Connect with us

Commentary: The Business

Here’s How One Retailer Makes the Most of the Vegas Shows

Step 1: Create a buying guide.

mm

Published

on

I AM DUMBFOUNDED BY the sheer number of independent store owners who arrive at a jewelry show without a clue of what they need to purchase. Many come without a plan, a list of fast sellers, zero data for cost-pricing comparisons or any idea of their budget.

My success and the welfare of my employees depends on the fact that I never go to any show without doing my due diligence. Many contemporaries can relate to the research needed for trend forecasting, evaluating inventory turn and countless hours of chatting up my customers (noting major anniversaries, milestone events, collection additions, etc.) to create a buying guide to make a show worthwhile. My shows are monetized from start to finish with customer-requested wish-list items, stock reorders or new items that will fit nicely into our existing inventory.

It is impressive to observe the Gen X jewelers who are savvy about a different way of doing business. No longer content with buying by trial and error, they work from proven business metrics of historical sales, volume/cost statics and a buying plan to procure the stock needed to achieve financial goals. They seek innovative, transparent companies who are committed to providing profitable inventory turn, thus ensuring everyone’s continued success.

When I attend a show, the bonus is often the sunny locales, the outings, the keynote speakers and elective education. I search for new relationships that will bring more life to my cases and stretch my advertising dollar, as well as ideas that will improve my retail end game. There are so many veterans who understand our industry and are willing to share their success secrets, introduce you to a key supplier or help you flesh out a better business plan.

So, escape your four walls, go to the shows, and see the buffet of gems and aisles of suppliers these venues have to offer. Learn about a new line, meet the designer, then take those value-added stories back to your sales floor to energize your team, reinvigorate your merchandising and escalate more positive numbers into your revenue stream. Commit to making a buying plan, then go to the next show or empower someone else in your little universe who is worthy to seize the opportunity and grab that golden ring.

Advertisement

Denise Oros owns Linnea Jewelers in La Grange, IL.

Advertisement

SPONSORED VIDEO

Want More “Me” Time? Wilkerson Will Get You There!

It was time. Teri Allen and her brother, Nick Pavlich, Jr., had been at the helm of Dearborn Jewelers of Plymouth in Plymouth, Mich., for decades. Their father, Nick Pavlich, Sr., had founded the store in 1950, but after so many wonderful years helping families around Michigan celebrate their most important moments, it was time to get some “moments” of their own. Teri says Wilkerson was the logical choice to run their retirement sale. “They’re the only company that specializes in closing jewelry stores,” she says. During the sale, Teri says a highlight was seeing so many generations of customers who wanted to buy “that one last piece of jewelry from us.” Would she recommend Wilkerson? Absolutely. “There is no way that I would have been able to do this by myself.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Facebook

Latest Comments

Most Popular