Strike a Chord
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May 2013 Strike aChord FREE COPY Editor’s Letter Focus on You ROSE CALLAHAN he Yarn Market News Smart Business Conference, held this year in Baltimore, has just finished up, and once again I’m inspired and invigorated. I’m also struck by the thoughtfulness with which all the incredible people working in the yarn industry approach their jobs. Thoughtfulness, intention—both are crucial elements for a successful business. After all, if your goals aren’t clear in your own mind, how will you ever know when you’ve achieved them? When you were planning your store, you took the time to think through all the details. THow long has it been since you sat down with the original documents to see if you’re still on track? Cheryl Krementz spoke with two YMN Conference speakers, business coach Joe Grushkin and marketing expert Maria Ross, on best practices and shares some tips for staying on top of navigating your shop’s direction. Once you’re clear on the direction for your business, perhaps you’ll find a place for a store-branded product, which we’re seeing more and more at yarn shops across the country. Rebecca Klassen explores ways to present these unique items to the world. The messages that come through in her article are so in line with the sentiments Maria Ross shared with us at the Four Seasons in Baltimore: Know your customers’ preferences, and you can tailor your products to those who walk through the door. on our cover We also ask you to think about other aspects of your business as you read the articles in SORTA LIKE A ROCK STAR this issue: Have you started a loyalty program? Are you planning to attend the TNNA show Rock Star, bead-studded strands in June? Will your customers stay engaged and continue to grow as knitters through classes of Tilli Tomas’s 100% spun silk Pure you offer? And I’d like to go back to the question posed in our last issue: Are you able to and Simple, wasthe only choice when it came to stringing up this pay yourself for all your hard work? guitar. It comes in 31 lustrous colors. Thank you to the 120 people who took the time to fill out my completely unscientific survey tillitomas.com on LYSO salaries. Nell Merlino, head of Make Mine a Million and creator of Take Our Daughters to Work Day, spoke at the YMN Conference gala dinner about how common it is for small- ATOP OUR SMART COLUMNS business owners across all industries to forgo a salary. The results of our survey gave me Moving Mud’shandmade lamp- work glass shawl pins are individual a hopeful snapshot of the industry, indicating that most of those who responded do manage worksof art. movingmud.com to take home some money—though perhaps not as much as they’d like. (See all the stats on page 9.) I also heard from others who choose not to pay themselves, using that money instead on programs meant to foster community. It’s an interesting and, we’ve discovered, sensitive subject, one I’m positive that YMN will one day revisit. I close this letter on a bittersweet note: This is the last issue of Yarn Market News for con- SURVEY TIME! tributing editor Cheryl Krementz. For eight years, Cheryl has touched every page of the magazine, Last issue’s survey was enlightening. Let’s do another one, this time on lending her keen editorial eye, her uncanny ability to turn a perfect phrase and her vast industry your store’s approach to new yarns. knowledge. She was YMN’s institutional memory, and I loved discussing with her everything from Take it online at www.survey story ideas to the latest industry news to our favorite books. She moves on to helm MetroKids,a monkey.com/s/YMNnewyarn. magazine for parents living in the Greater Delaware Valley area. I will greatly miss working with her, and I wish her all the best in her new role. FOLLOW YARN MARKET NEWS MAGAZINE ON FACEBOOK 2 MAY 2013 30 58 in every issue 2 EDITOR’S LETTER 8 MARKET REPORT 18 BOOK REVIEWS 22 YARN FORWARD 24 CONFERENCE ROUNDUP 8 24 26 TNNA UPDATE 28 CYC UPDATE 22 30 KNITTING GUILD 32 CROCHET GUILD 54 34 SMART MONEY 36 SMART EDUCATION 38 SMART SANITY features 40 SMART ONLINE 50 YOURS TRULY 42 SMART MERCHANDISING Rebecca Klassen on how branded 44 RETAIL PROFILE products can help you reach a The Knitting Place, global audience. Port Washington, New York 54 HOPEFULLY DEVOTED 46 INTERNATIONAL REPORT The whys and hows of loyalty pro- Amsterdam grams. By Leslie Petrovski 64 CELEBRITY INTERVIEW 58 THE BEST-LAID PLAN Betsy Perry of Classic Elite Yarns Revamp your business plan to reflect your new reality. By Cheryl Krementz 50 WHAT IS THE BEST BUSINESS DECISION YOU CAN MAKE FOR 2014 ? PAYMENT PLANS AVAILABLE! Contact [email protected] Smart Business Conference