THE BIG SURVEYb776141bb4b7592b6152-dbef5d8ae260c3bb21474ba0e94bcba6.r94… · 2017. 12. 13. · 50 INSTOREMAG.COM | OCTOBER 2017 OCTOBER 2017 | INSTOREMAG.COM 51 1. If there were

50 INSTOREMAG.COM | OCTOBER 2017 OCTOBER 2017 | INSTOREMAG.COM 51

1. If there were 100

jewelers in America ...

BIG SURVEY3,000-3,499 sq feet 5% 6%

3,500-3,999 sq feet 3% 4%

4,000-5,000 sq feet 6% 1%

More than 5,000 sq feet 5% 5%

comment: Smaller store formats have been one of the big changes across the retail industry in the last 10 years. But it seems no one told jewelers with almost no change in average store size since 2009.

9. Is your spouse your business part-ner?

2017 vs 2007Yes 41% 48%

10. What were your total sales last year? (If you have more than one store, please tell us the average per store).

Less than $100,000 7%

$100,000-$249,999 12%

$250,000 to $499,999 16%

$500,000 to $999,999 28% $1 million to $1,499,999 16%

$1.5 million to $2,999,999 13% $3 million to $5 million 5% More than $5 million 5%

comment: Later in the survey we asked jewelers how they felt about showing up for work on the first day of the week, with the response options ranging from “Excited” (33%) to “Depressed” (1%). What was interesting when we ran a cross-tab of that question and this one was that the money the store was making wasn’t really a factor. Thirty-eight percent of those bringing in less than $100,000 chose “excited” compared to 34% for those generat-ing more than $3 million in sales.

1. In what state is your (main) store located?

WESTAlaska (1)Arizona (14)California (42)Colorado (6)Hawaii (3)Idaho (1)Montana (7)Nevada (8)New Mexico (4)Oregon (4)Utah (6)Washington (12)Wyoming (2)

MIDWESTIllinois (34)Indiana (24)Iowa (14)

South 31%

Midwest 31% West 15%

Canada 4%

3. How many stores do you own?

2017 vs 20081 88% 87%

2 8% 9%

3 5 3% 3%

Kansas (8)Michigan (29)Minnesota (19)Missouri (25)Nebraska (6)North Dakota (2)Ohio (23)South Dakota (2)Wisconsin (27)

SOUTHAlabama (17)Arkansas (6)District of Columbia (1)Florida (44)Georgia (15)Kentucky (9)Louisiana (15)Maryland (6)Mississippi (6)North Carolina (18)South Carolina (4)Tennessee (16)Texas (40)

Oklahoma (7)Virginia (17)West Virginia (4)

NORTHEASTConnecticut (5)Delaware (0)Maine (7)Massachusetts (17)New Hampshire (7)New Jersey (16)New York (31)Pennsylvania (33)Rhode Island (0)Vermont (4)

CANADA (26)

2. Where is your store located by region?

Northeast 18%

6 or more 1% 1%

4. Is your (main) store located

2017 vs 2007In a mall 5% 4%

In a strip mall 25% 28%

On a downtown street 34% 35%

In its own free-stand-ing building 25% 22%

In a lifestyle center 5% 2%

In an office building 3% 0%

On the Internet 1% 0%

Others 3% 9%

5. How would you describe the market where your store is located?

2017 vs 2009Big urban market 9% 11%

Suburban outskirts of a big urban market 16% 17%

Medium-sized city (250,000-1 million people) 17% 17%

Small city (25,000 to 250,000) 33% 33%

Country town (up to 25,000) 21% 19% Resort area 4% 4%

6. Which description of your business do you most closely identify with?

Full-service jeweler (offering repairs and other services) 79%

Jewelry retailer 8% Custom design store 7%

Online jeweler 1%

By-appointment jeweler 4% Pawn shop 0%

Other, please specify 1%

7. Check the paid services offered by your store

2017 vs 2012Custom design 95% 92% Jewelry repairs 97% 97%

Watch and clock repairs 68% 74%

Other repairs (sun-glasses, iPad screens, etc) 21% 28% Engraving 76% 76%

LOOK TO YOUR RIGHT and you’ll see a clip-art rendering of America’s jewelers. Yes, they are mostly male, mostly white and for the most part casually dressed. They’re also primarily an older demographic, with just 30% under the age of 50.

WE HAD TWO PRIMARY OBJECTIVES with this year’s Big Survey: to gain fresh insights into what it means to be an American jeweler in 2017, and, given it’s been 10 years since our first such survey, to determine how far jewelers have traveled professionally since 2007. The findings were fascinating. In some areas, it’s as if time hadn’t moved, while in others the changes have been profound. We hope you enjoy the latest installment of this journey as much as we did assembling it.

THE BASICS

THE

Appraisals 86% 88%

Consignment 40% 41%

Gold and other over-the-counter buying 74% 82%

Jewelry rental 6% 5%

Jewelry safekeeping 4% 7%

8. How big is your (main) store?

2017 vs 2009

Less than 500 sq feet 5% 6%

500-999 sq feet 17% 16%

1,000-1,499 sq feet 21% 25%

1,500-1,999 sq feet 17% 16%

Larger than 2000 39% 33%

2,000-2,499 sq feet 14% 11%

2,500-2,999 sq feet 6% 8%

Gender62 would be men38 would be women

Age3 would be 20-29 10 would be 30-39 17 would be 40-49 39 would be 50-59 28 would be 60-70 3 would be 71+

Race96 would be white 2 would be Asian 2 would be multi-racial

Faith70 would be Christian15 would be Jewish 5 would be “Other” 5 would be non-believers5 would be agnostic

Money 13 would earn under $30K 7 would earn $30-40K16 would earn $40-60K14 would earn $60-75K17 would earn $75-100K16 would earn $100-150K10 would earn $150-250K6 would earn over $250K

Education1 would have a doctorate10 a master’s degree 43 a bachelor’s degree33 an incomplete degree13 a high school diploma1 a GED

Type of jeweler79 would be full- service jewelers8 would be retail only7 would be custom only4 would be by-appointment jewelers 1 would be an online retailer

Heritage 55 would be 1st-generation jewelers24 2nd-generation13 3rd-generation 5 4th-generation 3 5th-generation or more

Market type9 would be in a big urban market16 on the outkirts of a big city17 in a medium-sized city33 in a small city21 in a country town 4 in a resort area

Owners 61Renters 39

52 INSTOREMAG.COM | OCTOBER 2017

The Big Survey 2017 BUYING & SELLING

14. What jewelry or watch brand would you most like to add to your cases?

IN 2007 Nokia was the top-selling cellphone brand, Special K the leader among premium cereals and Fan-ta a staple of the young. None are faring well today. In contrast to many other product categories, jewelry and watch brands and consumers’ preferences in diamond shapes are a model of stability and consistency. That is not to say things don’t change, they just change slowly. As do the ways jewelers sell their goods.

