MARC FRANKEL Video Editor Youtube channel https :// www . youtube . com / user / islandwatchdotcom
Fighting for dollars
Being successful in retail is all about getting the customer to part with their hard-earned cash no matter the economic climate . I built my business around trying to be “ recession ” proof as much as possible , by offering value in everything I sell , and keeping a majority of my items under $ 500 . It ’ s always been a reasonable assumption that if I can keep things affordable for most folks , then in the downturns of the economy , business should still be vibrant .
This has been a tenet of my business since I started back in the early 2000 ’ s . My business was already nearly a decade old during the economic crisis of 2008 . I remember people asking me how it affected my business . Well , it didn ’ t really change much . People were still buying $ 200 watches with fervor , and that was a very eye-opening experience . This was true again when the pandemic went into full swing during 2020 . People still had enough disposable income for affordable watches .
Affordable watches are clearly here to stay . Sure , it ’ s great to treat yourself to something pricier every now and again , but being in that sweet spot of $ 250 is a very nice place to be . There is one very large exception , and it happens once a year . Enter the behemoth . . . There is another product competing for your dollars , and just like a wristwatch , we do not need more than one . But unlike the wristwatch , 95 % of us have no use for more than one . What is it ? That darn clock in your pocket , aka , the iPhone . So , when Apple releases the latest and greatest device every September , people ’ s discretionary spending income goes to that . Poof ! Watch budget ? Gone . If only I could get people to part with $ 1,000 for a watch , like they do for a phone ( that they don ’ t need ), then I ’ d really be cooking .
Marc Frankel , Video Editor
6 | AboutTime Magazine