Create Positive Holiday Returns
Michael Pollak, CEO, Hyde Park Jewelers, Pheonix, AZ, shows how
Michael Pollak, CEO of Hyde Park Jewelers, is ready to thrive this holiday season. “We’re in the celebration business,” he says. Pollak adds that while it’s easy to get caught up in the negative news, retailers must resist.
Pollack was in the Native American jewelry trade before opening Hyde Park with business partner Steven Rosdal in 1976. The business has grown from its first year, when the most expensive item sold cost $300, to today’s extensive range of $50 to $500,000. Today, Hyde Park is headquartered in Denver, CO, and has locations in Phoenix, AZ, and Las Vegas, NV.
Pollak shares his positive approach to this holiday season:
- Watch your balance sheets: “Make sure you maintain your
liquidity up until you get to the selling season, typically the last
2-3 weeks of the year,” he advises. “If you run out of money you’re out
of the game.”
- Don’t get caught up in the negative news of the day: Pollak recalls how on a recent trip to a well-known luxury retailer, the sales person told him “things are just horrible.” He says that kind of attitude just reinforces the negative, which won’t help any retailer sell anything.
- Promote your business: Pollak says the Denver store is doing two big promotions: an annual diamond event that features a number of vendors and a Men’s Night that will be tied to a local charity, Denver Help Foundation. Each event features added value incentives, including gift cards.
- Connect on a Personal Level: He says the success of this season will depend more than ever on the one-to-one points of contact between sales staff and clients. “Those who are proactive and reach out to customers will dramatically improve the probability of having a good or decent season,” he says.