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Editor's Note

Jewelry Retailers Emerge From 2020 Battle-Scarred But Ready For The Future

Our lead story in April tells a few of the many survival stories.

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IN 2020, WE heard from many of you about how you and your teams were suffering. You told us about how your states had closed you down, about how difficult it was to sell via “social distancing” or remote means, about the angry customers who walked out when you told them you were required to enforce mask-wearing regulations. Many of you told us about rioting and looting, and how your stores had been invaded by opportunistic criminals.

But the story of American jewelry retailers has always been one of perseverance and adaptation. And boy, did you ever persevere and adapt over the last 12 months!

In our lead story, “We Will Survive,” we’ve written about a select few jewelry retailers and their stories of survival and triumph in 2020. I hope you’ll see yourself in their stories, because we could have written books upon books about all the jewelers who faced down adversity and came out the other side. Worse for wear, probably. But also transformed for the better.

You may be wondering how to best manage your inventory in 2021. Should you buy aggressively, or remain cautious? Be sure to tune into a special editorial webinar I’m hosting on April 14 with The EDGE Academy president and co-founder David Brown. We’ll address your questions and get you on the right path for this year. (And if you miss the live webinar, you can always watch the replay on instoremag.com.)

Five Smart Tips You’ll Find in This Issue

  1. Send out cards, along with a special offer for diamond upgrades, to customers with anniversaries in June. (Manager’s To-Do, p. 28)
  2. At the start of your next brainstorming meeting, go around and ask everyone to tell an embarrassing story about themselves to loosen everyone up. (Brainstorm, p. 52)
  3. When a client asks for your cash price, tell them it’s the same as a check or credit card and ask, “Is that how you’re paying, with cash?” (Shane Decker, p. 55)
  4. Use clients as models for your marketing campaigns. (Cool Stores, p. 62)
  5. Place a value on anything you give away for free, so that clients appreciate it more. (Tip Sheet, p. 48)

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This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”

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