Consider your market’s potential demographics when deciding what sort of personality your store ought to have. Paco Underhill says it’s important to consider those potential customers and adapt your physical environment to fit their needs.
Consider your market’s potential demographics when deciding what sort of personality your store ought to have. Paco Underhill says it’s important to consider those potential customers and adapt your physical environment to fit their needs.
Here’s one example: If you own a jewelry store in southern Florida, Underhill says, 10 to 15 percent of people walking in the door are under age 12, because Latin families tend to shop in social clusters. The kids may not be your primary customer base, but the people walking in with them are, and so it would be in your best interest to entertain them. “So if I’m on 57th Street in New York, there are not a lot of kids who walk in,” Underhill says. “But if I’m at a jewelry store in Fort Lauderdale or Boca or Miami, having a children’s area might make a lot of sense.”
Others who feel disenfranchised by the process of shopping in a jewelry store are the under-30 crowd, Underhill says. “There are a generation of Americans, under 30, who are intimidated by the process. They think ‘I am getting ripped off so I’m going to buy my diamond online and take it to a store to have it set.”
Even so, all is not lost. Use that opportunity to build a relationship. “If I’m the brick-and-mortar store, I’ll set that ring for you because it gets me the chance to begin a relationship, to ask for your e-mail and ask, ‘Do you want me to remind you about Valentine’s Day, Mother’s Day and your wife’s birthday? Because I can probably help you.”
Get more actionable advice from the world’s leading retail environment expert at The SMART Show. Paco Underhill’s must-see keynote session takes place on Saturday, April 18, at 8:30 a.m., and is sponsored by Synchrony Financial.
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Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success
After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone.
Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently.
The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.
