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By The Numbers: The Discount Balance

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[h3]The Discount Balance[/h3]

[dropcap cap=M]ost jewelers find it difficult to resist a request for a discount; it’s part of the to and fro of retailing, and strategically it’s often necessary to get slow sellers out of the store. Still, it’s crucial to get the balance right as the impact on your bottom line can be surprisingly large. Here, see what happens when a typical $1.3-million retailer reins in his price-cutting by just 10 percent, both in terms of the size of the discount, and on the number of items being discounted. These figures are for July. Over a year it ads up to an extra $37,000 in gross profit![/dropcap]

 

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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 October 2008 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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Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

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David Brown

By The Numbers: The Discount Balance

Published

on

{loadposition davidbrownheader}

[h3]The Discount Balance[/h3]

[dropcap cap=M]ost jewelers find it difficult to resist a request for a discount; it’s part of the to and fro of retailing, and strategically it’s often necessary to get slow sellers out of the store. Still, it’s crucial to get the balance right as the impact on your bottom line can be surprisingly large. Here, see what happens when a typical $1.3-million retailer reins in his price-cutting by just 10 percent, both in terms of the size of the discount, and on the number of items being discounted. These figures are for July. Over a year it ads up to an extra $37,000 in gross profit![/dropcap]

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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 October 2008 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].

{loadposition xtra-browncolumn}

Advertisement

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

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Most Popular