Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Corinth Jewelers opens fabulous standalone store
    Positive Outlook for Holiday Sales
    Riding the Wave with Essential Lab Grown Diamonds in a Changing Market
    Saban Onyx helps independent retail jewelers get fancy
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    JA members push for security, credit reform in D.C.
    Columbia Gem House opens raffle to support Sea Turtle Rehabilitation
    CD Peacock partners with Foster Love to support Chicago’s foster youth
    NDC and Lorraine Schwartz announce the 2023 Class of Emerging Designers
  • Podcast
    Episode 44 -John Carter, From Small Town to Big Dreams of Jack Lewis Jewelers
    Episode 44 -John Carter, From Small Town to Big Dreams of Jack Lewis Jewelers
    Dangers of Jewelry theft and how to prevent them 350
    Episode 43 -Kenny Mullins, Dangers of Jewelry Theft and How to Prevent Them
    Inside the Generational Legacy of David Douglas Diamonds
    Episode 42 -Doug Meadows, Inside the Generational Legacy of David Douglas Diamonds
    An-Inspiring-Tale-Behind-50-Years-of-Jewelry-Design-and-More
    Episode 41 -John Atencio, An Inspiring Tale Behind 50 Years of Jewelry Design and More
    Episode 39 -Brittany Jones,95 Years of Excellence and Legacy of JF Jones Jewelers
    Episode 40 -Brittany Jones,95 Years of Excellence and Legacy of JF Jones Jewelers
    The Rise of Luxury Handbag Trend in Jewelry Stores
    Episode 39 -Frederick Mannella, The Rise of Luxury Handbag Trend in Jewelry Stores
    Episode 38 – Kevin Patton, Gem-preneur Family Legacy of Pattons Fine Jewelry
    Episode 38 – Kevin Patton, Gem-preneur Family Legacy of Pattons Fine Jewelry
    Technology Meets Our Values
    Episode 37 – Kyle Bullock, Technology Meets Our Values
    A Pandemic-Born Success of Two Jewelry Visionaries
    Episode 36 – Brooke and Chase Brinson, A Pandemic-Born Success of Two Jewelry Visionaries
  • Columnists
    The Story Behind the Stone: Just Jewels
    Safeguarding High-Value Retailers: Unveiling the cyber risks and effective countermeasures
    4Cs of Diamonds? Here are the 4Cs of Jewelry Marketing to help you sell them
    Applied Marketing 101: The Next Big Thing
    Applied Marketing 101: The Asteroid Approaches
    The Story Behind the Stone: Oops there it is!
    Image of Chuck Koehler
    Cool New Things from the Atlanta Jewelry Show
    Image of Chuck Koehler
    The Retailer’s Perspective: It’s Springtime in September
    Barbiecore Bling! Are you in?
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • Digital Magazine
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archive
No Result
View All Result
Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Corinth Jewelers opens fabulous standalone store
    Positive Outlook for Holiday Sales
    Riding the Wave with Essential Lab Grown Diamonds in a Changing Market
    Saban Onyx helps independent retail jewelers get fancy
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    JA members push for security, credit reform in D.C.
    Columbia Gem House opens raffle to support Sea Turtle Rehabilitation
    CD Peacock partners with Foster Love to support Chicago’s foster youth
    NDC and Lorraine Schwartz announce the 2023 Class of Emerging Designers
  • Podcast
    Episode 44 -John Carter, From Small Town to Big Dreams of Jack Lewis Jewelers
    Episode 44 -John Carter, From Small Town to Big Dreams of Jack Lewis Jewelers
    Dangers of Jewelry theft and how to prevent them 350
    Episode 43 -Kenny Mullins, Dangers of Jewelry Theft and How to Prevent Them
    Inside the Generational Legacy of David Douglas Diamonds
    Episode 42 -Doug Meadows, Inside the Generational Legacy of David Douglas Diamonds
    An-Inspiring-Tale-Behind-50-Years-of-Jewelry-Design-and-More
    Episode 41 -John Atencio, An Inspiring Tale Behind 50 Years of Jewelry Design and More
    Episode 39 -Brittany Jones,95 Years of Excellence and Legacy of JF Jones Jewelers
    Episode 40 -Brittany Jones,95 Years of Excellence and Legacy of JF Jones Jewelers
    The Rise of Luxury Handbag Trend in Jewelry Stores
    Episode 39 -Frederick Mannella, The Rise of Luxury Handbag Trend in Jewelry Stores
    Episode 38 – Kevin Patton, Gem-preneur Family Legacy of Pattons Fine Jewelry
    Episode 38 – Kevin Patton, Gem-preneur Family Legacy of Pattons Fine Jewelry
    Technology Meets Our Values
    Episode 37 – Kyle Bullock, Technology Meets Our Values
    A Pandemic-Born Success of Two Jewelry Visionaries
    Episode 36 – Brooke and Chase Brinson, A Pandemic-Born Success of Two Jewelry Visionaries
  • Columnists
    The Story Behind the Stone: Just Jewels
    Safeguarding High-Value Retailers: Unveiling the cyber risks and effective countermeasures
    4Cs of Diamonds? Here are the 4Cs of Jewelry Marketing to help you sell them
    Applied Marketing 101: The Next Big Thing
    Applied Marketing 101: The Asteroid Approaches
    The Story Behind the Stone: Oops there it is!
    Image of Chuck Koehler
    Cool New Things from the Atlanta Jewelry Show
    Image of Chuck Koehler
    The Retailer’s Perspective: It’s Springtime in September
    Barbiecore Bling! Are you in?
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • Digital Magazine
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archive
No Result
View All Result
Southern Jewelry News
No Result
View All Result
Home Columnists

