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Industry & Trends

Aaron’s Rent-to-Own Furniture Sales Rise as It Remakes Stores

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February 11, 2022 | Bill Esler

Atlanta, GA—Aaron’s Company (NYSE: AAN), which sells furniture, appliances, and electronics on a rent-to-own basis, has shared in the pandemic-driven growth that triggered a boost in residential furniture sales.

A sizable business—$1.8 billion in revenue, almost half of that in furniture—it has a large North American footprint with 1,300 company-owned and franchise stores, Aaron’s manufactures its own Woodhaven brand upholstered and solid wood furniture at 11 U.S.-based captive plants in five states, employing 400 and overseen since 2019 by Tommy Harper, VP Manufacturing.

Frame components are made with genuine hardwoods and engineered wood panels using 1 ½” glue coated heavy duty staples in frame construction which bonds the staples and wood together for permanent joints. Interlocking joints strengthen key stress areas. An integrated seating system uses heavy gauge tempered sinuous wire along with insulating deck pads.

Woodhaven Furniture manufacturing.

The company spun off its Progressive leasing business and made Woodhaven and the furniture stores a separate company last year. About 48 percent of Aaron’s revenue is from furniture sales and rental, the rest is appliances and electronics.

Aaron’s GenNext retail redesign prototype.

The furniture maker and retailer reached a milestone in its nationwide rollout of Aaron’s GenNext retail store design when the 100th location opened in Largo, FL. GenNext stores feature larger, brighter, easier-to-navigate main showrooms stocked only with new furniture, appliances, and electronics. After testing and opening 47 GenNext stores through the end of 2020, Aaron’s rapidly expanded the innovative concept in 2021, more than doubling the total number of locations. GenNext locations nationwide are collectively experiencing more than a 20 percent increase in sales over the traditional Aaron’s stores.

“As we bring our GenNext stores to communities all across the country, we continue to receive positive feedback from our customers,” says Douglas Lindsay, CEO of The Aaron’s Company. “We set out to transform the rent-to-own industry, and reaching this pivotal milestone is proof we are making significant progress in our mission to fundamentally change the customer experience in this category.”

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