BUYING & SELLING

2017:

1. Citizen2. Seiko3. Bulova4. Rolex5. Belair6. Pulsar7. Tissot8. Tag Heuer9. Bering10. Reactor

2009:

1. Citizen2. Seiko3. Belair4. Bulova5. Pulsar6. Rolex7. Tissot8T. Movado8T. Tag Heuer10. Skagen

13. What are the three

best-perform-ing watch

brands that you carry?

Citizen

Bulova

Seiko

1. Gabriel & Co. | 2. Stuller | 3. Pandora | 4. Allison-Kaufman | 5. Vahan | 6. Hearts on Fire | 7. Lafonn | 8. Simon G | 9. John Hardy, Royal Chain | 11. Benchmark,Lashbrook | 13. Frederic Duclos, Roberto Coin | 15. Alex & Ani, Ostbye | 17. ELLE | 18. CrownRing, David Yurman, Gemsone

1. Hearts On Fire | 2. Pandora | 3. Simon Golub | 4. Simon G | 5. Hot Diamonds | 6. Tacori | 7. Stuller | 8. Gabriel & Co. | 9. Allison-Kaufman, ELLE, Leslie’s | 12. A. Jaffe, Roberto Coin | 14. Chamilia, David Yurman, Hidalgo, Scott Kay | 18. Alex Sepkus, Bellarri, Breuning, John Hardy, Lazare Kaplan, Martin Flyer, Rego

12. What are the three best-performing brand-name jewelry lines that you carry?*

1st

2nd3rd

Gabriel & Co.

Stuller

Pandora

NOTE: Gabriel & Co. took the top spot for a second year, with 14 percent of the vote. Stuller improved to No. 2, while Pandora, which had been the top pick for seven years between 2009-15, fell to the third spot.

20

17

20

08

15. What do you think will be the next breakout category in jewelry?

Yellow gold was the most-predicted trend, with custom design and colored gem-stones (especially as a type of engagement rings) close behind. Diamonds were also a top prediction in variet-ies of rough cuts, antique cuts and “big.” “Large silver pieces” were also a popular prediction.

Yellow gold (35 votes)Custom design (28)Colored gemstones (26) Diamonds (23) Lab-grown diamonds (19)Fashion jewelry (13) Silver jewelry (11) Smart jewelry (9)Bracelets (7) Necklaces (6)

2017:

1. Rolex2. Tag Heuer3. Gabriel & Co. 4. David Yurman 5. Shinola 6. Simon G 7. Cartier 8T. Citizen, John Hardy, Patek Phil—ippe, Tacori

2007:

1. Rolex2. Hearts On Fire3. Tag Heuer4. David Yurman 5. Tacori6. Cartier7. Omega8. Patek Philippe9. Scott Kay10T. Forever 10, Hot Diamonds, Mikimoto, Simon G

*Our rankings for all the ques-tions in this section were based on a simple tallying of approxi-mately 600 responses.



20. Would you consider stocking lab-grown dia-monds?

2017 vs 2016Yes 16% 21%

Maybe 37% 36%

Already do 15% 10%

Never 32% 33%

comment: The numbers indicate fewer jewelers are con-sidering stocking lab-grown diamonds compared to last year. But when you look at the “already do” responses in 2017, it makes sense: they made good on their intentions, although these figures also suggest we may have already hit a plateau with man-made diamonds.

21. Do you organize your cases primarily by …

Designer 13%

Metal 5%

Category (bridal, fashion, etc) 61%

Price point 2%

Aesthetic 19%

22. What strategies do you use to move old inventory?

2017 vs 2011Drop the price 67% 61%

Scrap it 36% 48%

Put it on eBay 10% 8%

Stock balance with vendor 45% 45%

Spiff with sales staff 19% 22%

Just wait until it sells 23% 17%

Other 14% 15%

Among the new “Other” op-tions this year were online auc-tions, offering it as a promotion on social media or selling via an “Etsy yard sale.”

17. What do you think has been the biggest change in the way jewelry is sold inside a store environment in the past 10 years?

Side-by-side selling 2%

Increased importance of creating a customer “experience” 38%

Increased price transpar-ency (clear price tags) 3%

Increased use of technol-ogy like iPads 14%

More self-directed buying (play and try on) 3%

More event-based selling (trunk shows, etc) 2%

More informed consumers 14%

More customization 21%

18. Of the following metals that you may carry in your store, which are ...

conclusion: Rose gold is on a tear and the alternative five met-als are struggling to win over new customers.

100%

80%

60%

40%

20%

0%

Increasing in popularity Maintaining same level Decreasing in popularity

Yello

w g

old

18

K+

Yello

w g

old

bel

ow 1

8K

Whi

te g

old

Ro

se g

old

Pla

tinu

m

Pal

lad

ium

Silv

er

Tita

nium

Sta

inle

ss s

teel

Co

bal

t

Tung

sten

car

bid

e

23. What size diamond accounts for the majority of your diamond sales dollars?

Bigger diamonds are becoming more important for more jewelers. In 2011, 11% of jewelers were generating the bulk of their diamond dollars from gems that were 1.5 carats or larger. By 2014, that had climbed to 14%. This year, it was 19%.

LESS THAN 40 POINTS .50 CARAT +/- 10 POINTS .75 CARAT +/- 10 POINTS 1.0 CARAT +/- 10 POINTS 1.5 CARATS +/- 10 POINTS

2.0 CARATS +/- 10 POINTS

MORE THAN 2 CARATS

7%

11%

20%

43%

13%

4%

2%

11%

12%

19%

46%

9%

1%

1%

2011 2017

24. Excluding the round brilliant, what was the most popular diamond shape

you sold last year?

