(PRESS RELEASE) Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, and Jewelers Board of Trade (JBT), the member-owned association that delivers commercial credit information and unbiased data on thousands of jewelers, have released the 2019 Retail Jewelers Benchmarking Study, a financial benchmarking tool. The data, based on 2018 financial information, was collected from retail jewelers across the United States using an online survey platform powered by Dynamic Benchmarking.
The survey was sent to retail jewelers in a variety of operational capacities ranging from independents to companies with multiple locations. The survey included 350 questions spanning six different areas of the participants’ businesses including: Sales details per store, merchandise and services, operation and staffing, e-commerce and social media, budget and expenses, key performance indicators (KPI) per square foot and per FTE (full-time employees).
“Benchmarking is a vital business tool. We were thrilled to work with Jewelers of America to bring back a comprehensive survey that focuses exclusively on retail jewelers,” says Erich Jacobs, JBT president.
Retail jewelers can use the data from to measure how their store’s profitability, productivity and financial performance compares to industry averages. They can also identify strengths and weaknesses and make informed decisions to improve profitability.
Jewelers can see how their own store performance compares by ordering the 2019 Retail Jewelers Benchmarking Study at www.jewelers.org/benchmarking or by contacting Jewelers of America’s Member Services department at 800-223-0673 or members@jewelers.org. An electronic version of the Study is available for $295.
The 2019 Retail Jewelers Benchmarking Study was graciously sponsored by De Beers Group, Jewelers Mutual Group and Synchrony.
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Retiring? Let Wilkerson Do the Heavy Lifting
Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift.
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