Connect with us

By the Numbers: Diamonds Lead the Way Again

Published

on

{loadposition davidbrownheader}

By the Numbers: Diamonds Lead the Way Again

May was another strong month for stores in our survey group, with sales surging 1.5 percent on a 12-month rolling basis to $131,947. It means store sales at the typical U.S. independent jeweler are up almost 20 percent from the same month in 2013.

What’s driving this improvement? In a word, diamonds.

Same-store diamond sales have surged since May 2011 from $450,000 a year to $800,000 in 2014, an increase of 77 percent in three years. Most stores in our survey have seen the contribution from diamonds increase significantly from a low of under 40 percent during the recession to over 50 percent now. If you’re not achieving such percentages, you need to ask yourself why. Start with these three questions:

1. Is your inventory saleable? If you haven’t checked your inventory recently then it’s time to pull out your old pieces and ask, how can we move these and find more fast sellers or better price points?

Advertisement

2. Is your staff up to selling the product? Many employees hired during the recession have little diamond experience. Ensure they have the necessary training and knowledge of your product.

3. Are you in the right headspace to sell? If you’re still functioning in 2009 with the belief that diamond sales are hard to come by, then guess what? They will be. Knowing other jewelers are doing well in this area should be enough to get you rethinking your approach.

For the full story and more ideas to improve your store’s performance, visit instr.us/8141

By the Numbers: Diamonds Lead the Way Again

Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy(edgeretailacademy.com). To join the benchmarking panel, email [email protected].

{loadposition xtra-browncolumn}

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

Promoted Headlines

Most Popular

David Brown

By the Numbers: Diamonds Lead the Way Again

Published

on

{loadposition davidbrownheader}

By the Numbers: Diamonds Lead the Way Again

May was another strong month for stores in our survey group, with sales surging 1.5 percent on a 12-month rolling basis to $131,947. It means store sales at the typical U.S. independent jeweler are up almost 20 percent from the same month in 2013.

What’s driving this improvement? In a word, diamonds.

Same-store diamond sales have surged since May 2011 from $450,000 a year to $800,000 in 2014, an increase of 77 percent in three years. Most stores in our survey have seen the contribution from diamonds increase significantly from a low of under 40 percent during the recession to over 50 percent now. If you’re not achieving such percentages, you need to ask yourself why. Start with these three questions:

Advertisement

1. Is your inventory saleable? If you haven’t checked your inventory recently then it’s time to pull out your old pieces and ask, how can we move these and find more fast sellers or better price points?

2. Is your staff up to selling the product? Many employees hired during the recession have little diamond experience. Ensure they have the necessary training and knowledge of your product.

3. Are you in the right headspace to sell? If you’re still functioning in 2009 with the belief that diamond sales are hard to come by, then guess what? They will be. Knowing other jewelers are doing well in this area should be enough to get you rethinking your approach.

For the full story and more ideas to improve your store’s performance, visit instr.us/8141

By the Numbers: Diamonds Lead the Way Again

Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy(edgeretailacademy.com). To join the benchmarking panel, email [email protected].

Advertisement

{loadposition xtra-browncolumn}

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

Promoted Headlines

Most Popular