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.
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.