[Jewelry making - Article 00290] - Re: [Orchid] A New York State Of Mind?

[Daniel R. Spirer]

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    New York City (I assume you're talking about the city and not the
    state): 

    Way, way, way more expensive than any other venue. Rents will be 5
    times what you're paying now (well, Neil, actually I think you've
    mentioned your current rent is really low so it's probably more like
    20-30 times what you're paying now). Security guards are mandatory
    in any jewelry store in New York (I have never been in any without
    one---including the smallest of the small). Insurance costs are
    significantly higher. Absolutely everything you do will cost twice
    what it costs elsewhere. Buildout of a new store will be at least
    that. Salaries for employees will be significantly higher and you
    will need to be open longer hours and have more employee coverage
    (New York is open 24/7 and while you may not have to be open
    overnight, you will need to be open 7 days a week and lots of places
    are open until 7, 8 or 9 at night as New York is extremely lively at
    night). Advertising costs will be astronomical (just check out what
    it costs to run a print ad in the New York Times). Prepare to raise
    your prices by at least two to three times what you are charging now
    (maybe more and especially for your custom work). On the other hand,
    New Yorkers love to shop and they are prepared to pay higher prices
    because everything costs more there. They can be a lot more fashion
    oriented and are always looking for the new thing (which often means
    that when you aren't new anymore you're not going to maintain the
    same size customer base). You'll need a big advertising blitz to
    begin with so you're seen as something new and exciting (big expense
    again) and you may need to reinvent yourself every 5-10 years. But
    there is a HUGE amount of money that can be made there if you're
    prepared to put on a good show. You're just going to need a big
    upfront chunk of cash to get you through the beginning. 

Daniel R. Spirer, G.G.
Daniel R. Spirer Jewelers, LLC
1780 Massachusetts Ave.
Cambridge, MA 02140
www.spirerjewelers.com
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