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

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”