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

1 year 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!

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)

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.