Marquise

Emerald

2009 2014 2017

2%

4%

1%

4%

Princess

57%

Oval

26%3%1%

Asscher

1%1%

Pear

2%1%0%

Cushion

29%27%7%

1%

1%

Baguette

1%0%1%

Watches

20100%

20%

40%

60%

80%

100%

2014 2017

Men’s jewelry (exc. watches, cuff links and tie pins)

Glassware LGBT jewelry

Flatware Giftware Pet jewelry

Children’s jewelry

Graduation gifts

16. Do you stock …

19. What’s the most distant online sale you’ve made?

To another part of your county 10% Another part of your state 2% Another part of the U.S. 31% Another part of North America or the Caribbean 6% Somewhere else in the world — Asia, Europe, etc 28% Don’t offer an e-commerce function 23%

Men’s jewelry

Watches

LGBT jewelry

2014

6%

12%

17%

51%

10%

3%

1%

32%

78%

1%



25. What’s the most un-usual place you’ve ever picked up a sales lead?

1. On an airplane or at the airport lounge.“I lost luggage and another woman did, too; we bonded at the airport and she is now a good client.”

2. While getting medical treatment.“During labor, the anes-thesiologist giving my epi-dural noticed my employer is a jewelry store and went in that day and purchased a gift for his wife.”

4. While shopping for food.“I cannot tell you how many leads I have gotten or repairs I have taken in on my weekly grocery shop-ping trip! The produce area seems to be a hot spot!”

5. On vacation.“Standing in line at Space Mountain. Resulted in an $80K sale.” (Honorable mention: “A customer who told us he was referred at a swim-up bar in the Do-minican Republic by a guy sitting next to him.”)

6. Playing sports, particularly golf but oddly, also hockey.“After making a save, the guy said I played like a ‘jewel-ery bandit’ and I told him I am a jeweler. After the game, he came and asked if I sold engagement rings. Made the sale.”

7. Funerals.“Funerals lead to a lot of probate work.”

8. At a bar/restaurant.“I frequent a certain res-taurant and always sit at the bar. Six of the regulars have become clients.”

9. At a pro sports event/music concert.“Sat next to a darling cou-ple at an NBA game. When I asked how long they had been married, they said they had been dating eight years. Told him, “You bet-ter marry her” and handed him a business card. He called me the next day and ordered a 2.50 carat bril-liant round sight unseen. He said he just needed a little push and I was the one who pushed!”

10. Public bathroom.“No need to tell them I’m a store owner when they compliment my ring while washing my hands, just tell them I had it custom-made at (insert store name). That way, they don’t feel it’s out of reach because I got a big discount as an owner.”

Other popular spots included the hair or nail salon, church, gym, casino table and local coffee shop. And then there were the ones that were truly impressive acts of sales-manship, such as to an IRS agent, in an elevator, at a cattle auction, at a grief group, “wrong telephone number on a collection call,” to the wife’s ex-boyfriend, to a responding EMT officer, and perhaps best of all, “in a competi-tor’s store.”

26. Which of these alleged chain-store practices do you use?

Mark it up to mark it down

Offer extended warranties

Imply there is good re-sale value in jewelry

Refer to a grading report in the first 3 minutes

Use re-marketing cookies on your website

Mostly sell pre-set rings

Sell mass-manufacturing

Aggressively promote financing

Slash the price of a slow seller by 25% or more

Attire your staff in black

Teach sales staff to mimic customers

0% 20% 40% 60% 80% 100%

Never Sometimes That’s good business practice

3. In the wilds. “I put a message in a bottle while fishing offshore in Nantucket. Two months later, I got a phone call from a woman from Wisconsin. She found the bottle on Cape Cod and purchased a diamond and custom-made ring!”


The Big Survey 2017 PERFORMANCE

WHEN IT COMES to any survey of a small business sector, the bottom line is ... well, the bottom line — how much flows down to the owners, what’s driving those earnings, and how the local competitive environment might be impacting the returns (and as our respondents told us this year, dealing with Amazon is one thing, having to fend off a local rival’s claim he made your wife’s engagement ring quite another).

PERFORMANCE

27. The No. 1 factor driving sales in your store is:

Your great location 4% Your great marketing/sales strategies 7%

Your great products 9%

Your superior prices 2%

Quality of service 29%

Trust 46%

Other 3%

comment: The most com-mon “other” response was proactive sales staff, or in one case, “Our good looking staff ”, which is arguably different from quality of service. We also grouped the eight jewelers who said “reputation” under Trust.

28. What is your busiest month for selling engage-ment rings?

2017 vs 2007 January 2% 2%

February 5% 9%

March 6% 6%

April 11% 9%

May 10% 12%

June 9% 5%

July 4% 3%

August 5% 2%

September 2% 3%

October 5% 4%

November 8% 5%

December 32% 41%

biggest changes: The declines of December and Feb-ruary and gains in just about every other month. Credit mil-lennials and their determina-tion to be different.

30. Who is your toughest competitor?

2017 vs 2008Internet retailers 38% 23%

Other local independent jewelers 29% 32%

Jewelry chain stores 14% 19%

Big Box stores 5% 7%

“Wholesale” retailers 6% 6%

Designers/vendors with retail outlets 2% 1% Other 5% 12%

comment: Internet retail has surged to become the biggest perceived threat to independent jewelers, while the competitive pressure from other local jewelers and chain jewelers has receded.

31. In the last decade, have any of these dates on the calendar be-come significantly more important to you?

1%

St. Patrick’s Day

3%

Prom season

5%

Father’s day

7%

Cyber Monday

21%

Tax-return season

25%

Graduation

38%

Small Business Sunday

Valentine’s Day

29. Over the last 10 years, have your total sales grown, stayed stable or shrunk in the following categories?

100%

80%

0%

20%

40%

60%

Wat

ches

Bri

dal

mo

unti

ngs

Loo

se d

iam

ond

s

Oth

er d

iam

ond

jew

elry

Co

lore

d s

tone

jew

elry

Go

ld je

wel

ry

Silv

er je

wel

ry

Cus

tom

des

ign

Grown Stayed stable Shrunk

41%



33. Are your prices nego-tiable?

Always 14%

Usually 20%

Sometimes 57%

Never 9%

34. Last year, how much did you make compared to your average staff member?

2017 vs 2011 I made less 10% 10%

I made about the same 11% 10%

25% more 20% 17% 50% more 16% 19%

100% more 10% 11%

3x more 13% 12%

5 or more times 6% 8%

No staff/NA 15% 15%

comment: The past six years have been a little kinder to store owners compared to their employees, although more than one-third of store owners still only make marginally more than their staff. Even at the top end, the share of spoils is extremely modest compared to bosses in the corporate world.

