. detailed.

The NFM survived the Second World War, after which the world began to change much more rapidly. The NFM suffered the crisis, including this global crash.

Over the years, it has undergone numerous transformations. The most-likely transformation came in 1970, when the store opened its then-largest location on 72nd Street. But, wait, there’s more. Following the 1975 tornado, Furniture Mart rebuilt, putting all of its operations under one roof. But, the Mart continued growing, adding space and offerings. Becoming a “Mega-Mart” in 1994, the store added electronics and appliances as their own segment. The Furniture Mart stood at 77 acres.

Another important transformation was the opening of the Internet store. NFM.com was launched in 1998, and since 2006, it has enabled customers to make purchases and pay their bills online. Moreover, as shoppers’ preferences for online purchases grow, NFM has recognized the need to have a user-friendly, efficient website to help them purchase new furniture, appliances, and electronics.

To see how huge the activity of the NFM is, it is worth looking at the numbers.

• NFM trucks deliver to more than 2,500 cities in five states.
• The most popular electronic items sold today are tablets, in particular the iPad.
• Furniture stores are open 74 hours a week.
• Today's most expensive items for sale? Electronics: 90-inch Sharp TV for $ 9,999.99. Household Appliances: Hybrid Built-in Grill for $ 16,995. Furniture: Freemark table with two chairs and six side chairs for $ 16,999.99. Floors: 8 by 10 ft hand-knotted Amici rug for $ 11,000.
• The store has 40,890 items in stock, 263,388 of which are available on special order.
• The average monthly electricity bill per store is close to $ 100,000, and not all rooms are air-conditioned.
• Over 200 NFM employees have been working there for over 20 years.
• Mart has approximately 2,800 employees in Omaha and Kansas City, more than 1,600 in Omaha. The employees are between 16 and 83 years old.

ISM

The Institute for Supply Management was founded in 1915 as the National Association of Purchasing Agents. The name was changed to ISM 20 years ago, in 2002. The ISM provides certification, development, education, and research for individuals and corporations in the supply management and purchasing professions. As noted above, it is the largest organization that serves members of the supply management and the purchasing industries.

As the oldest and largest supply management association in the world, it boasts over 50,000 members in 100 countries.

ISM is important because their mission is: to advance the practice of supply management to drive value and competitive advantage, and contribute to a prosperous, sustainable world.

Moreover, the organization releases its Report on Business, which includes the Manufacturing Purchasing Managers' Index (PMI) and the Services (or non-manufacturing) PMI. These two indexes are published monthly by the ISM Manufacturing and Services business survey committees. They are considered to be among the most reliable economic indicators.