Headlines

119 US Jewelry Retailers Closed in the 1st Quarter

The number represents a significant decrease from the year-ago quarter.

Published

3 years ago

April 20, 2021

INSTORE Staff

The Jewelers Board of Trade reported that 119 U.S. jewelry retailers closed their doors in the first quarter of 2021.

That number represented a decrease from 238 closings in the first quarter of 2020.

The total included 89 retailers in the category of “ceased operations” as well as 26 “consolidations (sale/merger)” and four bankruptcies.

The total number of U.S. jewelry businesses that closed, including retailers, wholesalers and manufacturers, was 144. That was a decrease from 291 in the first quarter of 2020.

Meanwhile, JBT reported that 30 new retailers opened their doors in the U.S., down from 39 in the first quarter of 2020.

The total number of new jewelry businesses, including retailers, wholesalers and manufacturers, was 33. That was down from 48 new businesses in the year-ago quarter.

JBT listed a total of 18,263 jewelry retailers in the U.S. as of the first quarter of 2021, down from 18,532 in the same quarter a year ago.

The group listed 24,095 jewelry businesses in all, including retailers, wholesalers and manufacturers. That was down from 24,464 in the first quarter of 2020.

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When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”