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Padgett elected President of NC Jewelers Association

Padgett elected President of NC Jewelers Association

The North Carolina Jewelers Association (NCJA) ann...

Schnack’s Fine Jewelry turns 150

Schnack’s Fine Jewelry turns 150

Not many jewelry retailers can say their store ope...

From Vicenza with Love: At Oro International, Italian family values shine

From Vicenza with Love: At Oro International, Italian family values shine

Fifty years ago, Qurino Ruzza, with 20 years as a ...

Mason-Kay Jade to make Atlanta Jewelry Show debut

Mason-Kay Jade to make Atlanta Jewelry Show debut

Mason-Kay Jade has been a leading fine jade jewelr...

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Ancient trade route shows gold's enduring power

Ancient trade route shows gold's enduring power

Researchers at the University of Southampton have found a prehistoric gold trade route between Ireland and southwest England. The route gives a glimps...

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Jewelers Mutual presents honors at National Sale Conference

Jewelers Mutual presents honors at National Sale Conference

(NEENAH, Wis.) - Jewelers Mutual Insurance Company recognized its top agencies and agents during the annual awards ceremony held at their National Sale...

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Ancient trade route shows gold's enduring power

2 DAYS AGO
Ancient trade route shows gold's enduring power

Researchers at the University of Southampton have found a prehistoric gold trade route between Ireland and southwest England. The route gives a glimpse into how ancient cultures regarded gold.

A new study has shed more light on how the value of gold has endured – and changed – since ancient times.

Arc...

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Colorado woman finds 8.52 carat diamond in Arkansas state park

2 DAYS AGO
Colorado woman finds 8.52 carat diamond in Arkansas state park

MURFREESBORO, Ark. –  An 8.52 carat diamond has been found by a Colorado woman at Arkansas' Crater of Diamonds State Park at Murfreesboro.

Park officials said Friday that the gem found by Bobbie Oskarson of Longmont, Colorado, is the fifth largest diamond found since the park was established in 1972....

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From Jewels to Tools: Ivan Levi to speak on enhancing business practices at RJO Show in August

3 DAYS AGO
From Jewels to Tools: Ivan Levi to speak on enhancing business practices at RJO Show in August

(HIGHLAND PARK, Ill.) - The jewelry industry has seen changes in the way business is being done since the advent of the Internet, and especially since the economic downturn began in 2007. Ivan Levi’s quest to find answers to questions about these changes led him to discover how one specific, yet easy...

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Rings of Strength collects over $60,000 for JFC

3 DAYS AGO
Rings of Strength collects over $60,000 for JFC

(NEW YORK) - Jewelers for Children (JFC) held the 3rd Annual Rings of Strength Tour on Thursday, May 28, at Mandalay Bay Resort Casino in Las Vegas, NV. More than 125 participants assembled at 5:30 a.m. to either walk or run 5K, or bike one of two courses, a leisurely 15K route or a challenging 50K r...

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Padgett elected President of NC Jewelers Association

3 DAYS AGO
Padgett elected President of NC Jewelers Association

The North Carolina Jewelers Association (NCJA) announced that Brad Padgett, an independent jeweler and native of Jacksonville, North Carolina, is the new president of the statewide association. His two-year term of office as the organization’s president began May 16.

Padgett graduated with a B.S.B.A....

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Two Houston jewelers named Distinction Winners in Houston Better Business Bureau Awards for Excellence

3 DAYS AGO
Two Houston jewelers named Distinction Winners in Houston Better Business Bureau Awards for Excellence

(HOUSTON, Tex.) - Houston Jewelry and Jewelry Judge Ben Gordon were among the businesses recognized at the annual Houston Better Business Bureau Awards of Excellence held in May. Both businesses were named Distinction Winners, a designation awarded to businesses that maintain a superior commitment to...

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In tune with the times? New Unisex Ring Collection keeps the beat

3 DAYS AGO
In tune with the times? New Unisex Ring Collection keeps the beat

Designed by Elaine of Esprit Creations

New to SJTA and the Atlanta Jewelry Show, family business Esprit Creations has been successfully manufacturing and wholesaling fine sterling silver jewelry with genuine gemstones for over 2 decades. Standing apart from the ordinary, their wide selection of exclu...

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Mason-Kay Jade to make Atlanta Jewelry Show debut

3 DAYS AGO
Mason-Kay Jade to make Atlanta Jewelry Show debut

Mason-Kay Jade has been a leading fine jade jewelry wholesaler/supplier/designer in the United States since 1976. The company specializes in all natural (type “A”) jadeite jade fine jewelry, designed in-house by their exclusive designer Kristina and MK design team. Mason-Kay Jade is excited to intro...

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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..


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