Jewelry storeowners often ask what the biggest step in a renovation is, and if it requires a lot of logistics. The key to renovations is to have a clear plan on the total process, whether you do a complete or a partial store remodel. While renovating your store is a big expense, it is necessary in order to increase the overall revenue and return on investment (ROI).
Prior to the start of renovation, make sure there is a comprehensive budget to allocate towards the renovations and consider applying for a renovation/remodeling loan. No matter what the budget is, make sure to stick to it. An important part of sticking to the budget is to not make changes once the renovation process has begun. To achieve this, begin by outlining a clear and specific plan prior to renovating—this will ensure all of the wants and needs are met. The more detailed the renovation plans are, the easier the process will be.
It’s important to keep in mind there may be expenses from moving existing infrastructure once renovation begins (i.e., tearing down walls, raising ceilings, etc.). Plumbing, ductwork, and electric systems may need to be replaced, so plan on working around them in the retail space. An important tip is to plan all infrastructure changes ahead of time. You can also stretch the remodeling budget by making necessary interior design improvements in the space. (See the construction and final completion images of Crocker’s Jewelers in Texarkana, Texas designed by Leslie McGwire & Associates Interior Design Company (LMA) from “Concept to Completion.”)
Jewelry storeowners should also find out which walls are load bearing as changing layouts can sometimes affect these areas. Review your blueprint in PDF and/or AutoCAD format with your design team (i.e. architect, jewelry store interior designer, general contractor, electrician, jewelry case manufacturer, and other finish vendors).
Make sure rules and expectations are set with your contractor and design team. Setting these expectations is a priority to ensure the renovation is successful. Keep the lines of communication open with your team to increase proactive decision making and ensure your completed project goes beyond your expectations.
About the Author: Leslie McGwire™ has over 35 years in business development, interior design, equipment, furniture sales and marketing services in retail and jewelry-based businesses. Leslie has won over 25 national design awards, including the prestigious Salon Today and INSTORE Jewelry Store awards. Leslie has a true passion for business, design for the jewelry and retail industries. Visit lesliemcgwire.com for more information.