Indiana’s Hoppe Jewelers Makes a Big Splash in a Small Pond

As towns go, Richmond, Ind., is tiny: 17,000 residents. A more complacent retailer than Lyn Hoppe might allow that to limit growth, but at Hoppe Jewelers, sales goals have less to do with the size of the market than the Hoppe family's drive to succeed. When Lyn joined her parents, Mary and Bob, in the family business in 1978, they had already been at the retail game for more than a quarter-century. However, after working for two major jewelry chains, Lyn was anxious to implement change. Her improvements—to ad campaigns, the way P&L statements were examined, and stock balancing—paid off with steady growth. Soon, the family was hitting major milestones, surpassing $250,000 in sales, then $500,000. The numbers were even enough to inspire the addition of a second store in 2004. To better compete in challenging times, the Hoppes consolidated operations in 2010 into one large store and

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