Headlines

Diminishing Middle Class Hurting the Big Jewelry Companies

Published

9 years ago

March 3, 2016

INSTORE Staff

“You don’t have to be a rocket scientist” to figure out why, consultant says.

It’s definitely a bear market out there and particularly so for publicly traded jewelry companies like Tiffany, Signet and Blue Nile, all of whom are trading down for the year, as Yahoo Finance writes.

The article cites Howard Davidowitz, chairman of national retail and consulting firm Davidowitz & Associates, who says the big jewelry companies face a threat in the declining purchasing power of the middle class: “You don’t have to be a rocket scientist to see that any company that appeals to the aspirational middle class is in trouble.” He also says that jewelers should focus on closing mall stores and instead shift their attention to online sales and urban stores.

Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success

After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone. Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently. The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.