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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.

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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.”

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Otherwise, the business will be out of tune.

Wishing you the very best business,

Editor’s Note: Eileen McClelland’s Number Crunch

one quick question for jewelers

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Retiring? Let Wilkerson Do the Heavy Lifting

Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift. To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”

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Editor's Note

Editor’s Note: Eileen McClelland’s Number Crunch

mm

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.

Advertisement

“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.

Wishing you the very best business,

Editor’s Note: Eileen McClelland’s Number Crunch

one quick question for jewelers

Advertisement

Advertisement

SPONSORED VIDEO

Ready to Move? Let Wilkerson Lead the Way

When Brockhaus Jewelry planned their move to a new location in Norman, Oklahoma, owners John Brockhaus and Brad Shipman knew exactly who to call for their moving sale: Wilkerson. "Having worked with Wilkerson before, choosing them again made perfect sense," says Shipman. "And our second partnership was even better than the first." The sale exceeded expectations, thanks to Wilkerson's strategic approach - starting with Brockhaus's existing inventory before carefully supplementing with additional pieces. "They made everything simple," Shipman adds. "From the outstanding consultant to the detailed planning, the entire process was seamless." It's why both partners enthusiastically recommend Wilkerson to fellow jewelers planning a move, remodel, or retirement sale.

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