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Editor's Note

Our Annual Big Survey Can Help You Achieve High Performance in Your Store

The data from this industry-leading exercise reveals how you stack up compared to other retailers across North America.

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IF OUR AMERICA’S COOLEST Stores issue in September is a delicious celebration dessert that highlights what’s special about jewelry retailing, then our Big Survey issue is the main course — the stuff you need to stay healthy.

Every year, our team discusses which approach we think will be most useful to our readers. One of our favorites, which we use every so often, is the Thrivers vs. Strugglers concept, wherein we distill the key differences between retail stores that are more successful than the average and stores that are less successful. Whether your store is a “thriver” or a “struggler” — or somewhere in between — we think you can learn something from our findings.

Here are some of my big takeaways from this year’s survey.

Average bridal sale is a major determinant of success. Almost 70% of underperforming stores said their average bridal sale is getting smaller, while more than one-third of overperformers said it was getting bigger, and another one-third said it remained the same.

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Profit margins are key. Nearly a third of Thrivers said their gross profit was greater than 50%, while fewer than 10% of Strugglers said the same.

Pay less for your store and more for your staff. More than 60% of Thrivers spend 18% or more of revenue on personnel costs, while only 50% of Strugglers do so. The numbers are just about reversed when it comes to occupancy costs relative to a 6% of total revenue benchmark.

Google Reviews are critical. 70% of Thrivers reported 5-star ratings, with only a handful below 4.5 stars — whereas less than 30% of Strugglers reported 5-star ratings, with almost 20% below 4.5 stars.

And there are plenty more insights included in this year’s survey. So, before your holiday selling season gets under way, take time to read through our story and consider how its findings can help you build a healthier business.

Now Introducing The INSTORE Show, Coming to the Chicago Area in 2023!

Trace Shelton

Editor-in-Chief, INSTORE
trace@smartworkmedia.com

Five Smart Tips You’ll Find in This Issue

  • Offer a 10% discount on Cyber Monday to help close the deal with clients who shopped over the weekend. (Calendar, p. 20)
  • Keep your store’s “decompression zone” uncluttered so that clients aren’t distracted as they enter. (Manager’s To-Do, p. 20)
  • Remind your sales team to keep every holiday presentation personal so these clients will return. (Manager’s To-Do, p. 20)
  • Be sure to account for inflation in your repair prices for 2025. (Manager’s To-Do, p. 20)
  • Host a birthday lunch for each staff member throughout the year at a local restaurant of their choice. (Cool Stores, p. 58)

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Retiring? Let Wilkerson Do the Heavy Lifting

Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift. To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”

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