MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
IndependentsFeb 13, 2018
Squirrel Spotting: 5 Reasons I Hate Memo
Fresh off another trade show, Peter Smith shares his thoughts on the widely used, and much debated, practice.
Peter Smith has more than 30 years of experience building wholesale and retail sales teams. He currently is president of Vibhor Gems.
I have long detested memo but have never been exactly sure why. I mean, I don’t just dislike the concept of memo, I even despise the word itself. It is, I confess, a personal idiosyncrasy that’s certainly based more on emotions than anything cognitive.
Nonetheless, the feeling persists and it tends to come to the fore at and post tradeshows. Understandable, I suppose, given the prevalence of memo requests that seem to serve as an all-too- familiar soundtrack at the shows.
I have found myself thinking more and more about the “memo concept” in recent weeks and months.
I’m grateful that I’ve personally never worked for any companies where memo was a significant part of the business model and so I have very little exposure to the worst of it. That said, here are a few of my thoughts on why I don’t like it.
Memo Is Not a Strategic Initiative
I struggle to understand how getting “free” products ever makes sense as a meaningful business model.
For instance, if a retailer articulates his or her product strategy, with the attendant curated stories and brands, is it likely that a select number of vendors will give you their very best products on memo to support that? Assuming not, how could getting second-rate memo products that don’t align with your strategy be good for your business?
Supply and Demand Don’t Align
The very concept of memo seems to be the result of a failed strategy on the vendors’ parts. It suggests that supply far exceeds demand and, if that scenario is true, why is there not more demand for that product? What does it say about the product’s value proposition or, more aptly, its lack of value? Does it become more relevant filling out a jeweler’s case or, as I heard from one retailer recently, sitting in a safe?
There ought to be fundamental questions asked about the product development process of those companies, and the quality and/or viability of their products that are, at best, being flung at the nearest wall in the hopes of finding traction. Memo as a Hail Mary, you might say.
More is Not Better
A not-too-often-discussed side effect of memo is that it very often contributes to one of the biggest challenges in retail (all retail, not just jewelry) today, and that is the preponderance of “stuff” in the stores and showcases.
I have written
and spoken ad nauseam about the paradox of choice, including in a previous column for National Jeweler, and the idea that the more we have, the less the customer sees. Throwing more stuff at the abundance of stuff already in stock hardly seems smart.
Be Like Tiffany
Connected to the overcrowding, of course, is the retail aesthetic. No showcase was ever better for having too much product.
In a series of “Future of Retail” talks that I gave around the country in the fall, I shared SKU counts for stores as diverse as Apple, Michael Kors, Coach and Tiffany & Co., and I then compared them to the SKU counts of four independent jewelry retailers.
If the latter were boats, they would have sunk, so overloaded were they with inventory. The former group—amongst the top retailers in terms of per-square-foot of sales in the country—understand that their business model is not well-served by overloading with products.
What Do I Want My Salespeople to Focus On?
Why do I want my salespeople to spend their time on memo? Wouldn’t I rather have them selling my asset products? Or are you the retailer without an aged product problem?
It is possible, I suppose, that you might be savvy enough to merchandise your memo in such a way that your salespeople can skillfully navigate asset and memo, and use the latter to fill in only where there are obvious gaps. You might, but I doubt it. Contributing to the aging of your asset inventory by selling memo goods and, potentially, paying more for them might not be the wisest course of action.
Then again, I don’t know. I might be all wrong about this memo thing.
As Kevin Dutton wrote in his book Split-Second Persuasion: The Ancient Art and New Science of Changing Minds: “When the chips are down and the going gets tough, the brain, it would seem, spends much of its time cowering behind the heart.”
It works for me.
Peter Smith is president of Vibhor, a public speaker and author of “Sell Something” and “Hiring Squirrels.” He spent 30 years building sales teams in retail and wholesale and he can be contacted at dublinsmith@yahoo.com, peter@vibhorgems.com, or on LinkedIn, Facebook or Twitter.
Be Like Tiffany
Connected to the overcrowding, of course, is the retail aesthetic. No showcase was ever better for having too much product.
In a series of “Future of Retail” talks that I gave around the country in the fall, I shared SKU counts for stores as diverse as Apple, Michael Kors, Coach and Tiffany & Co., and I then compared them to the SKU counts of four independent jewelry retailers.
If the latter were boats, they would have sunk, so overloaded were they with inventory. The former group—amongst the top retailers in terms of per-square-foot of sales in the country—understand that their business model is not well-served by overloading with products.
What Do I Want My Salespeople to Focus On?
Why do I want my salespeople to spend their time on memo? Wouldn’t I rather have them selling my asset products? Or are you the retailer without an aged product problem?
It is possible, I suppose, that you might be savvy enough to merchandise your memo in such a way that your salespeople can skillfully navigate asset and memo, and use the latter to fill in only where there are obvious gaps. You might, but I doubt it. Contributing to the aging of your asset inventory by selling memo goods and, potentially, paying more for them might not be the wisest course of action.
Then again, I don’t know. I might be all wrong about this memo thing.
As Kevin Dutton wrote in his book Split-Second Persuasion: The Ancient Art and New Science of Changing Minds: “When the chips are down and the going gets tough, the brain, it would seem, spends much of its time cowering behind the heart.”
It works for me.
Peter Smith is president of Vibhor, a public speaker and author of “Sell Something” and “Hiring Squirrels.” He spent 30 years building sales teams in retail and wholesale and he can be contacted at dublinsmith@yahoo.com, peter@vibhorgems.com, or on LinkedIn, Facebook or Twitter.
More on Independents
The Latest
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
