05282016Sat
Last updateTue, 24 May 2016 9pm
Russell Mefford - Jeweler by day, Southern Rocker by night

Russell Mefford - Jeweler by day, Southern Rocker by night

If you’re a Southern rock fan you know the differe...

JA fights for jewelers on Capitol Hill

JA fights for jewelers on Capitol Hill

Association continues to promote industry policy p...

Drive-through jewelry store?

Drive-through jewelry store?

With no serious injuries and a great attitude, own...

  • Newsletter

  • Latest Post

  • Most Read

Other News

Lafonn celebrates 5 Years at JCK with Anniversary Collection & Gold MacBook giveaway

Lafonn celebrates 5 Years at JCK with Anniversary Collection & Gold MacBook giveaway

(CYPRESS, Calif.) - Lafonn, the brand known for luxury within reach, will celebrate its 5th Anniversary at JCK with a Gold MacBook Giveaway to one luck retailer and an Anniversary Collection.

To enter to win, retailers must complete an entry form (whil...

Readmore

Loading...

Industry Events

Top 5 Reasons to attend JCK Las Vegas

Top 5 Reasons to attend JCK Las Vegas

(NORWALK, Conn.) - The countdown to Las Vegas Jewelry Week has begun. With 2 weeks left until show time, JCK Las Vegas has announced some attributes, features, and amenities that indicate both their readiness and allure. Here are the Top 5 Reasons not...

Readmore

Loading...

On The Move

PhotoScribe jewelry inscription service now operating exclusively from IGI

(NEW YORK) - The International Gemological Institute (IGI) – creators of diamond laser inscription, Laserscribe - has announced that jewelry inscription service, PhotoScribe, will operate solely from the Institute’s New York laboratory.

PhotoScribe las...

Readmore

Loading...

What's New

Michou Jewelry announces marriage of two popular collections

Michou Jewelry announces marriage of two popular collections

When Michou Jewelry founder Michele Sonner thinks back, the seeds of a relationship began over a decade ago, when Michou unveiled the first pieces in its One-of-a-Kind collection.

Michou Jewelry has always been a gem-focused line, thanks to Sonner’s e...

Readmore

Loading...

Featured Articles

Retailer Roundtable: What was your best store promotion?

Retailer Roundtable: What was your best store promotion?

Q: What was your best store promotion?

“For a number of years we’ve held a VIP event and an 11-Hour Sale usually scheduled after Thanksgiving Day and before early December. The VIP event is like a customer appreciation event in that we cater to our to...

Readmore

Loading...

Latest News

Lafonn celebrates 5 Years at JCK with Anniversary Collection & Gold MacBook giveaway

3 DAYS AGO
Lafonn celebrates 5 Years at JCK with Anniversary Collection & Gold MacBook giveaway

(CYPRESS, Calif.) - Lafonn, the brand known for luxury within reach, will celebrate its 5th Anniversary at JCK with a Gold MacBook Giveaway to one luck retailer and an Anniversary Collection.

To enter to win, retailers must complete an entry form (while supplies last) at Lafonn’s JCK booth #B19179 bet...

Readmore

JA offering Certification exams at JCK Las Vegas

3 DAYS AGO

(NEW YORK) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, is offering its renowned Sales and Management Professional Certification exams at the JCK Show. In 2015, the number of jewelry professionals who completed JA Professional Certifi...

Readmore

Top 5 Reasons to attend JCK Las Vegas

10 DAYS AGO
Top 5 Reasons to attend JCK Las Vegas

(NORWALK, Conn.) - The countdown to Las Vegas Jewelry Week has begun. With 2 weeks left until show time, JCK Las Vegas has announced some attributes, features, and amenities that indicate both their readiness and allure. Here are the Top 5 Reasons not to miss JCK Las Vegas 2016 (Friday, June 3 - Mond...

Readmore

GIA announces dates for New York Jewelry Career Fair

17 DAYS AGO
GIA announces dates for New York Jewelry Career Fair

GIA’s Jewelry Career Fair will return to New York City on Monday, July 25, 2016. Dozens of gem and jewelry companies will be looking to hire skilled and motivated professionals at every career stage. The free event is expected to draw crowds similar to last year’s event in New York, which attracted ...

