Chapter 6 - Jewellery that Doesn't Sell

Rolling on from the previous chapter, if you have lines of jewellery that have been taking up shelf space for years and rarely sells, you need to get shot of it. If no one is buying it, then it's a liability. It's a liability because it makes your other stock look bad, it makes your shop look old and tired, it prevents you from downsizing, and it's holding on to money that could be used to buy newer and more fashionable lines.

How do you get rid of it?

You have a sale, or you have a reduced price shelf. Slash the prices on all of that junk jewellery and get rid of it. Take it all off the shelves and put it together on a single table or in a large box by the door. Put a sign in the window offering necklaces at £3, and sell it. Take anything for it. The cost price is now irrelevant. Sell it for the same as you paid, or sell it for less than you paid - it doesn't matter.

If someone walks through the door and offers your £200 for the lot, take it. And then use that money to buy new lines that you know have a chance at selling. A shop with only 100 lines of fashionable jewellery, all spaced out and displayed nicely, is far more attractive to customers than a shop that contains 400 lines, only 25% of which is worth looking at.