Common Pitfalls of Running a Retail Jewelry Store

Owning and managing a retail jewelry store can be a financially rewarding experience that allows you to build long-lasting friendships and relationships with customers. If you enjoy the jewelry trade and have a desire to please customers, then a retail jewelry store might be the career choice for you. However, you'll want to avoid the common pitfalls listed below. While you may already know some of them, chances are there are others that will surprise you.

Pitfall #1 - Too Much Competition

When you are scouting a location for your retail jewelry store, pay close attention to how much competition is in the area. It should go without saying that too much competition will make it incredibly difficult for your retail business to get off on the right foot. It doesn't necessarily mean it's impossible, but it's certainly going to require more work. On the other hand, no competition at all could be a sign of a bad location. Ideally, you should have minimal competition around the area where you intend on opening a retail jewelry store. Take the time to do your research and scout out various locations beforehand to determine which area is the best choice for your jewelry store.

Pitfall #2 - Not Utilizing Displays

Jewelry is a unique product in the sense that it needs to be secured, yet still visible enough for customers to easily see it. So, how are you supposed to accomplish this? Well, one of the best ways to show off your store's jewelry is with a glass display case. This will keep your jewelry locked behind a glass door to help reduce the chance of shoplifting. However, customers will still be able to see exactly what the jewelry looks like through the clear glass top. You can even go one step further by choosing a glass display case with mirrored sides for an additional level of visibility. The bottom line is that every retail jewelry store needs to have at least one display case for their product.

Pitfall #3 - Poor Marketing

You can't expect to have any level of success with your retail jewelry store business unless you invest some of your time and money into marketing. People living around the area simply won't know your store even exists unless you spread the word. While there are countless different mediums for advertising, you'll want to focus on local methods first. This will allow you to develop an ongoing client base where you'll have returning customers.