For Kevin Fear, president and CEO of Mattress Express, today’s retail landscape isn’t without its challenges. But despite economic headwinds and shifting consumer behavior, Fear has found a winning strategy for his Syracuse, New York-based stores. He recently signed a lease for his 15th store, continuing a measured expansion strategy.
“We’re going to continue on a slow, steady growth pattern within the footprints that we choose in upstate New York,” he said. “We don’t want to grow too fast, but we do want to keep growing and selecting markets where we’re confident we can have success with the products that we sell.”
One major recent catalyst for that growth was Fear’s acquisition of several stores from a competitor, Metro Mattress, which went bankrupt in September 2024. Rather than taking on the entire footprint, Fear said Mattress Express selectively acquired stores that had performed well. Fear was also able to hire many of the stores’ former employees.
“I already had a background on many of these stores as to their performance, even during the difficult times,” he said. “I knew these were good stores with minimal costs to open. It was really more of an opportunity than a risk.”
Inside Mattress Express stores, Fear has honed its product mix. The retailer sells Avocado, Beautyrest, emBrace Sleep, Instant Comfort, Posh + Lavish, Puffy, Purple, Sealy, Serta, Stearns & Foster, Tempur-Pedic and Therapedic. In its region, Mattress Express recently became the No. 2 seller by volume for TSI.
Although the retailer sells bedding at a range of price points, Fear said he has built the business around higher-end bedding, with a target price point of $1,500 and higher.
The company sells lower-priced mattresses but does not feature them in their advertising — a strategy that has helped Mattress Express significantly increase its average ticket.
Fear said that over the past seven or eight years, the retailer has successfully boosted its average ticket price from approximately $800 to approximately $2,400.
Even with the retailer’s continued success, Fear has observed some notable shifts in consumer behavior. Like many retailers in today’s market, Fear has seen foot traffic decline as consumers have more options online, including direct-to-consumer mattress brands and e-commerce giants such as Amazon.
“Customers are tough,” Fear said. “The people that we find today are coming in that have the money and they’re ready to buy.”
He noted that the spontaneous shopper who randomly stops in and makes an unplanned purchase has become much harder to find.
“Since COVID, we have seen the continual downturn of the middle class purchasing,” he said. “When I say middle class, I mean the people that could marginally afford it before — the people that use long-term, interest-free financing. Those people are not buying anymore.”
Still, financing remains an important part of Mattress Express’ strategy. Fear said the retailer typically has six to 10 financing options available at any given time, more than some competitors offer.
Changes in consumer behavior have also caused Mattress Express to adjust its advertising strategy. Fear said he built the company through terrestrial radio and television, but in recent years, he has shifted more of its budget toward digital channels, including social media, Google and streaming. The retailer continues to advertise on radio and cable television, but Fear said today’s fragmented media landscape makes it difficult to reach everyone on everything.
Whether it’s advertising, foot traffic fluctuations or adding additional store locations, Fear’s navigation of the current retail environment has one throughline: adaptability. The retailers that can make adjustments now will be best positioned when the market improves.
“It’s really challenging times for everybody,” Fear added. “It’s difficult out there. The people who can survive today are going to flourish tomorrow when the economy gets back to normal, if it ever does.”