35. How much debt is your store carrying? 2017 2007

None

Less than $20,000

$20,000-$50,000

$50,000-$100,000

$100,000-$500,000

More than $500,000

17%

17%

33%24%

23%

13%

15% 12%

5%

15%18%

7%

$00

5

10

15

20

25

30

35

40

$35,000 $57,000 $100,000 $175,000 $550,000

32. How much did you earn last year from being a jewelry-store owner (including salary and share of profit)?

$100,000 was the most frequently cited figure.

That was below the average, $110,971, but better than the

median, $90,000.



5 Our local rival once told a potential client that we were known to have cocaine problems and in-formed the potential cus-tomer we were engaged in unethical behavior so we could pay for drugs.

5 Used a picture of my late husband in his Cor-vette in his ad, stating they pay more for gold because they don’t have a Corvette.

5 We refer horrible cus-tomers to each other.

5 Said that they made my wife’s engagement ring!

5 Told people my watches were counterfeit.

5 Appraised an item and told the client that the sapphire we sold the client was too good to

36. What’s the most unethical thing a direct rival has done to you in the name of competition?

be real, that it must be synthetic and to demand a lab report or money. We gave the money back, got a lab report, called the cus-tomer, and he was upset because he had purchased another sapphire from the competitor’s wife and could not return it!

5 Our color stone dealer opened a retail store across the street from us, without telling us and while we were planning an event together.

5 Told our customer the diamond they bought from us was junk!

5 Pretended to be me.

5 Put our name on their website.

5 Reported us to the IRS!

5 Said they had never heard of our store when a potential customer walked into their location in error.

5 Said we were crooks. My response was that we did take $50,000 of sales from them last month, so guilty as charged!

5 Said our prices are lower because we sell stolen merchandise.

5 Hired an ex-employee and had them send post-cards to my customers.

5 Told people I was un-stable and might not be in business much longer.

5 Written fake reviews and

attempted to hijack my website.

5 Stopped by my store and in the middle of a presentation of loose diamonds told my customer, “Hmm, that’s nice. But you should come see what I have at my shop.”


The Big Survey 2017 YOU THE JEWELER

AFTER A DECADE of prying into every part of your lives we feel we’ve gotten to know you, our readers, well. We know how hard you work, how much you drink, what scares you and what excites you. For one in three of you, that’s Monday morning. It’s a remarkable love of the trade that hasn’t flagged in 10 years (see Q. 41).

YOU, THE JEWELER

AND A FEW MORE TITLES SUGGESTED BY SURVEY-TAKERS, FROM THE DARK TO THE MORE HOPEFUL: “Highway to Hell” by AC/DC, “U Should’ve Known Better” by Monica; “Back on the Chain Gang” by The Pretenders, “Livin’ on a Prayer” by Bon Jovi, “I Will Survive” by Gloria Gaynor, “A Hard Day’s Night” by The Beatles, “Blue Ain’t Your Color” by Keith Urban, “Lesson Learned” by Car-rie Underwood, “Hunky Dory” by David Bowie, “It’s a Wonderful World” by Sam Cooke, and “Hallelujah” by Leonard Cohen.

38. 2017 is the new 2007. (Based on the most commonly provided answers)

A. is the new Pandora/Journey (upcoming trend) B. is the new Walmart (big corporate rival) C. is the new Polygon (online community) D. is the new keystone E. is the new laser welder (must-have piece of technology) F. are the new “Blood Diamond” (potentially damaging social issue)G. is the new weekday morning drive time (best advertising placement)H. is the new 65 (retirement age)

39. What’s the greatest source of stress in your business?

Finances 26% Customer expectations 7% Family expectations 4% The mad rush to get every-thing done 25% Dealing with staff 16%

Competitive pressures 6% Environmental concerns 1% The economy 16%

37. What song title sums up your last 10 years in business?

Custom design

Amazon

2.5

70

Jewelers Helping Jewelers

CAD

Synthetic diamonds

Facebook boosts/geofencing

40. What most closely describes your typical attire at work?

2017 vs 2007

comment: Like the rest of society, jewelers are dressing more casually than 10 years ago. As one jeweler told us: “We have learned to dress more like our custom-ers, depending on season. Makes them much more comfortable and does away with the ‘this must be expensive’ thought from our suit-and-tie days.”

Pharrell Williams

21%

HAPPY

19%

Rolling Stones

YOU CAN’T ALWAYS GET WHAT YOU WANT

11%

Howard Jones

THINGS CAN ONLY GET BETTER

15%

Hank Williams Jr.

A COUNTRY BOY CAN SURVIVE

2%

The Notorious BIGMO MONEY, MO PROBLEMS

19%

Frank SinatraMY WAY

3%

Duncan Sheik

BARELY BREATHING

1%

Green Day

AMERICAN IDIOT

Suit (and tie)/ pant suit

Business Casual/Designer outfit

Smart casual Black turtleneck and dark pants

or skirt

Jeans and a t-shirt/Polo and

Bermudas

Italian swimsuit (i’m semi-retired)

11% | 17% 8% | 21% 73% | 56% 1% | 3% 6% | 3% .3% | .4%



41. How would you de-scribe your feelings upon returning to the store to start a new week?

2017 vs 2007Excited 33% 33%

Challenged 28% 30%

Duty calls 19% 21%

Back to the grindstone 14% 11%

Overwhelmed 5% 4%

Depressed 1% 2%

comment: Amazing really: Ten years pass, the retail indus-try undergoes revolutionary changes, the economy passes through a severe recession and we have a mostly new pool of survey-takers, and yet the answers to this question barely change.

42. What’s your religion?

Christian 71%

Jewish 11% Muslim 0%

Buddhist 0%

Other 5%

Agnostic 6% Non-believer 7%

43. What’s the highest edu-cational/vocational training level you reached?

GED 1%

High school diploma 13%

Unfinished college course 33%

Bachelor’s degree 43%

Master’s degree 10%

Doctorate 1%

44. What do you miss most about being a jeweler in 2007?

5 Everyone didn’t have a smart phone in hand with an item she saw on Pinter-est only for her to see it live and realize it didn’t look as good on her hand as she thought it might.

5 Impulse buying of affordable fine jewelry: “While I’m waiting for you to change my battery, how much is that gorgeous 14K gold bracelet? $350, really? I’ll take it.”

