08182017Fri
Last updateTue, 15 Aug 2017 9pm

Columnists

Getting ready for the 2012 Holiday Shopping Season

Santa is not the only one making a list and checking it twice. With the holidays just around the corner, it’s time now to make final preparations to insure your store and staff are ready to maximize sales and profitability.

Your inventory level and mix is an all important starting place. Inventory management is, of course, a year-round process, but it’s time now to do a final review. Overall, do you have sufficient stock to accommodate customer demands? Many jewelers do up to 35% of their annual business during the holiday season. Well stocked display cases with a wide mix and variety of inventory naturally attract buyers. Conversely a sparse looking store can drive potential buyers away.

Pros and cons of different retail locations

“Location, location, location.” We’ve all heard this adage with regard to selecting a prime retail location. If your lease is up at your current location, evaluate how well your business is doing and if a move might improve your trade. If you’re about to open a new store, selecting a good location is a fundamental building block for success. Consider carefully the pros and cons of having a store located in a mall, lifestyle or power strip center, traditional strip center or free standing site.

Five key ingredients for running a successful sale event

“If I run a sale in my store, can you tell me how well it will do?” It’s an inevitable question I get when I’m talking with a store owner thinking about running a sale event. And after decades of experience, I’m able to give a store owner some pretty good advice with regard to predicting the relative success of a sale. The starting point is to look at the last two to three years’ sales history trends, margins, inventory levels, etc. to benchmark the kind of business the store has been doing. But beyond that, we’ve identified five key elements that strongly impact the success or failure of in-store promotions.

We all have a price... what’s yours?

The average customer considers the price of a product to be a key factor in their purchase decision. When you ask consumers about certain retail establishments, they may respond with a phrase such as, “that place is expensive, but they have great service,” or perhaps remark that it’s, “inexpensive but offers poor service and weak inventory.” Whatever the impression, pricing is often part of the description.

Columnist