Readmore

PhotoScribe jewelry inscription service now operating exclusively from IGI

3 DAYS AGO

(NEW YORK) - The International Gemological Institute (IGI) – creators of diamond laser inscription, Laserscribe - has announced that jewelry inscription service, PhotoScribe, will operate solely from the Institute’s New York laboratory.

PhotoScribe laser inscription service specializes in laser engrav...

Readmore

Rio Grande announces winners of 16th annual Saul Bell Design Award

3 DAYS AGO
Rio Grande announces winners of 16th annual Saul Bell Design Award

At a celebration dinner held May 15 during the Santa Fe Symposium® in Albuquerque, NM, Rio Grande announced the winners of the 16th annual Saul Bell Design Award competition. Through rigorous judging, a panel of judges chose first- and second-place winners in each of six competitive categories, as w...

Readmore

Michou Jewelry announces marriage of two popular collections

3 DAYS AGO
Michou Jewelry announces marriage of two popular collections

When Michou Jewelry founder Michele Sonner thinks back, the seeds of a relationship began over a decade ago, when Michou unveiled the first pieces in its One-of-a-Kind collection.

Michou Jewelry has always been a gem-focused line, thanks to Sonner’s early training as a gemologist, which instilled a d...

Readmore

Dazzling Paws Jewelry debuts new Spring Collection

3 DAYS AGO
Dazzling Paws Jewelry debuts new Spring Collection

(PLOVER, Wis.) - Dazzling Paws Jewelry has announced a large expansion of their original dog themed sterling silver jewelry collection. The new product line debuts a grand assortment of styles ready for spring.

Myra Westphal, company President, created these pieces with the sunny seasons in mind. “Our...

Readmore

Make the best of a slowdown

Economic downturns are particularly tough on retailers; however these are the times that a retailer needs to move quickly to make changes and adjustments to minimize the impact of the economic downturn on their business. There are many options the retailer has from cutting costs, shutting stores, to refreshing their inventory and reviewing their promotional and advertising activities.

A good place to start is to examine your financial position and to determine whether or not you are going to approach the downturn offensively or defensively.

If you decide that you are in a more defensive position and need to make reductions in your operating costs, you need to see where you can eliminate waste. Is your payroll inflated? Have you been putting off making reductions to your work force? Now is the time to make those tough decisions.

Do you have certain costs that you incur on a monthly basis that can be outsourced such as accounting and advertising costs? Is there any chance of renegotiating certain contract costs such as leases or software costs? Do you have shop costs that can be done on a by piece cost instead of guaranteed salary?

You also need to review other areas that can help reduce your operating costs. Do you have clearance goods or obsolete goods sitting in the showcases that you can sell off to help reduce bank lines and reduce interest expenses? Do you have under performing store locations that by closing you can concentrate on improving ongoing strong performers? You can also utilize the under performing store that you close as an opportunity to sell off some of your dated, slow moving inventory.

A slowdown is also an opportune time to retrain your staff and to insure that they are using the best possible selling techniques. Is your mailing list up to date? Do your employees track your best customers anniversaries and birthdays? Make sure your mailing list is current and contains as much information as possible.

Is your store set up to make your customers shopping experience as comfortable as possible? Can you make some simple changes to make your store more customer friendly? Are there local organizations and clubs in your area that you have put off joining because you just haven’t had enough time? These organizations are great for networking opportunities and can lead to future business opportunities.

If you can be in a more offensive position because your cash position is strong then there are several options available to you as well. This is a good time to increase some of your investments to gain an advantage on the competition. Refresh the look of your store with some remodeling. If you have been looking to expand there will be some excellent potential acquisitions available.

It is also a good time to re-evaluate your current staff. Your competitors that are struggling may have some strong sales talent that you may be able to recruit to your team. Review your inventory and improve the availability of your fast selling SKU’s and feature poorer selling SKU’s at deeper discounts. Experiment with different local markets such as local cable stations or radio.

The least effective thing you can do during a slowdown is nothing. Whether your cash position is weak or strong there are actions you can take to help improve your business when economic times shift. Moving quickly to improve performance can help to reduce the odds of a deep dip in sales revenues and put you in a stronger position when the inevitable upturn occurs.

Bob Epstein is CEO of Silverman Jewelers Consultants. Since 1945, Silverman has been considered one of the premier sales consulting firms to the jewelry industry, specializing in improving cash flow and maximizing the recovery on distressed inventory through professionally conducted sale events. Bob can be reached at 800-347-1500 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..


Columnist



Media Kit