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US Jewelry Retailer Closings Climb to 85 in 3rd Quarter

Meanwhile, JBT reported that 101 new retailers opened their doors.

Published

2 years ago

November 3, 2021

INSTORE Staff

The Jewelers Board of Trade reported that 85 U.S. jewelry retailers closed their doors in the third quarter of 2021.

That number represented an increase from 81 closings in the third quarter of 2020.

The total included 63 retailers in the category of “ceased operations” as well as 22 “consolidations (sale/merger).” There were no retailers in the bankruptcy category.

The total number of U.S. jewelry businesses that closed, including retailers, wholesalers and manufacturers, was 113. That was an increase from 101 in the third quarter of 2020.

Meanwhile, JBT reported that 101 new retailers opened their doors in the U.S., up from 34 in the third quarter of 2020.

The total number of new jewelry businesses, including retailers, wholesalers and manufacturers, was 123. That was up from 42 new businesses in the year-ago quarter.

JBT listed a total of 18,191 jewelry retailers in the U.S. as of the third quarter of 2021, down from 18,527 in the same quarter a year ago.

The group listed 23,984 jewelry businesses in all, including retailers, wholesalers and manufacturers. That was down from 24,460 in the third quarter of 2020.

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When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”