Connect with us

Headlines

New Challenges Pose Threat to Los Angeles’ Jewelry District Retailers

Published

on

Store-owners must navigate new social and economic trends.

Jewelers in downtown Los Angeles are finding it more difficult to sustain their businesses in the face of new challenges such as changing demographics, different buying patterns and rising rents, as the Los Angeles Times writes. The article details how jewelry manufacturing in the district slowed in the 2000s, and since the 2008 recession, “the people who historically bought high-end jewelry in the downtown district aren’t shopping as much as they used to, say retailers and industry analysts.”

The article also mentions how the area is seeing an influx of new capital that’s leading to higher rental rates, proving another hurdle for jewelers to clear as they seek to maintain profitability. “It’s not that the industry is disappearing. It’s not that the infrastructure of the industry is disappearing,” says Diana Singer, president of the American Society of Jewelry Historians. “It’s that the people who own the buildings want to maximize their investment, and they can get more if they do something else with it.”

Read more at The Los Angeles Times

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular