RAPAPORT... Each year, jewelry store owners are faced with scores of trade events. Deciding where to go, when to go, what to look at and who to ignore has practically become a job in and of itself. While each trade show and every market has its own advantages and disadvantages, savvy retailers understand that a store’s reputation, as well as its bottom line, is dependent on making smart buying decisions.
Bigger is BetterOne of the best-attended events is the JCK Las Vegas show, and the main reason is its sheer size. “We never miss JCK in Vegas,” said Steve Quick of Steve Quick Jeweler in Chicago. “It’s so big, and it’s the one show everyone goes to.”
Gary Gordon of Samuel Gordon Jewelers in Oklahoma City, Oklahoma, agreed. “JCK Las Vegas is our biggest buying show,” he said. “We see virtually every vendor we currently do business with, and we search for new, fresh ones.”
Steve Lang, group senior vice president and chief merchandising officer at national chain Zale, goes to Las Vegas, he said, “because it’s convenient, it’s the biggest one and the timing still allows reaction time before the holiday.”
JCK isn’t the only reason to head to Vegas, however. “I attend Couture in Las Vegas almost every year,” said Scot Congress, president of Congress Jewelers in southwest Florida. “The timing is good, and this one show lets us put together the bulk of our merchandise plan for the upcoming season in plenty of time for catalog production and marketing efforts.”
More Manageable
Some of the same reasons JCK, along with Luxury and Couture, are popular with many buyers, however, make them unpopular with others. “The Vegas show is too big,” said Russ Varon, co-owner of Morgan’s Jewelers in Southern California. “We love the Centurion show in Tucson because it’s a small show and it’s done in a very first-class manner. There are probably 80 to 140 vendors, and you always find something new.”
Kenneth Gustafson, assistant manager of Fox’s Gem Shop in Seattle, Washington, agreed that Vegas can be overwhelming. “Vegas could downsize to become more manageable,” he said. “And they shouldn’t have two shows at once. Luxury and JCK together are just too much.”
Market TripsOf course, some buyers see nine days of trade shows in Las Vegas as more of a social event. When it comes to doing real business, many buyers visit major markets such as Los Angeles and New York to meet with suppliers and specific vendors, sometimes planning their trips around market events. For instance, both Gordon and Congress make buying trips to New York in the summer. “The JA show in New York City in late July helps us finalize our merchandise plan,” said Congress. “It’s a very efficient way to meet with several designers, and we combine the show with visits to specific designers’ studios.”
For Zale Group’s Lang, traveling through the United States frequently allows him to “see our stores and shop the competition,” while international trips to India and China allow him to work directly with the factories there.
International AppealGetting ahead of the competition means getting out of the country for many buyers. Gustafson said that last year Basel was the only show he attended. “We find it isn’t necessary to go to American trade shows,” he said. “U.S. trade shows are mostly for socializing.” Gordon also visits the giant watch and jewelry show. “[We attend] Basel every three years to study style trends, solidify relationships with watch companies, seek out new styles and to see the latest in technology,” he said.
In addition to Basel, another popular international destination is Italy. Congress frequently attends the spring fair in Vicenza. “I have to know about cutting-edge products before my clients hear of them,” he said. “When you buy European jewelry in the U.S., you’re limited to what is offered by the wholesalers. Going to Vicenza lets us buy unique, individual items, sometimes for specific clients.”
Lang also attends Vicenza, he said, “to spot emerging trends across all categories” and Basel “to place orders for new holiday product.” Finally, he goes to Turkey “for the gold trade show to identify trends and work with suppliers.”
But despite the opportunities for travel, some buyers feel it simply isn’t worth the effort. “Our vendors come to us,” said Gustafson. “We let them come to us, and let them do the work and that works well for us.”
The Marketplace• Best-selling shape is round, best-selling clarity is SI1, best-selling weight is 2 carats and best-selling color is G.
• White metals continue to be strong, with platinum selling the best.
• The most popular price point is about $3,500.
Article from the Rapaport Magazine - March 2008. To subscribe click here.