A Watch Retailer’s Checklist

After what I hope was a successful holiday season, it's time to plan for the upcoming year. I have outlined some important points to keep in mind while going through the planning procedure. The initial step in any forward-thinking process is to know your current position, which means conducting a comprehensive review of past yearly results. Include total watch sales, sales by brand, and turnover ratio. (Over a two-year time frame, an ideal turnover rate is 1.5+; below 0.75 is a major concern and should be discussed with the brand.) Also assess brand profitability (up to the individual jeweler), percentage of total sales by brand (if the brand isn't at least 1 percent of total store volume, review it), and any circumstances that may have contributed to unprecedented or unexpected results. Plan a meeting with each brand representative to update your knowledge of the brand and discuss f

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