Submitted by: Amy U. Goodmann
Many jewelry stores dabble in the estate jewelry business. Some broker customer s merchandise as a service, others buy estate pieces over the counter and either stock it or broker it to the trade. However getting serious and starting a full fledged professionally managed estate department can offer some real advantages.
For example it is a very good way to grow your business. Indeed trying to grow without a new department whether it be estate jewelry or any other merchandise means simply increasing the units sold overall in other departments this can be a steep climb or be seen a very hard sell. As well it can be said that estate jewelry allows a greater margin overall than the average in most jewelry departments that is of course if you take a long term balanced view and price reasonably as well as wisely. Estate jewelry marked up above keystone often finds ready buyers amazingly fast. It s as if these pieces of jewelry have a sales magnet beaming out their attractiveness, uniqueness, quality and cost. In addition these items generally often turn much faster than either your store s turn rate as well as industry averages.
You may find and note as well in the overall analysis of your store s or jewelry department numbers that cash flow may well often increase markedly. When you advertise an estate department, customers will generally bring more goods for you to buy over the counter or to accept as trade ins. When these goods fit your inventory and price point range and ranges you can thus obtain inventory at most attractive prices for a fairly modest cash outlay. On the other hand, if they do not you can simply sell the overflow items to other estate dealers in the trade and thus boost your overall cash flow and flows. As your reputation for handling estate jewelry thus grows, sales to the trade, outside of your shop, can become a significant source of cash. In addition your reputation can grow and be enhanced as a most significant player in the field both in the trade itself and in your customer s and potential customer s minds. Image in retail and sales fields is almost everything.
It also can be said and noted well that by carrying estate jewelry that you can thus offer different price points than those that your customers will find prevailing in your other departments. It can be said that by adding higher end estate goods, these can serve to help move up as well as upscale your clientele; adding lower price points as well may help you close customers that you might otherwise lose. If anything can be said in the overall process it is to stay focused on the concepts of real value, not only price. Overall it can be said that estate jewelry are unique pieces, not readily manufacture red not readily available. Each is more than unique than what customers on the prowl can comparison shop elsewhere, and in other shops and retail stores. This since estate jewelry cannot be easily comparison shopped; this will give your outlet a special niche in your market and markets.
Lastly it can be said that by having an estate department this can well let you tap current interest in the designer market. Simply put estate jewelry is designer jewelry that has stood the test of time.
About the Author: Amy U. Goodman
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