CHICAGO REGISTRATION MARCH NOW OPEN! 9–11, 2014 WWW.YARNMARKETNEWS.COM Editorial Director TRISHA MALCOLM Editor in Chief ERIN SLONAKER Creative Director JOE VIOR Managing Editor LESLIE A. BARBER EDITORIAL Contributing Editors CHERYL KREMENTZ, LESLIE PETROVSKI Yarn Editor CHRISTINA BEHNKE ART AND PRODUCTION Online Production Manager JOE WOOD Graphic Designer EMILY JONES ADVERTISING AND PROMOTIONS Director of Advertising Sales DOREEN CONNORS SPELLMAN (212) 937-2554, [email protected] Accounts Manager ROSE ANN POLLANI (212) 937-2557, [email protected] Events Director GABRIELLE ALD (212) 225-9001, [email protected] Events Manager CAROL BUONANNO (212) 225-9011, [email protected] Marketing Manager BETH RITTER (212) 225-9006, [email protected] SOHO PUBLISHING COMPANY President ART JOINNIDES Publisher DAVID JOINNIDES Controller ELAINE MOWBRAY EDITORIAL ADVISORY BOARD PEARL CHIN, Knitty City MARY COLUCCI, Craft Yarn Council NADINE CURTIS, Be Sweet KIT HUTCHIN, Churchmouse Yarns & Teas JASON KRELLENSTEIN, Esquire LINDA MCCLELLAND, Sales Rep TRISHA MALCOLM, SoHo Publishing Co. LINDA PRATT, Westminster Fibers PATTY PARRISH, TNNA CONFERENCE ADVISORY BOARD JOANLOOI, Sales Rep BETSY PERRY, Classic Elite Yarns Magazine Publishers of America Manufactured and printed in the United States of America Yarn Market News™ is a trademark of SoHo Publishing, LLC. YMNis published five times a year, in January, March, May, August and October, in the U.S. and Canada. Copyright ©2013 by SoHo Publishing Company, LLC, 161 Sixth Avenue, Suite 1301, New York, NY 10013. No part of this book may be copied or reproduced by any means without written permission of the Publisher. Executive, publishing, editorial and advertising offices: 161 Sixth Avenue, Suite 1301, New York, NY 10013. HOW TO REACH US TO SUBSCRIBE, CHANGE AN ADDRESS OR CANCEL A SUBSCRIPTION: visit www.yarnmarketnews.com or e-mail [email protected] EDITORIAL COMMENTS: e-mail: [email protected] or [email protected] Thenextissueof YMN will mail on July 23, 2013 BY CHERYL KREMENTZ market REPORT Lisa Shroyer $alary $urvey By now, we hope you’ve read our March feature article “The Earnings STEPS UP Report,” an expansive look at the ways yarn shop owners pay themselves There’s been a masthead bump over at —or, in many cases, don’t. While researching the piece, we relied on input Interweave Knits. As of March 1, former from a small sampling of candid retailers, since there’s no current industry- Knitscene editor and IK senior editor Lisa wide data on the salaries of LYSOs. To help us rectify that deficit, we asked Shroyer has moved to the top spot of you to take a short, anonymous survey. The results are startling. the multimedia company’s flagship title, replacing Eunny Jang, who recently ended her six-year tenure at the mag. “Eunny left some pretty big shoes to fill. But when presented with the challenge of filling those shoes, I knew I didn’t have to look very far,” says Interweave’s editorial director Karin Strom. “It was a big honor to be considered [for the position] so quickly,” Shroyer tells YMN. “It’s exciting, sort of like coming home.” (She originally joined the company as an IK 64% pay themselves 30% pay themselves consistently editorial assistant back in 2005.) 36% do not 34% sporadically Given that magazines work on a lengthy lead time, Shroyer has 36% not at all the advantage of “inheriting” three upcoming editions that have largely been planned. “In the short term, I’m staying the course and 16% 14% wrapping up those issues,” she says. “In the long term, my focus 12% Most of those who is to curate collections that knitters find exciting. The brand is really 10% pay themselves make 8% between $10,000 and strong and one I want to adhere to by finding new talent and work- 6% ing with favorite designers to get the kind of projects that light up 4% $19,999 per year. the airwaves.” She also looks forward to “brainstorming what peo- 2% $10,000–19,999 $0–4,999 $30,000–49,999 0% $75,000+ ple want to read” as far as technique articles go. Though Interweave Press is located in Loveland, Colorado, Shroyer will 26.1% of all surveyed Most surveyed shop remain based at her North Carolina home, have shops that make owners are also the flying west monthly for photo shoots and $100,001–$175,000 sole employee. meetings. “I’ll be racking up the frequent- per year. flier miles,” she says with a laugh, happy to travel for a job for which she’s seem- less than $50,000 0 ( I am the sole employee) ingly trained her entire life. The daughter $50,001–$100,000 $100,001–$175,000 1 of Nancy and Bob Shroyer of Nancy’s Knit $175,001–$250,000 2–4 Knacks, Shroyer considers the industry $250,001–$500,000 5–10 to be “pretty much my home.