Yes, I Do

➤ After 12 months, items
are marked down, refreshed,
stock-balanced or considered
for scrap. It was really
hard at first, considering
we had items that were 10
years old. Now, we just do
it. — Don Bullock, Bullock’s
Jewelry, Roswell, NM

➤ We have held several
inventory reduction
sales, usually
two to three years
apart. We have
used outside firms
to administer the
planning and execution. — Wendy
Smith, Jimmy
Smith Jewelers,
Decatur, AL

➤ I bite the bullet, pull only
a few things and put everything
at half price. It clears
inventory, which is better
than sitting on it and losing
more money. — Laura Pool,
Laura’s Jewelry Designs, St.
Robert, MO

➤ I’ve hired companies to
conduct sales. The last one
we hired just about put us
out of business, so be careful
who you hire, how much you pay them, and most of
all, how they portray you
through the sale and the
position this leaves you in
when you are done if it’s not
a GOB or retirement. — Tim
Bodis, Diamond Designs by
Bodis, Rice Lake, WI

➤ 1/2 off 1/2 the Store,”
a very successful two-day
event that we run annually.
It’s all about aged inventory.
This year’s winner
of oldest piece
sold was an 18K
gold emerald and
moonstone ring
from … ready?
1988! — Mark
Kasuba, M.
Edward Jewelers,
Pittsfield, MA

➤ WAt 325 days old, we put
it 15 to 20 percent off. Then
if it’s not sold at 400 days,
it’s 30, 40 or 50 percent off.
We have over 27 showcases
and we do a sale corner in
each to keep it grouped
with related items. — Alan
Perry, Perry’s Emporium,
Wilmington, NC

➤ I have small clearance
sales. I mail personal invitations
to a select group of customers
for a specific three hour time after hours. Then,
in a couple of weeks, I’ll do
it again. I have a small staff,
so this allows us to handle
a smaller crowd.
— Candice
Milstein, Wyatt Austin
Jewelers, Schaumberg, IL

No, I Don’t

➤ I feel strongly that once
you open this door, it is a
dangerous slope. Do the
items you sell have a fixed
value? Are you letting yourself
in for customers asking
for discounts? What are
your jewels actually worth?
I don’t play that game and
never will. — Eve J. Alfillé,
Eve J. Alfillé Gallery and
Studio, Evanston, IL

➤ I mark my items tight and
offer no discounts. Instead
of a clearance sale, I either
quietly mark down, put the
item in a discount case or
melt it. I now have customers
who would leave me if I
were to offer a sale that they
felt was not for a legit reason. — Ed Menk, E. L. Menk
Jewelers, Brainerd, MN

➤ Bad idea to train your
customers to wait for sales
instead of purchasing at
regular price.
— James
Sickinger, Sickinger’s
Jewelry, Lowell, IN

➤ We did hold clearance
events. However, it gave the
wrong impression about our
business. One impression
was we were closing. Now,
we have a clearance case.
— Nicholas Pronko, Steve
Pronko Diamonds, Dickson
City, PA

This article originally appeared in the November 2016 edition of INSTORE.