David Brown

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

Published

12 years ago

May 1, 2009

David Brown Instore May 2009 Issue

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

THE 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.

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:

Drum it into your staff that people are still buying jewelry.
Don’t stop replacing expensive items.
Buy up. The average value of your stockholding should be 20 percent higher than your average sale.
Keep the margins up. Don’t reduce your starting prices.

This story is from the May 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

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MSG Jewelers has always treated its customers like family. When owner Mike George decided to retire and close the doors of his St. Louis, Missouri jewelry store, he selected a company to manage his going-out-of-business sale that treats its customers like family, too. That’s why he chose Wilkerson. “Wilkerson was able to do all the things that we needed,” says George. In the end, the bittersweet store closing was so much easier with Wilkerson at the helm. From marketing to pricing to inventory, Wilkerson does it all. “It’s a package deal,” says George.