5 Face-to-face interac-tion. A lot of customers hide behind text or email.

5 I miss the ease of customers buying ready-to-wear, pre-set pieces. Nearly half of everything we send out the door is custom-made now.

5 Good diamond margins and $700 gold.

5 Banks were easier to work with.

5 Not worrying about my online presence

5 The bustle, the liveli-ness, the optimism and carefree attitude. People are much more worried about the future now.

5 There was little online competition.

5 Being 10 years younger!

45. What do you miss least about being a jeweler in 2007?

5 Running my ass off sell-ing $3 silver hoops.

5 Long mall hours.

5 The watch business.

5 Having to entertain sales reps in our store all the time.

5 Having to keep a giant bookshelf of catalogs and spending hours on the phone trying to source diamonds for client calls.

5 Not having the ability to manage remotely.

5 Lack of customer records and inventory management control.

5 I never did like adver-tising in local print and using local TV and radio. It was always extremely expensive. Now, with the world glued to the Inter-net, we get most of our advertising done through social media and other free services like Google reviews. One Google review is worth 10 front page ads to us.

5 Not having the experi-ence of CAD and 3D printer.

5 Nothing. I was young then; everything was perfect.

OCTOBER 2017 | INSTOREMAG.COM 6968 INSTOREMAG.COM | OCTOBER 2017


I seem to interchange “bail” and “bale” in

writing repair slips. I noticed this 31 years after opening this store.

Taxable/non-taxable sales — reported them

incorrect for years.

I discovered that I could just say no to

projects that hoover up all of my time.

Pronouncing the term “kiln.” I thought it

ended with an m.

Pronouncing peridot (it has a silent t).

Retipping — often it is easier to sell them a

new mount.

More concerned with the top line than gross

profit. GP is everything.

I realized that I never asked for the sale. It’s

an odd thing to think you have done wrong for so long. We are taught how to sell and how to sell well

repair business and cus-tom design business has grown immensely over the past 6.5 years.

Using a prong lifter —proper technique was

on YouTube.

Not employing enough staff. Thought

more staff equals higher wage bill, more expendi-ture in both time and money, yet getting the right balance has made the business grow, become more profitable and given me more time personally.

Tracking findings, stones, and metal

inventory properly.

Not using a flex shaft tool way, way sooner.

Not hanging

onto Christmas cash enough.

Over-explaining

repair situations to clients. They don’t want to feel scolded!

Selling what I liked instead of what

customers wanted.

I made the mistake of being a bench jeweler,

owner, sales marketer and taking charge of all financials. I should have brought in a vested partner to handle the business end of the store. I am better at the bench.

Being too friendly with customers.

Retirement planning.

Not taking enough money out to put into

an IRA.

Measuring success.

Rhodium plating. Thank you, Dave

Fiske in Oak Harbor.

but after an excellent, or not so excellent, sales presentation, I do not ask for the sale. What was I thinking?

I own the business. I can take Saturdays off,

and if there is an event, I could get away with wearing something special from my inventory and not get into trouble with me, myself and I.

Pricing estate items in an appraisal too high.

Most estates sold items for less than the value I thought they would sell for.

Quickbooks. We had a bookkeeper help set

up our business, and it took a real accountant four years to iron out those bugs.

Realizing it’s OK to send out work.

Thirty or so years to learn how to relax.

Did not buy gold early enough before 2008.

Asking for better prices and terms. It is

available! Just have to ask.

Sucking up to brands. Wanting them so bad

only to find that I have another entity to satisfy.

Not hiring the best salesperson.

I could work 24/7 and still not get everything

done. Take time off to relax! Everything will still be there when you get back.

Selling things too cheap to get an edge.

That I’m in charge and I guide the client and

transaction.

Quit trying to compete

with the Big Boys and find another way.

Thinking that the

customer was always right.

Selling diamonds

by talking about diamond grade primarily.

That is wasn’t so important that

everything was done my way. There are some very talented employees who have some great ideas and alternative ways of doing things.

X Ordering too much inventory at a time; now I order small amounts from vendors more often.

X It took me 30 years to realize I wasn’t charg-ing enough for repairs. I was always charging my customers $8-12 for a solder, $20-25 to size a gold ring, $6-7 to re-tip a prong. Now I am charging double, triple and even quadruple the amount. Maybe one in 50 people question me; however, my

Realizing you don’t have to know

everything with a customer. If you treat them right and take care of them, they don’t mind if some things are a learning process for all of us.

Understanding ROI.

How our store was laid out.

The way I approach larger price points has

changed drastically. I used to be intimidated to show anyone the most expen-sive thing in the cases. Now it’s my starting point!

Too much empathy for poorly performing

employees.

Not documenting where on the chain we

made the repair. Not documenting length and weight on a chain repair ticket.

46. What in your jewelry life did it take you a surprisingly long time to realize you’ve been doing wrong all along.

Thinking I could do it all.

Pricing. In my early years,

I marked all products below

$300 at 3x key or higher. It

was a mistake to not consider what

support the vendor offers and what

their products can do for your

business. By being more flexible,

our sales and margins increased!

I opened at 9 o’clock for 30 years and should

not have. 10 o’clock works just as well and allows me more free time.


The Big Survey 2017 MARKETING & OPERATIONS

THE ONLINE REVOLUTION IN MARKETING has been well documented, but it is not the only operational part of the business that has undergone great change in recent years. In the shop and on the security front, there are new challenges facing jewelers, as they describe in the following pages.

MARKETING & OPERATIONS

47. How many days do you promise to turn around a repair during “normal” periods of the year?

2017 vs 2013 vs 2007Fewer than 3 12% 18% 19%

3-7 56% 55% 53%

8-14 29% 26% 27%

No promises. it’ll get done when it’s done. 2% 1% 1%

Don’t do repairs 1% 1% 1%

comment: Is it a sign of deteriorating service standards that wait times are getting longer? Not really, says repair guru David Geller. The longer turnarounds are a reflection of the rising demand for custom work and the “huge” shortage of bench jewelers. “What’s missing here is that the jew-eler’s repair box probably has other, better paying jobs,” he says. “The average custom sale is $1,500 to $3,000. So the jew-eler thinks, we can wait a bit to do this repair while I take care of the big money job’.” Geller notes that over 80 percent of bridal — a big custom sale — is still sold in brick and mortar stores. In contrast, the average repair is $125, he says.

