Big Survey

A Tale of Jeweler Success in 4 Charts

Jeweler KPIs show “Strugglers” lagging across the board.

Published

1 year ago

October 30, 2024

Chris Burslem

A Tale of Jeweler Success in 4 Charts

Our primary goal with the 2024 INSTORE Big Survey was to tease out what behaviors allowed some jewelers to outperform their peers. In the “KPI chart” below, we asked all the survey respondents to evaluate their performance against four benchmarks for gross profit margin, occupancy cost, advertising cost, and personnel costs.

Our benchmarks were based on previous industry “best practice” surveys of jewelers and our discussions with industry insiders and consultants. Jewelers will debate what is an appropriate benchmark for their particular operation. But what became clear with the results of the 2024 INSTORE Big Survey was that underperforming jewelers, or “Strugglers” as we dubbed them, lagged their “Thriving” counterparts in all areas. Few achieved a gross profit margin above 50%, while they paid more for their occupancy costs. They also invested less in advertising and in their staff. Moreover, the Strugglers were more likely to report they didn’t know these key statistics. As we’ve noted before in these surveys, it’s hard to improve if you can’t gauge your performance.

NOTE: The INSTORE 2024 Big Survey was conducted via an anonymous online form from mid-August to late September, attracting more than 700 responses from American jewelry-store owners and managers. The full results will be published in the November edition of INSTORE.

Closing With Confidence: How Bailey's Fine Jewelry Achieved Outstanding Results With Wilkerson

When Trey Bailey, President and CEO of Bailey's Fine Jewelry, decided to close the Crabtree location in Raleigh, North Carolina after 15 years, he knew the decision needed to be handled with intention and professionalism. The goal was clear: exit the location while maintaining financial strength and honoring the store's legacy. Having worked with Wilkerson successfully in the past, Bailey understood the value of their comprehensive approach. "They understood both the emotional and financial sides of the store closing sale," Trey explains. "Their reputation for professionalism, results and care made it a very easy decision." The results exceeded expectations. Wilkerson helped Bailey's sell through significant inventory while maintaining the dignity of the closing process. "They don't just run a sale, they help close a chapter in the best way possible," Bailey says, strongly recommending Wilkerson to any jeweler facing a similar transition.