Headlines

US Jewelry Retailer Closings Climb to 119 in 2nd Quarter

But the number of new jewelry businesses also rose.

Published

2 years ago

August 4, 2021

INSTORE Staff

The Jewelers Board of Trade reported that 119 U.S. jewelry retailers closed their doors in the second quarter of 2021.

That number represented an increase from 74 closings in the second quarter of 2020.

The total included 97 retailers in the category of “ceased operations” as well as 22 “consolidations (sale/merger).”

The total number of U.S. jewelry businesses that closed, including retailers, wholesalers and manufacturers, was 143. That was an increase from 90 in the second quarter of 2020.

Meanwhile, JBT reported that 36 new retailers opened their doors in the U.S., up from 21 in the second quarter of 2020.

The total number of new jewelry businesses, including retailers, wholesalers and manufacturers, was 41. That was up from 24 new businesses in the year-ago quarter.

JBT listed a total of 18,196 jewelry retailers in the U.S. as of the second quarter of 2021, down from 18,529 in the same quarter a year ago.

The group listed 24,021 jewelry businesses in all, including retailers, wholesalers and manufacturers. That was down from 24,465 in the second 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.”