Retailrap

RAPAPORT... Going to Vegas?
The 4Cs are not the only things that make a piece of diamond jewelry a sales winner. In an ongoing series, RDR explores the “3Ws” — what’s selling, what’s not and why — by going straight to the people who really know — jewelry retailers. Each month, we ask a sampling of retailers to comment on the important issues that are facing the industry today. Here is what they had to say when asked in early April: Are you planning on attending the Vegas shows and, if so, what are you looking to buy?

ROBERT LAPERLA, OWNER
LA PERLA FINE JEWELERS
WEST HARTFORD, CONNECTICUT
 
“Given the state of the rhetoric that’s in the marketplace today about what we have to look forward to in the next seven to eight months — many people across the country losing their jobs and what have you — we are in a holding pattern. I’ll even tell you that we had the best January and February we’ve had in seven years but I’m still not buying because I don’t know what tomorrow is going to bring. So I think right now, it’s a matter of debt reduction and more debt reduction. I’m not planning to go to Vegas — why put myself at risk of being tempted?

“I believe in the industry and our product and I want to buy — I always want to buy. I always want that new and exciting thing. And if I go to Vegas, I’ll want to buy it. And I can’t right now. You have to look at the whole picture and right now the whole picture, sadly for the vendors, is that I have to hold tight. The amazing thing — and it may change given what’s going on —has been for the past several years, if you need it, you can get it very quickly. So if things look like they’re turning around in the summer, maybe at the New York show or at a later date, I’ll be buying.”

EILEEN ALEXANIAN, CO-OWNER
DIAMONDS ’N DUNES
KITTY HAWK, NORTH CAROLINA

“I’m not sure whether I’m going to Vegas or not. I would have to say that if I do go, I would try to work with the vendors I already have to redirect my focus and to see what is working with their lines and what’s not. I’ll probably try to target more marketing with certain vendors, ways to promote their line and that kind of thing. If I go, it would be more for investigating, with minor buying, not a lot. That’s pretty much where I’m at.

“I sometimes get to a point where I say, ‘Of course, I’m going to go to Vegas. What am I thinking?’ I still may decide to go at the last minute. More than likely, I’ll go.”

BECKY WHELAN, OWNER
CECIL’S FINE JEWELRY
LITTLE ROCK, ARKANSAS

“I am going to go to Vegas for a week. I’m going to go to Luxury and then spend a day at Couture and go to JCK. I always go to look at new things. I’m going to fill in some of my inventory and I’m also going to be buying some for the holidays. With some of my vendors, the only time I can see them is at either Centurion or the JCK show. I’m also going to look at a couple of new vendors I’ve been talking to in the past year and I possibly may add a new vendor or two. I’m going there with a positive outlook. I’ve already planned out what I’m going to do. I’m looking forward to it. I know a lot of people aren’t going.

“I’m looking for some different bridal — we’re a big bridal and fashion jewelry store. I’m always looking for things that are a little bit different. Of course, the economic climate will dictate some of what I buy, but I’ve increased my advertising and I’m just trying to go full steam ahead, but in a cautious manner. People still get married; people still have anniversaries. I choose to look at these times as an opportunity and not a detriment.”

HOWARD CUNNINGHAM, CO-OWNER
CUNNINGHAM FINE JEWELRY
TULSA, OKLAHOMA

“We are not going to Vegas this year; we’re going to Chicago, to the InStore Show. We’ve been to the IJO in Tampa and we will go to the IJO in North Carolina. The reason for going to Chicago is my wife’s on the board of JA and she’s on the board of this Chicago show.

“We’ve been going to Vegas for many, many years. But it just so happens that this year, while we will go to three shows, we’ve chosen to make one of them the Chicago show rather than Vegas. We have no difficulties with going to Vegas, but in this particular case, in this particular year, this is what we’ve chosen to do.”

KEVIN SEELE, OWNER
KEVIN’S FINE JEWELRY
TOTOWA, NEW JERSEY

“The answer is ‘yes,’ I’m definitely going to Las Vegas. We’re looking to fill in our inventory but not go crazy buying. I’m always looking for new, exciting lines that can help us reinvent ourselves in these tough times.”

MARK AND MONIKA CLODIUS, PARTNERS
CLODIUS & CO. JEWELERS
ROCKFORD, ILLINOIS

“That is an interesting question because we have changed our minds probably three times recently between going and not going. We’re registered but we have no travel plans as yet. We’re actually going to hold off until after we’ve been to the InStore show. That show is in our neighborhood and we’re kind of excited about it because it has the possibility of being something different. And if we can get enough value from it and see enough vendors and actually even meet some new ones, maybe this is the year to do something new. It just might be ’09 and it just might be Chicago.”

DEBBIE FOX, OWNER
FOX FINE JEWELRY
VENTURA, CALIFORNIA

“I’m planning to go to JCK, Luxury, ACRE — a gift and jewelry show — and the GLDA show. I go to JCK specifically because everyone’s there. If I’m going to find a new vendor, I’m going to find one at JCK, because of its size. All the vendors that I want to talk to will be there and also special deals will be there, too. And I’m definitely going to buy. When I went to the IJO show recently, there were so many things on sale; the vendors are clearly hurting. If I could buy for the next five years and assure myself it would still be in style, I would.

“I’m not specifically looking in one area. I’m looking for deals and they come in all categories. I know what I won’t be looking for: expensive, full-priced, fashion pieces, all those three things. Expensive pieces that are not bridal are not selling, especially expensive color. What I’m finding, and this has changed recently, is we’re starting to see an uptick; but in general, everyone’s been spending less. But bridal is the safe haven. As for diamonds, we’ve been buying so much jewelry from people — we’ve gotten some great things from people who are selling because of the economy — that any diamonds we would purchase would be to fill in.”

Article from the Rapaport Magazine - May 2009. To subscribe click here.