The international diamond industry magazine, Idex, has profiled Nationwide Jewellers in a feature on jewellery industry buying groups.
The February 2009 edition of the magazine focussed on buying groups and their ability to help independent jewellery retailers “level the playing field” with chain stores and compete more effectively against other independent jewellery retailers.
Harry B Ray, an author and attorney specialising in buying groups, told the magazine that buying groups offer independent businesses a way to drastically reduce their product acquisition costs.
“Buying groups put their members on a level playing field with their larger competitors so that they too can achieve attractive gross profit margins, while keeping their prices competitive,” he said.
Speaking after the magazine’s publication, Nationwide managing director Colin Pocklington said he agrees with Ray’s observation but believes that Nationwide Jewellers offers members an additional focus not shared by all buying groups.
“One of our main focuses is helping members sell more,” he said. “In an industry with an inherently low stock turn rate, the focus must always be on marketing, in order to increase sales. In a slowing retail environment, this is even more important.
“Members participating in our 2008 Christmas catalogue achieved an average 36 percent increase on December 2007 sales so our strategies appear to be working.”
The other buying groups profiled by Idex were Buyers International Group (US), Continental Buying Group (US), Independent Jewelers Organization (US), Leading Jewelers Guild (US), Retail Jewelers Organization (US) abd Southeastern Jewelers Organization (US).
For more information on Nationwide Jewellers contact Colin Pocklington at colin@jgbs.com