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.

Published

5 years ago

April 7, 2021

Trace Shelton Instore April 2021 Issue

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

Send out cards, along with a special offer for diamond upgrades, to customers with anniversaries in June. (Manager’s To-Do, p. 28)
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)
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)
Use clients as models for your marketing campaigns. (Cool Stores, p. 62)
Place a value on anything you give away for free, so that clients appreciate it more. (Tip Sheet, 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.