Shop Management |
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For the Jewelry Repair & Custom Manufacturing Shop |
Run Your Shop |
Welcome to this website on Jewelry Shop Management. Here you will find articles on Pricing, Productivity, Take-In Procedures, Scrap Material Management and More.
Throughout the United States, Repair Shops in Jewelry Stores operate on the 80/20 principle. That is the repair shop produces 80% of the problems, and only 20% of the income.
IT DOES NOT HAVE TO BE THIS WAY!
We’ll show you how you can have a shop that is efficient and profitable. Shop Services has become such an important part of the store, we can no longer ignore it. Retail Jewelers need to learn how to make their shops efficient and profitable or their business will suffer.
There was a time when margins on diamonds and other jewelry were high enough to cover the expenses of the shop. However, in today’s competitive retail environment, with discount store chains, TV shopping channels, and the Internet selling jewelry, this has rapidly changed. With price sheets, grading reports, and stock numbers in hand, consumers are price comparing now more than ever.
With more and more pressure on retailers to keep margins close on the products they sell, the stores who survive will be the ones who look to other areas of their business to generate a profit. The shop is a prime target in most stores. In the years ahead, the shop may very well be the most important asset for the independent retail jeweler.
It is now more important then ever to operate the shop professionally and profitably.
In the ever-changing business environment, retail jewelers are compelled to make every aspect of their business profitable. If a store is to survive in the future, not only can it not support a loss in the shop; the shop must contribute to the profits of the store.
Years ago dinosaurs roamed the earth. Their inability to adapt to their environment caused them to become extinct. The history of American business is cluttered with similar dinosaurs, businesses that at one time were leaders in their field. However, because of their refusal to change with the business environment, like the dinosaurs before them, they are now extinct.
The retail jewelry industry is no different. The business environment has changed over the years, and business practices must change along with it. No longer can the shop be the Necessary Evil, the Achilles Heel of the retail jewelry industry. The shop must be able to stand on its own and provide its share of profits to the store. Then, the store will not just survive in the future, it will THRIVE.
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