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Editor’s Note: Eileen McClelland’s Number Crunch

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Learn to love your inner bean counter

BY EILEEN MCCLELLAND

This article originally appeared in the March 2015 edition of INSTORE.

I admit, when it comes to this business, I’m attracted to and enchanted by the glamour and sparkle of the jewelry itself. I love to chat about what flashy new item caught your eye (or mine) in an ad or at a trade show, and how you will display it to best advantage. I enjoy learning about exciting new ideas for parties and events.

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I’m fascinated by the cool, creative ways you’ve found to renovate and reinvent your spaces, too, and how environment meshes with the psychology of shopping.

Those are all important aspects of the jewelry retail business, but when it comes down to how your business will survive and thrive in increasingly competitive times, it is essential to take a look at the numbers, even when they seem intimidating.

In a recent Brain Squad survey, most respondents said they pay close attention to certain key performance indicators, ranging from foot traffic and fast sellers to profit margin and total sales numbers. But others said, “I wish I knew,” or “I’m not a numbers kind of guy,” or “I really should be better at this.”

So with that in mind, INSTORE’s Big Story this month focuses on what some of those key numbers are and why — especially if your business is struggling — you need to pay attention to them.
Dan Levinson, owner of Ellis Jewelers in Concord, NC, compares managing his business by the numbers to conducting a symphony.

“In a symphony, everybody’s got to be playing well, and if someone’s off-key it doesn’t sound good. In a jewelry store, you’ve got to curb discounting, have a proper markup on merchandise, and reorder fast sellers.”

Otherwise, the business will be out of tune.

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Wishing you the very best business,

one quick question for jewelers

Continue Reading
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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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Editor's Note

Editor’s Note: Eileen McClelland’s Number Crunch

Published

on

Learn to love your inner bean counter

BY EILEEN MCCLELLAND

This article originally appeared in the March 2015 edition of INSTORE.

Advertisement

I admit, when it comes to this business, I’m attracted to and enchanted by the glamour and sparkle of the jewelry itself. I love to chat about what flashy new item caught your eye (or mine) in an ad or at a trade show, and how you will display it to best advantage. I enjoy learning about exciting new ideas for parties and events.

I’m fascinated by the cool, creative ways you’ve found to renovate and reinvent your spaces, too, and how environment meshes with the psychology of shopping.

Those are all important aspects of the jewelry retail business, but when it comes down to how your business will survive and thrive in increasingly competitive times, it is essential to take a look at the numbers, even when they seem intimidating.

In a recent Brain Squad survey, most respondents said they pay close attention to certain key performance indicators, ranging from foot traffic and fast sellers to profit margin and total sales numbers. But others said, “I wish I knew,” or “I’m not a numbers kind of guy,” or “I really should be better at this.”

So with that in mind, INSTORE’s Big Story this month focuses on what some of those key numbers are and why — especially if your business is struggling — you need to pay attention to them.
Dan Levinson, owner of Ellis Jewelers in Concord, NC, compares managing his business by the numbers to conducting a symphony.

“In a symphony, everybody’s got to be playing well, and if someone’s off-key it doesn’t sound good. In a jewelry store, you’ve got to curb discounting, have a proper markup on merchandise, and reorder fast sellers.”

Advertisement

Otherwise, the business will be out of tune.

Wishing you the very best business,

one quick question for jewelers

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