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Fast Riser: Holman Jewelers

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Holman Jewelers in Springfield, TN saw a 29% growth in net income in 2009.

 

Fast Riser: Holman Jewelers

 

[dropcap cap=S]ometimes it’s the small things you do in business that have the biggest impact. Brian Holman, the owner of Holman Jewelers in Springfield, TN, found that to be the case over the last 18 month as his profit surged even as the economy and his sales tanked. [/dropcap]

SPENDING CONTROL: “In 2008, we had our worst November and December in 20 years, yet I was my most profitable ever.” Over the last year, sales have recovered to pre-recession levels and Holman has been able to maintain his new healthier margin. The result was net income of $65,000 in 2009, up from $51,000 in 2008 and just $23,000 in 2007. “Control your spending. That’s been the main thing. I guess I could never run for Congress,” he now jokes.

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TRACKING CUSTOMERS: The spark for change came when Holman read an article in INSTORE recommending store owners track the customers coming into the store. “I found we were busiest at 11 to 3 o’clock and that we didn’t need the staff we had on early in the morning,’ he said. That finding resulted in a restructuring of staff that Holman says “unfortunately” meant fewer hours for his staff but allowed the store to save 10 percent on operating expenses.

WHITE ELEPHANTS: Holman took a similar harder-headed approach to inventory. His “white elephants,” some of which had been in the store for more than five years, were shifted to a half-price case. He now expects new merchandise to turn in less than six months and is much stricter about buying only what his customers have shown they want.

SPIFFS: He has also experimented with spiffs for his staff to move items and been more disciplined with vendor debt. Outstanding invoices were cut from $40,000 in 2008 to $20,000 in 2009.

EXPANSION IN SIGHT: With his finances in better shape, Holman is ready to expand. He is exploring financing for a new self-standing store that he hopes will double his selling space to 3,200 square feet and include a diamond room. — CHRIS BURSLEM

[span class=note]This story is from the May 2010 edition of INSTORE[/span]

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Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

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Fast Risers

Fast Riser: Holman Jewelers

Published

on

Holman Jewelers in Springfield, TN saw a 29% growth in net income in 2009.

 

Fast Riser: Holman Jewelers

 

[dropcap cap=S]ometimes it’s the small things you do in business that have the biggest impact. Brian Holman, the owner of Holman Jewelers in Springfield, TN, found that to be the case over the last 18 month as his profit surged even as the economy and his sales tanked. [/dropcap]

Advertisement

SPENDING CONTROL: “In 2008, we had our worst November and December in 20 years, yet I was my most profitable ever.” Over the last year, sales have recovered to pre-recession levels and Holman has been able to maintain his new healthier margin. The result was net income of $65,000 in 2009, up from $51,000 in 2008 and just $23,000 in 2007. “Control your spending. That’s been the main thing. I guess I could never run for Congress,” he now jokes.

TRACKING CUSTOMERS: The spark for change came when Holman read an article in INSTORE recommending store owners track the customers coming into the store. “I found we were busiest at 11 to 3 o’clock and that we didn’t need the staff we had on early in the morning,’ he said. That finding resulted in a restructuring of staff that Holman says “unfortunately” meant fewer hours for his staff but allowed the store to save 10 percent on operating expenses.

WHITE ELEPHANTS: Holman took a similar harder-headed approach to inventory. His “white elephants,” some of which had been in the store for more than five years, were shifted to a half-price case. He now expects new merchandise to turn in less than six months and is much stricter about buying only what his customers have shown they want.

SPIFFS: He has also experimented with spiffs for his staff to move items and been more disciplined with vendor debt. Outstanding invoices were cut from $40,000 in 2008 to $20,000 in 2009.

EXPANSION IN SIGHT: With his finances in better shape, Holman is ready to expand. He is exploring financing for a new self-standing store that he hopes will double his selling space to 3,200 square feet and include a diamond room. — CHRIS BURSLEM

[span class=note]This story is from the May 2010 edition of INSTORE[/span]

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

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