One of the best ways to manage your costs during these challenging financial times is through better inventory control. During a recent presentation at the National Jeweler Network’s America’s Best Jewelers (ABJ) Retail Benchmarking Symposium, jewelers discussed ideas on decreasing average inventory dollars.
William J. Curry, president of Curry Fine Jewelry, and other jewelers shared the following inventory management tips:
• Buy What Sells, Not What You Like: Your inventory should be appealing to your customers, period.
• Move Inventory, Even at a Loss: The cost of keeping slow-moving inventory, which takes up space that could be occupied by something that will turn, is greater than the loss your store incurs by getting rid of the dust collectors.
• Look at Your Margins on Memo: Think about how memo performs in your store (and the space it takes up) versus the product you own.
• Consider Just-in-Time Inventory Management: You’ll have what you need in stock when you need it.
Take The Tip:
For more information join the ABJ social-networking program at www.abjnetwork.com.
Comments