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It's neither. That's just how it was in the forties and fifties. Tannoy was not unlike the large Klipsch, Bozak, JBL, Altecs, Wharfedales, etc. Furniture was the thing.Given all the cheesy looks, I wonder whether that's kitsch or camp.
We recall how these were designed in the monophonic era, where amplification was dear, and horns ruled due their sensitivity. In truth, they did a nice job reproducing the format, and this Tannoy would have been an exceptional system to go along with your Garrard 301/Ortofon SPU rig.
When stereo came along things tended to downsize, and people began to notice 'imaging' and so forth. Probably the largest of the made for stereo 'furniture' speakers was the JBL Paragon. A one piece unit with a curved 'lens' that spread the image for larger spaces.