David Brown

By The Numbers: The Discount Balance

Published

15 years ago

October 2, 2008

David Brown Instore October 2008 Issue

MOST 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!

By The Numbers: The Discount Balance

This story is from the October 2008 edition of INSTORE.

Related Topics:

click to Comment(Comment)

Up Next

Stop Being Mr. Nice Guy with Discounts

Don't Miss

By The Numbers: Closing Rate Hike Impacts Bottom Line

David Brown

David Brown is the president of Edge Retail Academy, a leading jewelry business consulting and data aggregation firm that provides expert business improvement plans to help with all facets of your business, including improved financials, healthier inventory, sales growth, increased staff performance, recruiting and retirement/succession planning, all custom-tailored to your store’s needs. They offer Edge Pulse to better understand critical sales and inventory data, to improve business profitability, benchmark your store against 1,200-plus other Edge Users, and ensure you stay on top of market trends with their $3 billion-plus of industry sales data. Contact (877) 569.8657, ext. 001, Inquiries@EdgeRetailAcademy.com or EdgeRetailAcademy.com.

Time for More “Me Time”? Time to Call Wilkerson

Rick White, owner of White’s & Co. Jewelry in Rogers, Ark., knew it was time to retire. Since the age of 18, jewelry had been his life. Now it was time to get that “me time” every retailer dreams about. So, he chose Wilkerson to manage his going-out-of-business sale. White says he’d done plenty of sales on his own, but this was different. “Wilkerson has been a very, very good experience. I’ve had the best salespeople in the history of jewelry,” he says. “I recommend Wilkerson because they are really the icon of the jewelry business and going-out-of-business sales. They’ve been doing it for decades. I just think they’re the best.”