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Speed is the New Currency of Business
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Hey, everyone, it’s Robert Nieminen, editor-at-large of interiors+sources. I’m here in Key Largo Bay, Florida for the Wallcoverings Association Annual Meeting and just looking at industry trends and what’s happening right now around wall coverings.
We heard a great keynote presentation this morning from Michael Dominguez of MGM Properties in Las Vegas. And he was really emphasizing the strength of the US economy as well as the growth of the hospitality industry.
In fact, he mentioned that it’s the strongest that it’s been in six years. And although they haven’t seen or been building a lot of properties with ballrooms, the limited service properties have really been propping up the industry over the last several years.
He also talked about the wellness trend that we’ve seen across other markets and how MGM, for example, is focusing on improving guests’ sleep through various ways, using LED-color lighting to help improve circadian rhythm, for example. But his overarching message was really about being adaptable and being nimble as far as an industry.
One of the quotes I thought was really memorable was, “Speed is the new currency of business.” And he said that “40 percent of companies will no longer be relevant in five years simply because they refuse to change.”
And so, that was really the driving message this morning to the Wallcoverings Association members, was to think about new ways of doing business, embracing new ideas and change, and trying new things out or else risk becoming irrelevant in the years ahead.
We also heard another presentation from Chris Wallace of InnerView and just talking about how the Wallcoverings Association can better communicate their story to the industry as well as to just communicate the value of wall coverings as an alternative product to some of the other competitors on the market and what their value proposition really is.
And we’ve also seen a lot of great new products being introduced here from member companies. And so, look for those as well in the coming weeks and months, from interiors+sources, as we’ve been talking to these industry suppliers.
That’s it for now. And we will see you guys soon. Thanks.