ANOTHER YEAR, ANOTHER opportunity.
The reports from jewelry retailers around the country coming out of the holiday selling season have been very positive. Of those who completed our latest Brain Squad poll, nearly 50% were up for December — a giant number considering that 2023 was also a good year for most. In fact, since businesses began reopening during the pandemic, jewelry retailers have mostly seen nothing but growth, generally speaking.
Of course, we’ve also seen high inflation, so the growth is offset at least somewhat by rising prices. That said, with inflation finally cooling off and interest rates likely coming down later this year, another profitable year would leave jewelry retailers sitting pretty heading into 2025.
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That’s the impetus behind this month’s lead story on how to improve your negotiating skills. You can grow sales all you want, but if you can’t keep costs down, your bottom line won’t look nearly as healthy as it could. On the other hand, negotiations with your vendors, banks, service providers, and yes, customers, can help you achieve greater profitability through lower expenses.
Out of the 20 tips for better negotiation that are shared in the story (and 20-plus more in the online version at instoremag.com/extras), I hope you will find at least one piece of advice that will make you a stronger negotiator. Then, when you sit down at a trade show with a vendor or a desk with your lender — or even a custom design situation with a client — you can lay the foundation for sustainable business health.
Trace Shelton
Editor-in-Chief, INSTORE
[email protected]
Five Smart Tips You’ll Find in This Issue
- Invite your customers to an “Appraisal Clinic” at your store along with a reminder that their insurance company will typically pay the oldest appraisal price. (Manager’s To-Do, p. 22)
- Make table bookings at top local restaurants far in advance, then give them away to clients who make substantial purchases. (Manager’s To-Do, p. 22)
- No matter how serious or important the negotiation at hand, try to have fun and use appropriate humor to lighten the mood. (The Big Story, p. 30)
- Publish new content weekly on your web blog to keep the attention of search engines. (Andrea Hill, p. 46)
- When selling to a couple, engage both of them in the process by asking relationship questions and finding out what’s important to each person. (Shane Decker, p. 48)
Closing With Confidence: How Bailey's Fine Jewelry Achieved Outstanding Results With Wilkerson
When Trey Bailey, President and CEO of Bailey's Fine Jewelry, decided to close the Crabtree location in Raleigh, North Carolina after 15 years, he knew the decision needed to be handled with intention and professionalism. The goal was clear: exit the location while maintaining financial strength and honoring the store's legacy.
Having worked with Wilkerson successfully in the past, Bailey understood the value of their comprehensive approach. "They understood both the emotional and financial sides of the store closing sale," Trey explains. "Their reputation for professionalism, results and care made it a very easy decision."
The results exceeded expectations. Wilkerson helped Bailey's sell through significant inventory while maintaining the dignity of the closing process. "They don't just run a sale, they help close a chapter in the best way possible," Bailey says, strongly recommending Wilkerson to any jeweler facing a similar transition.
