All jewelry stores are specialty stores. They focus on one product type: jewelry. But not all jewelry stores are destination locations. These stores have such compelling inventory and selection that shoppers are willing to travel greater distances while passing up many other competing retailers just to shop at a destination location store. The big box retailers of the 1990’s began a trend of destination stores through their expansive selection of product offerings. However, the concept had been alive and well in retailing for decades. Why? Because of the focus on selection; selection is the number one reason why people shop at retail.
Shoppers only care about the selection they are interested in. Sounds too elementary, but wait. By having an inventory that offers “a little bit of everything” to everyone you sacrifice your ability to compete on selection. How can that be when you have even more selection by having so many different products from so many different vendors? Yes, you have one or two or three of the item that a shopper might be interested in, but you do not have enough selection to motivate a shopper to make the extra effort to come to your store. Your inventory strategy has severely limited your ability to provide an exciting selection of pieces for the shopper to select from. With so many additional sources offering jewelry today, it is extremely important to compete on selection so that you draw more shoppers into your store whether it is a brick and mortar store or web site.
During these recessionary times shoppers are already accustom to hearing about price discounts. What they need are more convincing sales presentations and compelling product demonstrations that make it too difficult not to purchase the jewelry. The way to make your store a recession destination is to focus on how to share how fabulous your jewelry is and not undersell the value of the jewelry through too much emphasis on price discounting. When people stop buying new houses and decide to stay in their current homes they often do remodeling. Cabinet sales in some markets actually go up! Cabinets are a counter cyclical product line. What items might your jewelry customers be interested in purchasing even though they might not be buying those extensive new wardrobes? What items might complement the jewelry they have in their existing jewelry wardrobe?
Find ways to sell the jewelry customers who come into your store are more inclined to purchase during these times. Be a recession destination through the compelling and extensive selection of jewelry you creatively merchandise. Of course this will require cutting back in some category items. But you can’t be all things to all people. That approach is antiquated and is causing too many stores to be noncompetitive . . . and eventually close.
Tell us how you have eliminated some products to be able to further expand your selection in other product offerings.