48. What is the most ad-vanced piece of equipment you have in your shop?

3D printer 11%

CAD/CAM system 14%

Laser welder 38% Flex Shaft 11%

Basic soldering torch 8% Others 13%

(“Others” included pulse arc welders 3%, laser engravers 3%, Benchmate 3%, Sarin grading machine 1% and Benchscope 1%)

49. Do you offer in-store financing?

2017 vs 2009Yes 53% 51%

50. Main source for new customers is:

2017 vs 2007Referrals/word of mouth 74% 73%

Foot or drive-by traffic 6% 6%

Advertising 15% 17%

New residents in the area 1% 2%

Changing demographics 1% 1%

Other 2%

comment: In the age of online reviews, what consti-tutes a referral has changed. Similarly, Siri and Google Maps have changed the way people find a “local” store. Still, as these figures show, word of mouth and “trust” remain key for jewelers, and prompts the question, do you have a plan in place to drive WOM?

53. Which social media/business networks do you actively use on a professional basis?

2017 vs 2012

93%

92%

34%

24%

26%

27%

7%

0%

20%

33%

58%

4%

18%

17%

5%None

16%

51. What kind of promotion is consistently the most successful in getting people in the door?

2017 vs 2010

52. How many hours a week do you invest keep-ing social media up to date/relevant?

2017 vs 2012Less than 1 hour 16% 35%

1- 5 47% 39%

5-10 18% 7%

More than 10 12% 5%

NA 7% 14%

With new technologies come new opportunities, and also new demands on your time. Al-most one in three jewelers are spending an hour or more a day on keeping their social media sites up to date, versus about one in 10 who were investing that much time 5 years ago.

The Big Survey 2017MARKETING & OPERATIONS



56. Please rank the follow-ing forms of payment, from most frequently used to least used.

1. Credit card 2. Debit 3. Cash 4. Check 5. Layaway 6. Store credit line 7. Gift cards

57. What security threat do you consider to be the greatest potential cause of financial loss to your business?

2017 vs 2013Shoplifters 15% 18%

Smash and grab thieves 20% 17%

5 Print campaign: “Put a little ice down her blouse.” We had calls about it being inappropriate.

5 My wife said, “This’ll blow her pants off,” in a radio spot. People thought it was funny.

5 “This ring will make her clothes fall off” (our college rep ran it without

permission). No one was really thrilled about that.

5 A TV spot targeting young men featured a young lady in underwear crawling over a young man’s lap because he gave her a piece of jewelry. Re-action from the intended audience was good; we seemed hip. The spot

mistakenly aired during an NFL game and we re-ceived calls about the ad’s inappropriateness from middle-aged conservative women.

5 Many of our billboards are edgy but in good taste. “Two studs and one lady” raised some eyebrows.

5 We did a commercial with a lady, and I asked to see her diamond. She said, “It’s a half-carat and we’ve been married 25 years. My daughter-in-law has a 2-carat.” I say, “It’s time to trade up the diamond or trade up the husband.” Male customers called me with all kinds of hate.

5 We utilized one of our pear-shaped diamonds and a hand-fabricated copyrighted ring design with a stunning Coke bottle-like silhouette and the tag “pear shapes are sexy no matter the medium.” We enjoyed the chance to be cheeky.

5 A picture of a guy wear-ing only a dresser drawer. He had a bubble above his head that said, “Do you have valuables in your drawers?”

58. On a scale of 1 to 5, rate these “tells” indicating a possible crimi-nal threat in terms of how they set off alarm bells in your head.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Shills — Like a woman having a wardrobe malfunction or medical emergency

A phone request for an item to be shipped immediately to a distant address

Seeming interested in everything

Telling a long, distracting personal story

Asking to hold and compare more than one item at a time

Entering as a group and then splitting up

Use of a cell phone in or just outside the store

An ostentatious piece of clothing

”Street” fashion

Sunglasses

Nervousness

1-bell alarm 2-bell alarm 3-bell alarm 4-bell alarm 5-bell alarm

54. Describe the edgi-est advertising campaign you’ve done. What was the reaction to it?

5 When gay marriage was still a hot button and in the courts, we ran an ad featuring two grooms showing off their bands at the altar. The text read, “We can’t

make the laws but we can make your day. Everyone is welcome at Drummond’s.” We got backlash from some self-described conservatives, but we got a lot of praise, and new customers, too.

Armed robbers 32% 25%

Burglars 12% 9%

Internet scammers 10% 6%

Staff 8% 19%

Home invasion/kidnap gangs 2% 6%

To be sure, an armed robbery is a frightening prospect but it may not be the No. 1 threat to your financial security. John Kennedy, president of the Jewelers’ Security Alliance, expressed concern that some jewelers may be “greatly underestimating” the danger of burglary, noting that in the first six months of 2017, it was the biggest source of financial loss for American jewelers both in number of events (103) and dollar losses ($8.9 million). “With respect to burglary, jewelers can’t rely on TL-15 or TL-30 safes; they need line security for their alarms; and must respond with police to every alarm condition,” he said.

comment: Other “tells” the JSA advises jewelers to be on the lookout for: 1. Hats pulled low, 2. The placing of bulky items like coats or bags on the showcase, 3. Asking to see your most expensive diamond or watch, 4. A “customer” keeping their hands in their pockets and not touching any-thing, 5. A “customer” wearing bulky or unseasonal clothing (to conceal a weapon, hammer, etc.)

40%

35%

30%

25%

20%

15%

10%

5%

0%2007 2008 2009 2010 2012 2017

55. Which of the following gets the largest portion of your advertising budget?

PRINT INTERNET(including social media) OUTDOOR RADIO TELEVISION

DIRECT MAIL (including catalogs) COMMUNITY EVENTS (including sponsorships)

Print

Internet

The Big Survey 2017MARKETING & OPERATIONS



5 Two college-aged boys tried to sell us a baggie full of ladies’ rings that varied in size from 4 to 9.5. They claimed the rings were their grandmother’s. The police determined they’d stolen them from local elderly ladies in parking lots.

5 A sickly, frail elderly man once had to be removed with (gentle) force because he became violent and disruptive when we informed him that his EcoDrive watch wasn’t damaged during battery replacement be-cause there is no battery and we’d never met him before! He was arrested despite our pleas to simply take him elsewhere.

