I CONSTANTLY MARVEL AT those of you who work with your family. Many of you work at multi-generational stores coexisting in harmony, day after day, with the people who are closest to you away from work and in the store.
I used to dream about opening a retail shop with my brothers. Now, multiple disagreements and fallings-out later, I’m glad we never tried it because it surely would have cost us a lot more than bruised feelings.
Then again, maybe we could have made a go of it if we’d had the advice delivered in the lead story of this issue. From structured check-ins to assigned roles to well-thought-out succession plans, there are lots of systems and initiatives that you can institute to ensure smooth dealings with family members. And the store owners and experts cited in the article have proven — sometimes over multiple generations — that they work.
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One of my favorite tips from the story comes from 80-year-old Kubes Jewelers in Fort Worth, TX, where each generation establishes its own timeframe and rules for transition. I love how this principle both empowers people and sets the stage for a fluid evolution from one generation to the next.
The business of jewelry retail is special for many reasons, not least of which is the number of family-based stores across the continent. I hope our story helps you to keep that tradition going in your store (although when it comes to holiday dinner conversations, you’re on your own!).
Trace Shelton
Editor-in-Chief, INSTORE
[email protected]
Five Smart Tips You’ll Find in This Issue
- Clean your store and move around all the displays so everything looks fresh and exciting. Manager’s To-Do, p. 24
- Extend your normal return policy for holiday purchases, so early shoppers don’t need to worry about buying a gift that can’t be exchanged. Manager’s To-Do, p. 24
- Allow five years to plan for structure and intent for the succession of your store. The Big Story, p. 30
- In meetings, allow a few minutes for venting or complaining and then switch to solution mode, holding everyone accountable to stay there. The Big Story, p. 30
- Put the jewelry you most want to sell at the back center of your displays. Larry Johnson, p. 50
Closing With Confidence: How Bailey's Fine Jewelry Achieved Outstanding Results With Wilkerson
When Trey Bailey, President and CEO of Bailey's Fine Jewelry, decided to close the Crabtree location in Raleigh, North Carolina after 15 years, he knew the decision needed to be handled with intention and professionalism. The goal was clear: exit the location while maintaining financial strength and honoring the store's legacy.
Having worked with Wilkerson successfully in the past, Bailey understood the value of their comprehensive approach. "They understood both the emotional and financial sides of the store closing sale," Trey explains. "Their reputation for professionalism, results and care made it a very easy decision."
The results exceeded expectations. Wilkerson helped Bailey's sell through significant inventory while maintaining the dignity of the closing process. "They don't just run a sale, they help close a chapter in the best way possible," Bailey says, strongly recommending Wilkerson to any jeweler facing a similar transition.
