Connect with us

Headlines

1,256 US Jewelry Businesses Have Closed Their Doors This Year

That’s a 49 percent increase from last year.

mm

Published

on

The Jewelers Board of Trade reports that 416 U.S. jewelry businesses closed their doors in the third quarter.

The number was up 31 percent from the same quarter of last year.

Most of the businesses that closed were retail jewelers, but wholesalers and manufacturers are also included in the figure. The closures were categorized as consolidations, bankruptcies or, in the majority of cases, simply “ceased operations.”

So far this year, 1,256 jewelry businesses in the U.S. have closed, according to the Jewelers Board of Trade. That’s a 49 percent increase from 844 through the first three quarters of last year.

In Canada, 10 jewelry businesses closed their doors in the third quarter, compared with six in the third quarter of 2015. Through the first three quarters, 37 jewelry businesses have closed in Canada, compared with 25 during the first three quarters of last year.

In the third quarter, 64 new jewelry businesses opened in the U.S., including 49 retailers. That’s compared with 74 in the third quarter of 2015.

Advertisement

In Canada, two new jewelry businesses opened in the third quarter, both of them retailers. That’s up from zero in the third quarter of 2015.

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

Promoted Headlines

Most Popular