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How to Succeed Like Tiny Jewel Box

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How to Succeed Like Tiny Jewel Box

For an upcoming story in INDESIGN, I asked Jim Rosenheim, CEO of Tiny Jewel Box (Washington, D.C.) and America’s Coolest Store in 2011, if he had any guidance to offer retailers trying to reach the eight-figure sales mark. Here were his six pieces of advice:

1 See yourself as a brand in your marketplace and work toward that end.

2 For each of your divisions (jewelry, watches, bridal, etc.), find strong brand partners, but supplement them with enough diversity to make your store unique.

3 Understand your market and buy for it while also trying to bring newness to the picture. What part of ‘what’s new and trendy’ will resonate with your market and what will not?

4 Discard your rose-colored glasses! Realistically look at your business and try to identify and fix its shortcomings. Take a close look at your operations and try to match your expenses to projected revenues. Develop budgets for your various expenses and maintain them if you want profitability and not just sales.

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5 Commit yourself and your staff to serve the client’s needs first and foremost.

6 Identify your best-sellers and make sure that they are always on hand – or at least on order. The 80/20 rule is not a fantasy! I sold 63 rings of one style in a 12-month period, never having more than two in stock. The results were $120,000 in sales with an investment that never exceeded $2,000.

For more from Tiny Jewel Box – including the store’s “secret weapon”! – check out our “Eight Figure Independents” story, appearing in the March/April issue of INDESIGN.

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SPONSORED VIDEO

Wilkerson Testimonials | MSG Jewelers

Wilkerson Takes the Worry Out of Closing

MSG Jewelers has always treated its customers like family. When owner Mike George decided to retire and close the doors of his St. Louis, Missouri jewelry store, he selected a company to manage his going-out-of-business sale that treats its customers like family, too. That’s why he chose Wilkerson. “Wilkerson was able to do all the things that we needed,” says George. In the end, the bittersweet store closing was so much easier with Wilkerson at the helm. From marketing to pricing to inventory, Wilkerson does it all. “It’s a package deal,” says George.

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How to Succeed Like Tiny Jewel Box

Published

on

How to Succeed Like Tiny Jewel Box

For an upcoming story in INDESIGN, I asked Jim Rosenheim, CEO of Tiny Jewel Box (Washington, D.C.) and America’s Coolest Store in 2011, if he had any guidance to offer retailers trying to reach the eight-figure sales mark. Here were his six pieces of advice:

1 See yourself as a brand in your marketplace and work toward that end.

2 For each of your divisions (jewelry, watches, bridal, etc.), find strong brand partners, but supplement them with enough diversity to make your store unique.

3 Understand your market and buy for it while also trying to bring newness to the picture. What part of ‘what’s new and trendy’ will resonate with your market and what will not?

Advertisement

4 Discard your rose-colored glasses! Realistically look at your business and try to identify and fix its shortcomings. Take a close look at your operations and try to match your expenses to projected revenues. Develop budgets for your various expenses and maintain them if you want profitability and not just sales.

5 Commit yourself and your staff to serve the client’s needs first and foremost.

6 Identify your best-sellers and make sure that they are always on hand – or at least on order. The 80/20 rule is not a fantasy! I sold 63 rings of one style in a 12-month period, never having more than two in stock. The results were $120,000 in sales with an investment that never exceeded $2,000.

For more from Tiny Jewel Box – including the store’s “secret weapon”! – check out our “Eight Figure Independents” story, appearing in the March/April issue of INDESIGN.

/* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * */
var disqus_shortname = ‘instoremag’; // required: replace example with your forum shortname

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/* * * DON’T EDIT BELOW THIS LINE * * */
(function() {
var dsq = document.createElement(‘script’); dsq.type = ‘text/javascript’; dsq.async = true;
dsq.src = ‘http://’ + disqus_shortname + ‘.disqus.com/embed.js’;
(document.getElementsByTagName(‘head’)[0] || document.getElementsByTagName(‘body’)[0]).appendChild(dsq);
})();

Please enable JavaScript to view the comments powered by Disqus.
blog comments powered by Disqus

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | MSG Jewelers

Wilkerson Takes the Worry Out of Closing

MSG Jewelers has always treated its customers like family. When owner Mike George decided to retire and close the doors of his St. Louis, Missouri jewelry store, he selected a company to manage his going-out-of-business sale that treats its customers like family, too. That’s why he chose Wilkerson. “Wilkerson was able to do all the things that we needed,” says George. In the end, the bittersweet store closing was so much easier with Wilkerson at the helm. From marketing to pricing to inventory, Wilkerson does it all. “It’s a package deal,” says George.

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Most Popular