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Paco’s Tips: Know Your People

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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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Celebrate Your Retirement with Wilkerson

For nearly three decades, Suzanne and Tom Arnold ran a successful business at Facets Fine Jewelry in Arlington, Va. But the time came when the Arnolds wanted to do some of the things you put off while you’ve got a business to run. “We decided it was time to retire,” says Suzanne, who claims the couple knew how to open a store, how to run a store but “didn’t know how to close a store.” So, they hired Wilkerson to do it for them. When she called, Suzanne says Wilkerson offered every option for the sale she could have hoped for. Better still, “the sale exceeded our financial goals like crazy,” she says. And customers came, not only to take advantage of the going-out-of-business buys and mark-downs, but to wish a bon voyage to the beloved proprietors of a neighborhood institution. “People were celebrating our retirement, and that was so special,” says says.

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Paco’s Tips: Know Your People

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Published

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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.”

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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.

Advertisement

SPONSORED VIDEO

Celebrate Your Retirement with Wilkerson

For nearly three decades, Suzanne and Tom Arnold ran a successful business at Facets Fine Jewelry in Arlington, Va. But the time came when the Arnolds wanted to do some of the things you put off while you’ve got a business to run. “We decided it was time to retire,” says Suzanne, who claims the couple knew how to open a store, how to run a store but “didn’t know how to close a store.” So, they hired Wilkerson to do it for them. When she called, Suzanne says Wilkerson offered every option for the sale she could have hoped for. Better still, “the sale exceeded our financial goals like crazy,” she says. And customers came, not only to take advantage of the going-out-of-business buys and mark-downs, but to wish a bon voyage to the beloved proprietors of a neighborhood institution. “People were celebrating our retirement, and that was so special,” says says.

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