One of the most controllable yet neglected areas of jewelry retailing is mark up. Most new product coming into a store is priced on a standard mark up percentage. The assumption is made that the customer wouldn’t pay any more for it than this. Although a good starting point, it can often mean, at best, that profit isn’t maximized on individual items that have represented good buying. At worst it may mean that thousands of dollars of profit are given away if the percentages used are too low.
Columnists 
David Brown
David Brown
David Brown
Do you need to buy that item right now?
You know the situation. A vendor has just called and advised they will be in the area tomorrow and would love to show you their new range. You’ve just opened the bank a...
The importance of staff communication
This may seem an unusual topic – after all, telling staff what’s going on in the store should be a forgone conclusion. But sadly, it’s one of those things that so o...
Setting your retail price – what’s cost got to do with it?
Most retailers depend on a cost plus mentality when it comes to setting their retail price on goods. This week David Brown investigates a more profitable alternative.
Apol...
Are you doing the $100 tasks?
One of the downsides of being a small business operator is the many hats that have to be worn. You’re often the human resources department, the company President, the m...
Reorder your way to a profitable 2010
Now that the end of year rush is over, the first few months of a new year can see more cash flowing out than flowing in as December purchases fall due for payment. In a...
Have you bought a job or do you own a business?
For most people, the appeal of self-employment can consist of a number of factors but the top two answers are probably a desire for greater income and more freedom.
Often ...
Are you ready for Grand Final time?
Whenever I ask a jewelry retailer what the most important time of year is for their business, I get a look as if to say “you must be kidding right?”. Even a ten year ...
Dealing with vendors in-store
The phone is ringing. A battery needs to be put into a watch for a customer and there is another repair to be done to a chain for a lady who will be back in five minutes....
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