The Basics

As has become tradition with the Big Survey, we start with a look at the marketplace fundamentals of our jewelers: where they work, what they offer, and how they differentiate themselves.

Published

5 years ago

October 23, 2019

INSTORE Staff Instore November 2019 Issue

5. Do you own or rent your store?

The Big Survey of U.S. Jewelers 2019: The Basics

COMMENT: A combination of record low interest rates and record economic expansion, as well as the increasing popularity of downtown shopping districts, appears to have made it possible (and smarter) for more jewelers to own their places of business.

6. How would you describe the market where your store is located?

Big urban market
8%
Suburban outskirts of a big urban market
17%
Medium-sized city (250,000-1 million people)
15%
Small city (25,000 to 250,000)
34%
Country town (up to 25,000)
22%
Resort area
3%

7. Which description of your business do you most closely identify with?

Full-service jeweler (offering repairs and other services)
78%
Jewelry retailer
9%
Custom design store
8%
By-appointment jeweler
2%
Online jeweler
1%
Pawn shop
1%
Other
1%

8. Which category is your business’s “strong point” (the category that helps you stand out from the competition)?

Custom design
36%
Bridal & diamonds
27%
General jewelry services (inc. repairs)
16%
Estate
6%
Fashion jewelry
5%
Colored gemstones
4%
Fine jewelry
2%
Watches
2%
Silver
1%
Other (please specify)
1%

COMMENT: Throughout our survey, there weren’t many areas where men and women diverged in terms of how they managed their stores. This was one. Interestingly, 32% of male owners said their strong point was bridal compared to only 14% of women. The service that allowed most women-run stores to stand out was custom design, with almost half of women (47%) choosing it, compared to 31% for male owners.

9. Check the paid services offered by your store

The Big Survey of U.S. Jewelers 2019: The Basics

10. How big is your (main) store?

The Big Survey of U.S. Jewelers 2019: The Basics

COMMENT: The changes have been incremental, but store size seems to be changing most at the extremes. There are more small stores and more big ones: Almost a quarter (24%) of the stores responding to this year’s survey were less than 1,000 square feet (up from 19% five years ago) while 12% were more than 4,000 sq feet in size (up from 9% five years ago).

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.”