The Rule of Holes

The rule is: When you find yourself in one, stop digging! For most jewelry retailers, business is being buffeted by strong macroeconomic headwinds. Fewer customers are buying less-expensive merchandise. Better customers are buying less often. Here are five ways to cope: Don't discount merchandise. Otherwise, you teach your remaining customers that you're no better than big-box retailers in terms of the price/value equation they operate under. Once you start down this path, you won't be able to stop when times are better. If a customer asks for a deep discount, don't cave in. Instead, have your staff take some of the value-added options (e.g., credit terms, extended warranty, packaging, engraving, restringing, lifetime appraisals) off the table in exchange for a reduced price. Chances are those elements are part of the reason they shop at your store, and they won't want to

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