June 18, 2004
Retail Inventory Clearance Show to Launch in October
The Prestige Jewelers Inventory Clearance Show will debut Oct. 22-24 and be open to the public at the Osceola Heritage Park Exhibition Building in Kissimmee, FL. Participating retailer/exhibitors will be able to sell their slow moving or dated inventory to the public at wholesale cost or below to help make room for fresh inventory. The show will feature up to 65 prestige retail jewelers from across the U.S. as exhibitors.
"This event is geared to clear out merchandise that has been in the store for a long time; merchandise that is no longer viable for stock-balancing," says Howard Hauben, president of the new venture. "This is merchandise seen by the store's sales team as 'dead;' it hasn't sold even when it's in the half-off case, marked down or been 'spiffed.'" Hauben, a veteran jewelry industry event organizer, is also the president of the Centurion Tucson Show.
"It would take a very aggressive, potentially image-tarnishing, high-profile and lengthy in-store sale to dispose of this kind of merchandise, and many prestige retail jewelers are averse to this kind of tactic," says Hauben. "Selling this merchandise to a liquidator or melting it down would result in an unacceptable loss on a jeweler's original investment."
Hauben located the show in the Orlando, FL area, because it's the No. 1 area for retail square footage of discount outlet shopping centers in the U.S, and consumer research conducted with InsightExpress.Com in Spring and Summer 2003 showed close to 60% of all consumers aged 18 and up were either very interested or interested in attending such a show, with Florida scoring the highest percentage of those interested. The Orlando metro area is a market of close to 2 million people.
Consumer research also showed no strong preference for time of year for the show, but retailers emphasized it should be done at a time when the most possible dead and slow-moving inventory can be sold. All successful public shows run over weekends. All these factors pointed to this late-October weekend.
PJICS will borrow from the business model created for the Centurion show, where designers and manufacturers who exhibit receive collectively half the shares in the company and equal say in its operation with day-to-day management. For PJICS, retail jewelers who exhibit at the debut 2004 show will likewise get half the shares in the new company and equal control. "Equal ownership takes on greater and greater meaning as the show develops," Hauben says. "It always helps protect the event in the best interest of its exhibitors and inevitably can provide financial benefits to the share holders as well."
To review the new show's consumer study, as well as a detailed PJICS Q&A, go to www.h2consult.com/PJICS.htm.