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Conversation starter: Increase your sales by building narrative

By Jeffrey Ross and Patti Moloney

Although the luxury industry has slowly recovered following the 2008 U.S. housing crisis, lower retail prices combined with higher wholesale and supplier pricing is shrinking profit margins across Canada and the United States. The U.S. Chamber of Commerce reported that between January 2012 and January 2013, prices for wholesale jewellery rose by 2.4 per cent, while retail jewellery prices fell by 1.5 per cent. This troubling pattern is also playing out in Canada—we have seen this at our own store and have heard it from many retailers we work with. In order for merchants to maintain or increase profits, they have but one choice: boost sales.

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