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

Thinking of Liquidating? Think: Wilkerson

When Peter Reines, owner of Reines Jewelers in Charlottesville, VA, decided it was time to turn over the “reins” of his 45-year-old business to Jessica and Kevin Rogers, he chose Wilkerson to run his liquidation sale. It was, he says, the best way to maximize the return on his decades-long investment in fine jewelry. Now, with new owners at the helm, Reines can relax knowing that the sale was a success, and his new life is financially secure. And he’s glad he partnered with Wilkerson for this once-in-a-lifetime opportunity. “There’s just no way one person or company could run a sale the way we did,” he says.

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