5 We had a woman who came into the store and asked if we had a war-ranty for our diamond ring that she had “lost.” I thought maybe I had heard her wrong, so I repeated the question, “You want to know if we have a warranty on the ring that you lost?” Yes, she said. So I told her, “No, we would not replace the ring because you lost it. But if you have it on your home insurance policy, you could make a claim to replace it.” She looked really confused and said “I don’t have that. Can I get that from you?” No, I said, you would get homeown-ers insurance from your insurance company, but at this point since you’ve lost the ring, it wouldn’t help you very much.” She then said, “Well, can you just, like, forget that I said it was stolen?” Really?

Insurance fraud for you? No thanks!

5 Wheelchair bandit. Guy comes in wheeled in by another man. The wheelchair guy’s shoe heels were all worn out. The person pushing the wheelchair had no clue how to wheel him around.

5 A customer stole the ring that she came in to make a layaway payment on. I noticed it was gone after she left, so I called the police and gave them all of her contact info that we had on her layaway file, the police called her and asked her to come down to the police department. She went to the police and handed the ring to them.

5 Guy stole a ring and we got the car’s plates. He put the ring in a “cavity” and it came out in the corner of the holding cell. We called it the poop ring and put a $100 spiff on it.

5 The guy who came in to steal something with a nametag on and a shirt from the store where he

worked!

5 After being warned, a young lady took so long badly hiding items from our sister (gift) store on her person that a police officer arrived, waited outside and arrested her the moment she cleared the door.

5 We had a couple reach inside the case and grab a tray of jewelry. When they realized (outside the store) that the jewelry wasn’t live, they brought it back and told us they were “trying to teach us a les-son.” Yes, we filed charges.

5 Had a young man come in with a large emerald-cut diamond in a platinum mounting wanting to sell it. I had just hired a new person who had been a jeweler at the Riddles store in the local mall. She recognized him as being

59. Do you have a favorite dumb criminal story?

5 It was a Mon-day. Two guys wearing masks parked behind the store and ran around the store and into our front door. We are closed on Mondays.

a friend of a part-time worker at that store. We called the store and asked if they had a customer that may have lost the ring and they replied that they were searching in the shop for the ring that had disap-peared. We called the cops

and they came, arrested him and as they were cuff-ing him, he asked “Does this mean that I can’t go to work tomorrow?” “Yes” was the reply. “Then could you call in and say I would be coming in as soon as I can because I need to keep

5 One man tried to con-vince us Chuck E. Cheese tokens were actually gold coins.

the job.”

5 Man telling us he has a gambling debt and needs to sell off his Patek Philippe watch he’s had for a few years (still in original purchase casing) and then changes story to paying off a car and then lowers the price to pay off his electric bill. A quick call to our buddies, the police, had him singing a different tune.

5 We had a smash and grab on alternative metal bands.

5 Grab-and-runner did not see the manager throw the deadbolt on front doors right before he tried to run out. Face planted with nose print through the glass.



60. Do you have a gun in your store?

2017 vs 2007Yes 50% 37%

COMMENT: The JSA’s Ken-nedy viewed the rise in gun ownership with concern. “It almost never happens that a jeweler who doesn’t resist suf-fers a fatal injury, while jewel-ers who resist with a gun or by other means almost always lose the struggle,” he said, pointing out that since 1996 there have been 118 jewelers killed during robberies, and almost every one of them tried to pull a gun or resist in some way. “Armed robbers go into stores ready to use their weapons if they have to, while jewelers can only be in a defensive position, having to react in second place. Unfortunately, the jeweler almost always loses, or causes an innocent person to be shot or hurt, either an employee, customer, passer-by or police responder. Don’t resist, rely on your insurance coverage, and stay alive.”

And it’s not always the bad guys who forget to think …

5 The time my sister chased an over 6-foot man through the parking lot who had just stolen a ring. What would have hap-pened if she caught him?

5 Don’t really want to share. But anyway... Around Father’s Day, three guys in street cloth-ing and one asks if we sell Rolex (Alarm 1). We don’t. Proceeds to tell me long story how he and his brother want to buy some-thing nice for their dad (some legitimacy). Guys have baseball caps pulled low over eyes (Alarm 2). They then ask to see men’s diamond rings (Alarm 3). One guy walks out of store. Asks to see a sweet dia-mond ring we fabricate. I pull it out of the showcase, they admire for a moment and then the grab and run happens ... Yeah, has left me with major trust issues with young punks. Expensive lesson.

5 Sometimes I invite interested customers to see my fabrication area. My purse was sitting out (I usually have it hidden).

My wallet was stolen.

5 Guy looking at a chain decides he is going to run out of the store without paying for it. Little did he know I was at the peak of my training for my half marathon. Caught him and he goes to jail and I get my $2,000 chain back. Wish he would have gotten away with it and insurance would have paid me for it. It was a dog!

5 Tried to steal $2 out of our jar for the no-kill animal shelter. He couldn’t get his hand in far enough.

SOME ARE BORN TO LEAD, and the rest of us to try to figure out what works best when it comes to inspiring those we hire. Here we look at the challenges store owners face, how they allocate their time and what they pay and promise to ensure a smooth-running operation.

STAFF & MANAGEMENT

61. In the last 10 years, what area has seen the biggest change in your main operating expenses?

Rent 17%

Marketing 25%

Wages 28% Insurance 23% Utility fees 2% Security 3% Travel-related expenses/entertainment 2%

62. What takes up most of your time?

2017 vs 2008Selling 13% 25%

Strategizing, planning and marketing 12% 21%

Working in the shop (inc. repairs, appraisals, grad-ing, designing) 23% 16%

Managing inventory/buying 5% 10%

Admin & managing (handling staff, dealing with clients, emails, etc.) 43% 20%

Accounts 1% 6%

Other 3% 2%

comment: In 2008, we asked industry consultant Kate Pe-terson how she’d prioritize her activities if she were running a store. Her top four priorities were: 1. Training; 2. Active cli-ent development; 3. Sales floor management; and 4. Brand development, which includes marketing. These numbers suggest store owners are doing as she recommended.

60. If a favorite aunt left you $250,000 to invest in the busi-ness, where would you put it?

2017 vs 2008

3 Toward open-ing a second store 4% 4%

3 Finding a new location for my current store 9% 9%

3 Remodeling my current store 15% 10%

3 Paying down debt 23% 32%

3 Buying advanced equipment 10% 8%

3 Invest in more high-end inven-tory 6% 5%

3 Bank it or invest it for later use 29% 20%

3 Other 4% 11%

The Big Survey 2017STAFF & MANAGEMENT

OCTOBER 2017 | INSTOREMAG.COM 79

The Big Survey 2017STAFF & MANAGEMENT


The Big Survey 2017 STAFF & MANAGEMENT

65. SALARIES BY

MARKET TYPE

64. Average incomes by state (minimum of 8 stores reporting), includ-ing all bonuses, commis-sions and other forms of compensation.

