TEN YEARS AGO, we had a big idea.
That idea became our annual outreach known as “The Big Survey.” By now, you know the concept: to ask jewelry retailers anything and everything about your businesses in hopes of gleaning industry trends, useful advice and even humorous anecdotes. The results have become an encyclopedic resource for anyone seeking to understand the current state of jewelry retail in America.
A lot has changed over the past 10 years, and the jewelry business is in a state of flux unlike anything it has ever seen. This year’s survey examines these shifts using side-by-side comparisons to the results of past surveys. For example, we can see that the princess-cut diamond has dropped drastically in popularity since 2009, while demand for oval and cushion cuts is skyrocketing. Yellow gold, rose gold and silver are hot while palladium, titanium and stainless steel have cooled. Jewelers believe the biggest changes in how they sell jewelry include a greater need to create an “experience” for clients, more desire for customization, better informed customers and an increased use of technology in the sales process.
But as you’ll see in the survey results, what hasn’t changed are the basics: Customers still look for a retailer they can trust implicitly with a purchase that is sometimes technical, often weighty and almost always emotional.
P.S. — What do you see as the strongest competitive threat to your business in 2018, and what specific actions are you taking to address it? Answer this in a 500-word essay and you could win $500. Deadline is Oct. 27.
Trace Shelton
EDITOR-IN-CHIEF, INSTORE
trace@smartworkmedia.com
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.
