Last updateWed, 15 May 2019 3pm

Bob Epstein

Planning for success

The new year is off and running. Have you taken the time for reflection, resolutions and goal setting? Losing weight. Planning a vacation. Taking up a new hobby.  What about your store? What are your goals and objectives for your business this year?  Now is a good time to sit back, reflect and gain clarity about where you’ve been, where you are now, and where you want to go.

Competing against the big chains this holiday season

The election is over - but just when people are starting to think it might be safe for them to turn on the television, there’s a whole new slew of ads bombarding viewers. Not politicians, but retailers, many of them the jewelry store chains competing for holiday shopping dollars. “Hurry in to one of our 1,000 stores and get this mass produced ring. Sparkling love placed in a tiny cushioned display box - now at huge savings up to 60%.”

Adapting to new consumer buying habits

Hopes and expectations are that this will be an improved Christmas shopping season with an increase in sales for independent jewelry store owners. The consumer is coming back but, thanks to the recession, there have been some significant changes in their buying patterns and psychology. The more you understand this shift in consumer mind-set the better prepared you’ll be to adapt to the new marketplace and to prosper during the 2012 holiday shopping season.

Strategies for great customer service during the holiday season

We all know jewelry doesn’t sell itself. You don’t see store owners stacking counter tops with piles of engagement rings, worth tens of thousands of dollars, to be handled and picked over as a sales clerk stands passively by waiting for a sale.  In fact, from the moment your front door opens, it’s game on. You start selling a customer the moment he or she walks through your door. Great customer service is important at all times of the year, but during the holiday shopping season it’s particularly critical and takes some extra thought and planning.

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.