FLORIDA Salesperson: $46,364Bench jeweler: $48,333Admin worker: $37,500Manager: $78,333Gemologist: $60,500

ILLINOISSalesperson: $46,154Bench jeweler: $49,167Admin worker: $35,000Gemologist: $47,143

INDIANA Salesperson: $40,000Bench jeweler: $56,667Admin worker: $46,667Manager: $63,125Designer: $46,429

IOWA Salesperson: $41,875Bench jeweler: $50,000

MASSACHUSETTSSalesperson: $50,000

MICHIGANSalesperson: $36,364Bench jeweler: $50,000Manager: $56,429

MINNESOTASalesperson: $47,000Bench jeweler $65,000

Manager: $53,333Gemologist: $44,444

TENNESSEE Salesperson: $36,429

TEXAS Salesperson: $41,875 Bench jeweler: $49,545Admin worker: $43,000Manager: $62,667Gemologist: $57,143

VIRGINIA Salesperson: $46,000Bench jeweler: $55,000

WISCONSIN Salesperson: $41,923Bench jeweler: $48,750Manager: $57,857Gemologist: $60,000

ALABAMA Salesperson: $43,500Bench jeweler: $40,714

CALIFORNIA Salesperson: $49,375Bench jeweler: $60,000Admin worker: $40,000Manager: $71,250Gemologist: $55,909Designer: $49,444

MISSOURI Salesperson: $35,000Bench jeweler: $47,500Admin worker: $20,000Manager: $54,375

NEW YORKSalesperson: $46,154Bench jeweler: $50,000Admin worker: $47,000Designer: $51,428

NORTH CAROLINA Salesperson: $40,556Bench jeweler: $50,000 OHIO Salesperson: $44,545Bench jeweler: $50,000Gemologist: $47,143

PENNSYLVANIA Salesperson: $41,176Bench jeweler: $46,250

SA

LES

PE

RS

ON

BE

NC

H J

EW

ELE

RA

DM

INIS

TRAT

IVE

STA

FFFU

LL-T

IME

MA

NA

GER

GR

AD

UAT

E G

EMO

LOG

IST/

A

PP

RA

ISER

JEW

ELR

Y D

ESIG

NER

AVERAGE $

AVERAGE $

POSITIONS

NUMBER OF STORES

STORES

$48,750$35,189

$46,961

$45,625$40,885

$51,081

$67,222$46,552

$74,167

$47,500$60,286

$79,444

$52,368$38,571

$51,087

$65,000$53,235

$53,250

$61,071$49,000

$55,172

$55,000$50,982

$53,095

$46,154$30,000

$41,200

$35,000$41,563

$48,125

$51,250$34,118

$53,125

$75,000$51,744

$56,154

160

185

270

31

531

234

19

29

31

2

70

21

42

80

72

11

138

57

34

47

66

6

105

51

23

29

39

5

77

36

69

56

120

9

194

92

19

19

38

5

64

28

50

35

74

7

147

49

26

20

30

4

51

15

Big urban market

Country town (up to 25,000)

Medium-sized city (250,000-1 million people)

Resort area

Small city (25,000 to 250,000)

Suburban outskirts of a big urban market

Big urban market



Resort area

Small city (25,000 to 250,000)


Big urban market



Resort area

Small city (25,000 to 250,000)


Big urban market



Resort area

Small city (25,000 to 250,000)


Big urban market



Resort area

Small city (25,000 to 250,000)


Big urban market



Resort area

Small city (25,000 to 250,000)


63. AVERAGE SALARIES BY

REGION

WESTSALES: $45,909BENCH JEWELER: $59,375ADMIN WORKER: $42,273MANAGER: $64,400GEMOLOGIST: $50,690DESIGNER: $55,000

MIDWESTSALES: $41,582BENCH JEWELER: $50,484ADMIN WORKER: $38,913MANAGER: $58,137GEMOLOGIST: $49,405DESIGNER: $46,842

SOUTH SALES: $41,337BENCH JEWELER: $47,714ADMIN WORKER: $40,857MANAGER: $64,182GEMOLOGIST: $55,610DESIGNER: $50,441

CANADASALES: $50,769BENCH JEWELER: $53,000ADMIN WORKER: $52,333MANAGER: $60,714GEMOLOGIST: $64,000DESIGNER: $52,143

NORTHEAST

SALES: $44,184BENCH JEWELER: $50,625ADMIN WORKER: $50,000MANAGER: $65,192GEMOLOGIST: $56,136DESIGNER: $54,750


The Big Survey 2017 STAFF & MANAGEMENT

THIS YEAR’S BIG SURVEY was conducted online throughout July and August. With 717 readers responding, it represents one of the biggest-ever analyses of the lives and business habits of American jewelers. Thanks to all who took the time to fill in the survey. To sign up to receive INSTORE’s daily tips and e-bulletins and to get on the mailing list for next year’s survey, go to in-storemag.com/bulletins.

67. How do you pay your sales staff?

2017 vs 2010Hourly 41% 40%

Salary 14% 16%

Salary plus portionof profit 5% 6%

Hourly plus commission 32% 27%

The gift of gab 2% 3%

Intelligence 3% 4%

Loyalty 8% 9%

Thick skin 0% 0%

Kindness 4% 3%

Sense of humor 1% 2%

Honesty 32% 31%

Work ethic 24% 27%

Other 2% 2%

2007 2008 2011 2013 2017

100%

80%

60%

40%

20%

0%

66. Benefits provided to staff

Salary plus commission 7% 8%

100% commission 2% 3%

68. What single attribute do you value most in a salesperson?

2017 vs 2007Ability to close a sale 23% 20%

Employee discounts Paid vacation

Paid vacation

Health insurance

Health insurance

Paid sick days

Pension plan Paid maternity leave Dental insuranceLife insurance

Pension plan

Documents

THE BIG SURVEYb776141bb4b7592b6152-dbef5d8ae260c3bb21474ba0e94bcba6.r94… · 2017. 12. 13. · 50 INSTOREMAG.COM | OCTOBER 2017 OCTOBER 2017 | INSTOREMAG.COM 51 1. If there were