Editor's Note

The Best Parts of the Big Survey Are the Human Interest Answers

Data is critical to managing a business, but the people are what make our industry special.

Published

5 years ago

November 11, 2020

Trace Shelton Instore November 2020 Issue

NEARLY 750 JEWELRY retailers participated in our 14th annual Big Survey, which makes it the most substantial amount of information ever gathered from retail jewelers across North America. That also makes it one of the most useful articles you’ll read this year.

This time, we delve into crucial areas for every jewelry store owner, including top-performing brands, online sales, lab-grown diamonds, the impact of COVID-19, gold buying, the election, millennials, social media, and driving traffic. Equally as important, we ask retailers to describe their best and worst habits, top promotions, best $100 investments, and time management tips.

In all, it’s a fantastic repository of statistics and best practices — so much so that it’s impossible to fit all the good stuff into the magazine. So be sure to check out instoremag.com for more excellent advice and reactions from The Big Survey.

As always, we also included some fun questions in the mix, like “If you were a gemstone, what would you be?” or “What do you proudly ‘do wrong,’ and why?” We do it because the most interesting thing about the retail jewelry sector are the personalities that comprise it. You’re a varied and fascinating lot. Your experiences are myriad and compelling, your stories entertaining. Bottom line: Those are our favorite answers in the survey, because they tell us who you really are.

As important as they are, statistics don’t tell the story of the jewelry business. Its people do.

Thanks for participating in The Big Survey, and we hope you enjoy reading the results!

Best wishes for your business,

Trace Shelton

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

Five Smart Tips You’ll Find in This Issue

Send a mailer offering to clean, inspect and provide jewelry advice to your clients. (Ask INSTORE, p. 60)
Set a fixed time you’ll leave your store in order to be more productive and achieve work/life balance. (In Your Store, p. 53)
Extend your return policy to Jan. 30 so that early shoppers don’t have to worry about buying a gift that can’t be exchanged. (Manager’s To-Do, p. 24)
Talk with your sales, advertising and website teams about where you will use store lifestyle images before a photo shoot. (Andrea Hill, p. 57)
Re-engage with online browsers who abandon their carts and see if you can close the sale. (David Brown, p. 58)

Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration

After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years." Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations. The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.