U.S. jewelry store closings fell by 26% in the first quarter of 2023.
The Jewelers’ Board of Trade reported that 113 jewelry retailers closed their doors in the quarter.
That number represented an decrease from 153 closings in the first quarter of 2022.
The total included 95 retailers in the category of “ceased operations” as well as 17 “consolidations (sale/merger)” and one in the bankruptcy category.
The total number of U.S. jewelry businesses that closed, including retailers, wholesalers and manufacturers, was 133. That was a decrease from 187 in the first quarter of 2022.
Meanwhile, JBT reported that 82 new retailers opened their doors in the U.S., down from 113 in the first quarter of 2022.
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The total number of new jewelry businesses, including retailers, wholesalers and manufacturers, was 113. That was down from 152 new businesses in the year-ago quarter.
JBT listed a total of 17,887 jewelry retailers in the U.S. as of the fourth quarter of 2022, down from 18,336 in the same quarter a year ago.
The group listed 23,583 jewelry businesses in all, including retailers, wholesalers and manufacturers. That was down from 24,162 in the fourth quarter of 2021.
Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.