A down economy is the optimum time to position for a rebound

Bob Epstein by Bob Epstein
May 2, 2010
Share on FacebookShare on Twitter
Reading Time: 6 minutes

Every day someone asks me whether we are starting to climb out of the sluggish economy or if it will continue for an extended period of time. Realistically, history has shown that even when the economy experiences an uptick after a recession, the jewelry industry experiences a much more gradual turnaround. The average growth rate during the first year of recovery averages only 0.3 percent for jewelers. Boom times that we all experienced in the past are unlikely to return any time soon, but that doesn’t mean it’s time to shutter the operation. In fact, we’re advising jewelers to embrace and adapt to this new reality now and to move quickly to minimize performance deterioration.

It’s important to recognize that shoppers have a lot more options today than they had in the past. They have become more savvy and selective, and jewelers need to fight harder and be more persistent to ensure that their customers are loyal to them. It is extremely important to not only offer great products that are attractively priced, but also to create a shopping experience that is both convenient and memorable for the shopper. The following are a few ideas for reaching this goal.

• Assess where you stand in the marketplace. Shop your competitors and compare what they do in their stores. Call upon your employees and family and friends to evaluate the competitors also. You may be surprised at how differently someone else may see the same situation.

• Speak to your suppliers and ask them for ideas that they know to have been successful for other retailers.

• Speak with your own customers and get feedback as to why they shop your store and ask for recommendations. Invite some of your best customers to a special roundtable luncheon and ask them for advice on how you can improve your service, what products they would like to see and how they view your store layout. Offer them a special discount or other perk for their assistance.

• Review your policies and procedures, minimize costs and identify areas for improvement within the internal operations of your business.

• Focus on your inventory mix and identify your best selling SKU’s. Make sure you have ample supply of the best selling SKU’s.

• As customer buying habits have changed and the majority of jewelers are seeing a reduction in the average ticket price of purchases, you should make sure your current inventory mix accounts for these changes. Is your average ticket price at the right level?

