Editor's Note

The Economy Is Looking Good. So Why Are Retailers Concerned?

Indicators show 2024 should be a good year for the economy, but many store owners are still pessimistic.

Published

7 months ago

March 4, 2024

Trace Shelton Instore March 2024 Issue

UNEMPLOYMENT IS LOW. Inflation has slowed to a creep. The U.S. gross domestic product grew by an astonishing 3.3% in 2023, which indicates a very strong year. The Fed is expected to finally begin cutting interest rates soon. Based on these facts, 2024 projects to be a solid year of economic growth for our country.

Why, then, are so many jewelry retailers pessimistic about the state of the economy?

I honestly don’t know the answer and would love to hear from those of you who feel that way. Maybe it’s the inflation that we’ve experienced over the past year. Maybe it’s political, or maybe it’s the stories that the media are telling.

Regardless, our surveys show that most jewelry retailers fared well in 2023, and all indications are that 2024 will also be a good year (of course, that could change, especially with the election on the horizon).

As such, many of you are hoping to hire more people but have expressed how difficult that is in the current job market.

We heard you, and that’s why we put together the stellar lead story in this issue about hiring. We hope the tips and advice included therein help you to find and retain awesome new people for your team. And that 2024 will indeed be a good year for your 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

Hold a “Dad and kids’ evening out” before Mother’s Day with suggested gifts and free gift-wrapping. (Manager’s To-Do, p. 28)
Have everyone wear white cotton gloves when moving product around to prevent skin oil from getting on your jewelry. (Manager’s To-Do, p. 28)
Use fun language and talk about how great your team is in job postings. (The Big Story, p. 34)
Promote platinum in engagement ring presentations to raise your average ticket and give your clients a durable metal that stays white. (Megan Crabtree, p. 52)
Pay close attention to three-star reviews, as they often provide the most helpful feedback. (Tip Sheet, p. 48)

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”