This week we meet Steve Hunt, Managing Director of Lake Silver Jewellery, who explains the importance of unmanned concessions to their operation and their continued growth.
Lake Silver Jewellery have pioneered sterling silver gift jewellery through unmanned concessions, helping boost the income and attraction of the venues such as Edinburgh Woollen Mill clothing stores, Garden Centres and Mills.
Originating from the Lake District, the family owned business have revolutionised their operations by focussing on unmanned concession distributions. Originally Lake Silver sold their products to wholesale in both the UK and the USA. They then opened a small shop in the Lake District to sell their products directly to consumers. The success of that venture showed the potential value they could add to both landlords, and their business by offering their products as unmanned concessions. They currently operate in around 80 locations nationwide.
Speaking with Steve Hunt we asked;
What is the design and production process?
“We design all of our products in house, so they are all unique to our range. All of our products are made from sterling silver and produced in a shared production facility. Although we introduce new lines throughout the year, our major launch is in May, where we release the majority of the years designs.”
What is the concession process?
“It’s really simple. We build the stand and position it wherever agreed, and then visit to maintain and merchandise them based on the sales figures. We make sure that we monitor the bestselling lines and also slower sellers and then replace slow selling stock, with more suitable stock to the particular demographics of a site. If the stock is running low before we have a chance to visit, we can send stock via next day delivery, so that it can be refilled as soon as required.”
What are the benefits to you of running concessions rather than your own stores?
“It’s great for us because it keeps our overhead costs low. As we operate unmanned concessions, it means that we don’t have to pay for staff or any of the other associated store costs. It’s also great for the stores we’re in, as it means they get a fantastic gift range of sterling silver products, which are brilliantly processed and designed, without having to invest in that process. It works out as a great partnership between us and the stores.”
Are you looking to expand your operations?
“Of course! We’re always looking for more sites. We’re also currently developing a slightly cheaper range so that we can expand our offering. Currently all of our products are priced £12-£25, which is great for our currently locations, but we would also like to offer a range from £5-£10 which would appeal to a slightly different market. We’re hoping to have this ready by next year, so watch this space!”
Lake Silver offer unmanned concessions with as little as 50 sq. ft. of space. With flexible licence agreements and free mechanising facilities, they offer a unique opportunity for retailers to offer bespoke sterling silver gift jewellery, in an easy and cost effective way. If you would like to find out more about Lake Silver and their current opportunities, please contact email@example.com