• Identify problem SKU’s. How long have they been in stock? Reduce the price of these items to increase your chances of converting them to cash, allowing you to reinvest in faster moving inventory. Advertise these reduced prices to increase traffic in your store.

• Review your sales staff. Are there areas for improvement? With the large amount of employee turnover occurring during a weakened economy, there may be several opportunities to recruit stronger talent.

• Review your advertising budget. Are you spending your dollars in the most effective way possible? Is your sales staff keeping your mailing list up to date? Are you monitoring the results from your current media buys? If a certain amount is dedicated to newspaper and you are not experiencing effective results, reallocate those funds to another medium that may be more effective.

• Speak to other local retailers and discuss how you may be able to create partnerships to reciprocate and cross-refer. Offer your customers discount cards to visit the other retailer in exchange for the other retailer offering similar benefits to your customers.

• Look into partnering with a local charity and hold a special event with a portion of the proceeds going to the local charity.

Part of the fun – and challenge – of running a business is constantly seeking ways to do things a better way.  In order to survive during an economic downturn, jewelers must be willing to adapt to keep their customers satisfied. By adopting a few simple changes, you should be able to maintain your customer base and stay profitable, even in a down economy.

Bob Epstein is CEO of Silverman Consultants, LLC.  Offering a legacy in sales strategies for jewelers since 1945, Silverman Consultants provides guidance to store owners seeking to turn around a business, sell off unwanted inventory, or liquidate an entire store. With offices located in Charleston, South Carolina; New York, New York; and Saskatoon, Canada; the company helps jewelry store owners and chains formulate strategies designed to maximize revenue in times of transition, whether due to retirement, store closing, or simply when needing a boost in sales. For more information, visit www.silvermanconsultants.com or call Bob direct at 800-347-1500.

Bob Epstein

Bob Epstein

Bob Epstein is CEO of Eaton Hudson Jewelry Advisory Division.  Offering a legacy in sales strategies for jewelers, Eaton Hudson provides guidance to store owners seeking to turn around a business, sell off unwanted inventory, or liquidate an entire store. With offices located in Atlanta, Charleston, Boston and Toronto, the company helps jewelry store owners and chains formulate strategies designed to maximize revenue in times of transition, whether due to retirement, store closing, or simply when needing a boost in sales. For more information, visit www.eatonhudson.com.

Related Posts

The Story Behind the Stone: Just Jewels

October 1, 2023

Safeguarding High-Value Retailers: Unveiling the cyber risks and effective countermeasures

September 27, 2023

4Cs of Diamonds? Here are the 4Cs of Jewelry Marketing to help you sell them

September 25, 2023
Applied Marketing 101: The Next Big Thing

Applied Marketing 101: The Asteroid Approaches

September 18, 2023

Latest News

Other News

JA members push for security, credit reform in D.C.

October 2, 2023
Other News

Columbia Gem House opens raffle to support Sea Turtle Rehabilitation

October 2, 2023
On The Move

CD Peacock partners with Foster Love to support Chicago’s foster youth

October 2, 2023

Other News

NDC and Lorraine Schwartz announce the 2023 Class of Emerging Designers

Punchmark introduces new jewelry web technology features

GIA supports diamond traceability solutions

Corinth Jewelers opens fabulous standalone store

Positive Outlook for Holiday Sales

Riding the Wave with Essential Lab Grown Diamonds in a Changing Market

Southern Jewelry News

© 2023 Southern Jewelry News.

Additional Information

  • About
  • 2023 Jewelry Trade Shows & Events
  • Media Kit
  • Contact
  • Sitemap
  • Newsletter Signup

Get Social with Us

No Result
View All Result
  • Featured Articles
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Supplier Spotlight
    • Sponsored Content
  • Latest News
    • What’s New
    • Industry Events
    • Tradeshow News
    • On The Move
    • Other News
    • Furry Friends
  • Podcast
  • Columnists
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • DIGITAL MAGAZINE
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archives

© 2023 Southern Jewelry News.