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By The Numbers: The Consumers Aren’t Buying Jewelry Myth

Published

12 years ago

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[h3]The Consumers Aren’t Buying Jewelry Myth[/h3]

By The Numbers: The Consumers Aren’t Buying Jewelry Myth

[dropcap cap=T]he chart above shows 12-month rolling averages for the number of items the average store in our survey sold and also the average ticket for the same period.[/dropcap]

What’s amazing is that jewelers are selling as many pieces as ever, just at lower prices. The question then is whether customers are buying cheaper pieces because they have less spending power or because sales staff are directing them to lower-priced goods.

To ensure the recession isn’t a self-fulfilling prophecy in your store:

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[dropcap cap=1.] Drum it into your staff that people are still buying jewelry.[/dropcap]
[dropcap cap=2.] Don’t stop replacing expensive items.[/dropcap]
[dropcap cap=3.] Buy up. The average value of your stockholding should be 20 percent higher than your average sale.[/dropcap]
[dropcap cap=4.] Keep the margins up. Don’t reduce your starting prices.[/dropcap]

By The Numbers: The Consumers Aren’t Buying Jewelry Myth

David Brown is president of the Edge Retail Academy, an organization devoted to the ongoing measurement and growth of jewelry store performance and profitability. You can contact him at [email protected].

[span class=note]This story is from the May 2009 edition of INSTORE[/span]

If you’d like to contribute your own data and receive a personalized KPI report each month, call (877) 910-3343 or e-mail: [email protected].

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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.”

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David Brown

By The Numbers: The Consumers Aren’t Buying Jewelry Myth

Published

12 years ago

on

{loadposition davidbrownheader}

[h3]The Consumers Aren’t Buying Jewelry Myth[/h3]

By The Numbers: The Consumers Aren’t Buying Jewelry Myth

[dropcap cap=T]he chart above shows 12-month rolling averages for the number of items the average store in our survey sold and also the average ticket for the same period.[/dropcap]

What’s amazing is that jewelers are selling as many pieces as ever, just at lower prices. The question then is whether customers are buying cheaper pieces because they have less spending power or because sales staff are directing them to lower-priced goods.

Advertisement

To ensure the recession isn’t a self-fulfilling prophecy in your store:

[dropcap cap=1.] Drum it into your staff that people are still buying jewelry.[/dropcap]
[dropcap cap=2.] Don’t stop replacing expensive items.[/dropcap]
[dropcap cap=3.] Buy up. The average value of your stockholding should be 20 percent higher than your average sale.[/dropcap]
[dropcap cap=4.] Keep the margins up. Don’t reduce your starting prices.[/dropcap]

By The Numbers: The Consumers Aren’t Buying Jewelry Myth

David Brown is president of the Edge Retail Academy, an organization devoted to the ongoing measurement and growth of jewelry store performance and profitability. You can contact him at [email protected].

[span class=note]This story is from the May 2009 edition of INSTORE[/span]

If you’d like to contribute your own data and receive a personalized KPI report each month, call (877) 910-3343 or e-mail: [email protected].

Advertisement

{loadposition xtra-browncolumn}

Related Topics:

click to Comment(Comment)
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