Look Book

34 | The Jewelr y Book Consultant to Jewelry Suppliers and Retailers Sales Training Masterclasses –– Sales Team Breakfast Discussions –– Executive Coaching –– Hiring Workshops –– Managers' Meetings –– Keynotes P E T E R S M I T H TheRetailSmiths@gmail.com by Peter Smith W e had an inflection point recently when Edge Retail Academy posted sales for August. e 8 percent decrease in unit sales, a reliable proxy for foot traffic, was the biggest in five years, even though we've had a two-decades long decline. What was noteworthy, however, was the severity of that decrease. Most months see a one-point decline, some months show flat unit sales. Eight percent got my attention, and I'm curious to see if that was a blip, or the beginning of a significant downward shi. Either way, there was good news in ER A's data that we ought to be pleased about. e most active price range is now $2,500 to $4,999. Twenty-two percent of all sales happen in that price block, more than any other. While we can debate the 'why' of that data (gold prices, tariffs, etc.), the fact that consumers are skewing their average tickets higher is good news for retailers. Mark Ryski, the author of Store Traffic is a Gi contends, retail is a function of a single metric: traffic x conversion x average ticket. If one of those data points is down, we can compensate with better execution in one or both of the other two. If unit sales decline, we can focus on converting better and at a higher average ticket. at message has been central in my work of late, whether in sales training, keynote speaking, or consulting with retailers and suppliers. e shi to higher average tickets is instructive, 1) It suggests jewelry customers are less obsessed with the machinations of gold pricing, lab grown vs. natural diamonds etc., we oen stress, and 2) When consumers buy less oen, they buy better quality. As we contend with uncertainties heading into the fourth quarter, make sure your team is comfortable leaning into better quality products, and higher price points. Happy retailing! When consumers buy less often, they buy better quality. '' '' Sometimes Bad News is Not So Bad R E T A I L F O C U S

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