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174 US Jewelry Retailers Closed in the Third Quarter

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Only 34 new retailers opened.

The Jewelers Board of Trade reported that 174 U.S. jewelry retailers closed their doors in the third quarter of 2017.

That number represented a significant decrease from 327 closings in the third quarter of 2016.

The total included 146 retailers in the category of “ceased operations” as well as 22 “consolidations (sale/merger)” and six bankruptcies.

The total number of U.S. jewelry businesses that closed, including retailers, wholesalers and manufacturers, was 228. That was a decrease from 416 in the third quarter of 2016.

Meanwhile, JBT reported that 34 new retailers opened their doors in the U.S., down from 49 in the third quarter of 2016.

The total number of new jewelry businesses, including retailers, wholesalers and manufacturers, was 40. That was down from 63 new businesses in the year-ago quarter.

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JBT listed a total of 19,830 jewelry retailers in the U.S. as of the third quarter of 2017, down from 20,674 in the same quarter a year ago.

The group listed 26,246 jewelry businesses in all, including retailers, wholesalers and manufacturers. That was down from 27,479 in the third quarter of 2016.

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A Liquidation Sale during a Pandemic? Wilkerson Showed Them the Way

For 25 years, Stafford Jewelers of Cincinnati, Ohio, was THE place to go for special gifts, engagement diamonds, high-end Swiss watch brands — in other words, the crème de la crème of fine jewelry. But this summer, the Stafford family was ready to retire. So, they chose Wilkerson to help them close up shop. “One of the biggest concerns was having the sale in the middle of COVID,” says Director of Stores Michelle Randle. Wilkerson gave the Stafford team plenty of ideas as well as safety guidelines, which they closely followed. “All of the employees felt safe, the customers coming in the door felt safe and we did a lot of business,” says Randle. How much business? “The inventory flew,” she says. Translation: They sold millions and millions of dollars-worth of merchandise. Randle calls it, “an incredible experience.” Would she recommend Wilkerson to other retailers who are thinking of thinning their inventories or retiring? “Everyone got more than what they expected out of the sale. You have to hire Wilkerson. They’re amazing.”

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