Why opening a second location is a good idea:
1. You can take advantage of economies of scale when you advertise/promote both locations together. Use the same office staff to support both stores and get better deals on jewelry because you’re buying more inventory, says Created Gems’ Barbie Edwards.
2. You can move employees between both stores as needed, Edwards says.
3. You have more available product. If a ring is not available in a certain size in one store, says Edwards, it may be in stock at the other.
4. If one store isn’t doing as well for a while, you can lean on the other store, says Jerry Amerosi of Gerald Peters Goldmine Jewelers.
5. Because you’re generally doing more back-of-house work when you have two or more stores, you can create a schedule that’s more forgiving, says Amerosi.