Which of the 2,500 new carpet manufacturers is right for you?
The answer, of course, is: none.
The second-largest carpet maker, RITE-Loom, has not produced a carpet in more than 20 years, despite being the only one of the five major carpet manufacturers to make it.
It is unclear why RITE is making the mistake.
RITE CEO Michael Wahlberg, who previously served as CEO of Bed Bath & Beyond, the maker of the RITE brand, told Next Big Futures that the company was making a number of investments in the carpet business that have resulted in a lot of cost overruns, and the carpet industry was no exception.
“It’s hard to be objective about this business,” Wahlberger said.
“There’s a lot that’s going on in the industry.”
Wahlberg said the company is working on an overhaul of its carpet manufacturing process, which is now focused on making products with superior quality, which will include more advanced and flexible systems.
The company also has begun working on a new carpet, called the Rite 3, to replace the Rites Rite 2, but the company has yet to offer details on when this new carpet will be released.
Wahlberger, who also serves as CEO and chairman of the board of directors of the New York Stock Exchange, said that RITE, which began manufacturing carpet in the mid-1990s, was still struggling to stay competitive, but that the new carpet was a great investment in the future of the industry.
“There are still challenges ahead,” Wagerman said.RITE carpet manufacturing has been growing rapidly for years, and as of late, its production has doubled.
Wahlber said that, with the investment in RITE 3, Rite carpet manufacturing will likely continue to expand for a long time to come.
Rite carpet will likely have a major impact on the way Americans and residents of the U.S. spend their money, said Brian Fung, a senior analyst at PwC.
He said that while consumers are often hesitant to spend money on carpet, Rites carpet is the only product that offers a truly low cost, low-maintenance option.
“This is the first time we’ve seen carpet that’s actually been built at a very low cost,” Fung said.