After three decades in business, Maxwell Jewelers in Winston-Salem, NC, is closing.
Danny Wingo, who owns the store with his wife, Ellen, says changes in the economy and the industry factored in, the Winston-Salem Journal reports. He’s currently holding a going-out-of-business sale.
Business at the store never fully recovered following the Great Recession, Wingo said. Additionally, in his experience, millennials don’t seem to buy jewelry for as many occasions as previous generations did — many of them only buy for the big life events such as engagements.
Online shopping has also had a negative effect on the business, he said.
Wingo will continue to operate Wingo’s Fine Jewelry in nearby Clemmons, the Journal reports.
He plans to “concentrate more on the younger people getting engaged and that aspect of it, and be very competitive as far as that goes.”
Read more at the Winston-Salem Journal