Headlines

New Challenges Pose Threat to Los Angeles’ Jewelry District Retailers

Published

8 years ago

August 1, 2016

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

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”