David Brown

By The Numbers: Grim Figures No Reason to Despair

Published

13 years ago

February 1, 2009

David Brown Instore February 2009 Issue

By The Numbers: Grim Figures No Reason to Despair

THE NOVEMBER FIGURES from our survey group certainly make grim reading. Still, they’re no reason to despair, although they suggest you’re going to have to get creative with your average retail value, achieved margin, purchases and expenses. If your sales are down by say 20 percent, then your average retail value needs to be increased by 20 percent — e.g. an $80 item needs to become a $96 item — to keep your numbers up. If you can manage only a 10 percent increase in your average retail value then you need to boost your margin to make up for the lost gross profit. You’ve got work to do!

This story is from the February 2009 edition of INSTORE.

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David Brown

David Brown is the President of The Edge Retail Academy (sister company of The Edge), who provide expert consulting services to help with all facets of your business including inventory management, staffing, sales techniques, financial growth and retirement planning...All custom-tailored to your store’s needs. By utilizing the power of The Edge, we analyze major Key Performance Indicators that point to your store’s current challenges and future opportunities. Edge Pulse is the ideal add-on to the Edge, to better understand critical sales and inventory data to improve business profitability. It benchmarks your store against 1100+ other Edge Users and ensures you stay on top of market trends. 877-569-8657, Ext. 001 or [email protected] or www.EdgeRetailAcademy.com

It’s Going to Set Us Up Very Nicely for Retirement

You’ve worked hard all your life. And if you’re like most jewelers contemplating retirement, you’re hoping that your going-out-of-business sale will add to your nest egg — with minimal complications. That’s exactly what Doug and Jacki Friedrich, fourth-generation owners of Friedrich Jewelers Inc., of Vernon, Conn., experienced when they selected Wilkerson to run their sale. “Jewelers who are contemplating a sale should go with Wilkerson because of their experience,” says Doug. And with financial goals “exceeding expectations,” the couple can now focus on enjoying the next chapter of their lives. “It’s going to set us up very nicely for retirement,” says Jacki. “The money’s coming in and we have no complaints. It’s been wonderful.”