If you want to open your own jewelry retail business, there are several things to keep in mind. First, you should get a Certificate of Occupancy (CO). This document is required to ensure that the premises complies with all relevant government regulations and building codes. In addition, it’s a legal requirement for landlords. If you are leasing a property, it’s important to specify in the lease agreement that payments will not begin until the CO is issued.
The prices at jewelry stores online are competitive with brick and mortar stores. However, you should consider the quality of the jewelry. The prices of branded jewelries are often higher than those of local jewelers. In addition, you’ll have to wait for a long time at the store. The price at a local jeweler is less than that of a big box retailer. You’ll also have the opportunity to get personalized attention. A local jewelry store, like Brittany’s Fine Jewelry, pays special attention to every customer. Similarly, big-box retailers usually have long lines and low-quality jewelry.
Although Internet sales still only represent a small portion of total retail sales, the number is expected to increase exponentially in the coming century. Therefore, jewelers need to make the transition to online sales in order to remain competitive. Companies like Tiffany and Zale offer direct online sales. Besides retail stores, specialty retailers have expanded their services online to include distribution of store catalogs. This strategy is also beneficial to offline businesses. Millennials are savvy consumers and can be a good customer base for your business.
While traditional brick and mortar jewelry stores used to be undercut by online retailers, their business model has changed. While mass merchants used to account for a small percentage of the market, online retailers are accounting for up to 25 percent of the $40 billion fine jewelry market in the United States. Online sales are not new, but many brick-and-mortar jewelers are closing stores. A growing number of online retailers is making it difficult for brick-and-mortar stores to survive.
In addition to making the transition online, jewelers must be vigilant with their security. Security measures are becoming a top priority for both customers and employees. In late April, National Jeweler columnist Peter Smith urged jewelry retailers to adopt safety measures. Ample hand sanitizer, masks, and social distancing measures are all key to preventing the spread of germs. Retailers must also monitor their physical location to avoid becoming predictable.
While most of the world’s jewelers are privately owned, the larger chains are not without exception. The most notable chains include Zale Corp. in Irving, Texas, and Tiffany and Co. in New York City. All three companies have thousands of outlets worldwide. With the amount of products they sell, they control almost 5 percent of the $40 billion jewelry industry. They offer a wide range of products and excellent customer service. It’s important to note that jewelry stores are not limited to luxury items, but rather are a good source of income.