Connect with us

Manager's To Do

To Hold a Sale or Not to Hold a Sale and More Existential Questions for March

mm

Published

on

Should we have an annual “summer sale” when we are not a sale-oriented store? 

We understand your fear both in terms of your store’s image and the risk of training customers to expect sales. But an annual sale clearly signposted as an infrequent event is a good opportunity to move dated merchandise that is costing you money to keep in your cases, at a time when things are usually slow (see our lead story in this issue). It’s also undeniable that sales work. Our Big Surveys have repeatedly shown that sales promotions are by far the most effective way to get people in the store and to move goods. It may help to reframe the way you think of markdowns. Rather than view them as losses, consider them as lessons: Your customers are telling you what they don’t like. And the cash you generate will allow you to get lines in that your customers have said they do like.


Can you give me information about malls so I can compare data like sales per square foot, base rent and operating costs?

It’s true that malls in general have struggled the last few years, but at the top end, they are still raking in the dollars. According to Green Street’s rankings, there are three dozen U.S. malls rated “A++” and about 270 high-performing malls with A ratings with sales around the $1,000 per square foot mark. The rest, more than 700 malls, have lower grades, many of which are struggling to attract consumers and may be generating sales of only $250 per square foot.

Factors to consider when researching malls:

  • Size and breadth makes malls a destination for shoppers and help them compete with the variety of products offered online. The bigger the mall, the better.
  • Louis Vuitton, Prada and other luxury brands attract higher-spending customers, boosting a mall’s sales per square foot. According to Green Street, an Apple store leads to a 13 percent bump in a mall’s sales per square foot.
  • An anchor like Neiman Marcus or Bloomingdale’s is generally a good sign. A Sears, J.C. Penney or Kohl’s store can possibly be a sign of trouble because a retailer that is closing locations can trigger contract clauses that let other tenants out of their leases, creating a downward “death spiral.”

What do you say when someone asks about the competition? 

Stay positive, or be non-committal (“We actually don’t consider them competitors, as we operate in a different part of the market”). Just don’t bad-mouth them, even if they’ve been less than nice about you. Customers will think less of you if you do. 


Where can I find a jewelry event guru?

Kate Peterson suggests you look beyond the jewelry industry. “There’s an entire industry out there built around party planning and logistics. My best recommendation is to look there rather than within our industry. If you partner with the right individual or company, you can find someone who is closer to the customer’s mindset while being creative in concept development and organized in execution,” she says.

Advertisement

This article originally appeared in the March 2017 edition of INSTORE.

Advertisement

SPONSORED VIDEO

Gene the Jeweler

When Gene the Jeweler Speaks, His Employees Listen

In this episode of Jimmy DeGroot’s Gene the Jeweler series, Gene has a simple request for his employees. The good news is that they follow his instructions. The bad news is that they follow a bit too literally.

Promoted Headlines

Manager's To Do

Add These Dates to Your To-Do List to Ensure a Productive May

Mother’s Day, the Vegas shows, summer and more guarantee it will be a busy month.

mm

Published

on

May 5-11

SALES Everything should be in place for Mother’s Day (May 12). Remind salespeople that it’s a fantastic opportunity for add-on sales in the form of matching jewelry. What have you bundled for dad and daughter to buy together for Mom?

PLANNING If you’ve typically taken your annual vacation in July, why not shake things up a bit and opt for vacation in August this year? Who knows what your community’s jewelry needs are like in July if you’ve never really been present.

STRATEGY Vegas bound? (JCK begins May 31.) Hunker down with your POS system. Be clear on what you are trying to achieve at the show. What are your goals? To attract female self-purchasers, expand your bridal clientele with new bridal product, increase margin with in-house branded collections? (And keep an eye out for our June trends guide toward the end of the month at instoremag.com — it could be a huge help.)

May 12-18

MANAGEMENT Start meeting with staff at least monthly to share three “good things” to build on and three “development areas.”

MARKETING Your best customers are your current customers. Identify your 200 top customers. Draft a plan to market to them in the second half of 2019.

SECURITY Hotels in Vegas make it clear they are not responsible for loss or theft of items brought into their property. If you travel with goods, look into getting insurance.

May 19-25

OPERATIONS Hurricane season is ahead in many parts of the country. Run through a checklist to ensure that your bad weather protocol is up to speed.

BUYING This year, be organized and professional in front of your vendors in Vegas — prepare all your reports and forms. Re-confirm your appointments, and get cell phone numbers so you can contact them if you need to.

May 26-June 1

BUYING In Vegas, make a point to visit the Design Atelier at Couture and The Design Center at the JCK Show. The talented designers in these sections create jewelry unlike anything you may have seen, which will engage your most consistent clients while also opening up new markets.

SHOP Slow season project: Take photos of all waxes not already in your CAD library and add them.

MERCHANDISING With summer on the way, Larry Johnson says redo the props in your showcases to give a fresh look. Throw away those seashells in the pearl case and replace them with props that show your customer all the places in town where she can wear those beautiful pearls.

Continue Reading

Calendar

May Day, Sea Monkey Day and More Important May Dates

One is a day to remind yourself that ultimately, you’re selling emotional benefits.

mm

Published

on

1 Elsewhere, the proletariat may be standing shoulder-to-shoulder on May Day, singing “L’Internationale” to show solidarity with their daily toil, but in the good ol’ U.S. of A, that’s not considered politically correct. In place of class struggle, tell your staff you want to hear what can be done to make your store a better place to work. Ask your employees to come up with three small things each that would make their working days more pleasant. Implemented right, small things can go a long way to making employees feel empowered, involved and happy to be at work.

4 AUDREY HEPBURN, who was born on this date 90 years ago, did more for little black dresses and diamond earrings than anyone else in history. Mark the occasion with an invitation-only morning event with your favorite customers.

14 The BIRTHDATE OF THE BUDDHA is a perfect time to focus on what works and let go of the rest. Invite input, keep an open mind, and act to de-clutter.

16 It helps to be smart in your marketing, but bold is so much better. Remember that today as the world celebrates SEA MONKEY DAY — a briny nod to the power of selling emotional benefits.

Continue Reading

Calendar

Siblings Day, National Volunteer Week and More Important April Dates

Seize on this date to own the ideas of truthfulness and trust in your community.

mm

Published

on

10 Sure, sometimes they wouldn’t surrender the TV remote, and you had to wear red because they got the blue top, and they never seemed to do their fair share of the dishes … But they are also the only other people on the planet who understand what weirdos your parents are. On National Siblings Day, remind your customers of all this. Siblings are like the best friends we never asked for but are really glad we have. They deserve a nice surprise gift — in red.

7 On National Volunteer Week, pick up litter on roadsides or in your local creek, serve food to homeless, repaint the children’s shelter; do something to give back to your community.

14 On Be Kind to Lawyers Day, send a cheery note of thanks to yours for their hard work keeping your business safe from legal jeopardy.

30 Those honored on National Honesty Day are given “Abes” to mark their commitment to truthfulness. Sponsor an event at a local school. Own the ideas of truthfulness and trust in your community.

Continue Reading

Most Popular