The biggest rental companies in special events predict a 12 percent hike in revenue this year over 2005, according to the latest edition of Special Events Magazine's "30 Top Event Rental Companies" list. The article, now in its 9th edition, appears in the October issue.
The New York market has "completely rebounded" from the chill of 9/11, reports Teterboro, N.J.-based Party Rental Ltd. Los Angeles-based Classic Party Rentals remains at the top of the list, buoyed by acquisitions within the last year of such big-gun operations as Prime Event Group, Tucson, Ariz., and the rental operations of Torrance, Calif.-based Aztec Tents & Events. Classic now comprises 18 outlets and should command an estimated annual rental volume this year of $185 million, the company reports. All told, the 30 companies profiled in the article represent nearly $630 million in annual revenue.
A MOVE UP
Along with optimism about the event business, many rental operators point to a trend toward upscale inventory. As hosts offer fine wines at their parties, they ask for high-end stemware brands such as Riedel and Schott Zwiesel. Elaborate and sophisticated events are more the norm, reports McCook, Ill.-based Chicago Party Rental, adding, "Customization is key."
Tabletops today feature dressy linen, especially taffeta, along with cut-crystal stemware, notes Chair-Man Mills, based in Toronto. After the silver craze of the last few years, the color gold is making a comeback.
To read the full story, see the October issue of Special Events Magazine or see it online by clicking here.
Attention: Busy rental companies! Is the current strong market almost too much of a good thing? Our next "Rental Essentials" column will look at the challenges that good economic times can bring. We'd be glad to tell your story; please contact Special Events Magazine editor Lisa Hurley by clicking here.
Illustration by Cheryl Prats