Big Survey

When It Comes to Their Store, Small Is Beautiful for Most Independent Jewelers

Few interested in owning a chain or a big destination store, according to the 2023 Big Survey.

Published

12 months ago

October 31, 2023

Chris Burslem

When It Comes to Their Store, Small Is Beautiful for Most Independent Jewelers

MOST OF INDEPENDENT jewelers aren’t particularly ambitious, at least by traditional business standards.

More than half of the respondents to the 2023 INSTORE Big Survey said they wanted nothing more than “a small store with lots of personality.” That was more than twice as many as those who wanted either a “big destination store” or even a “moderately sized store,” and ten times as many as those who wanted to own a “chain of stores.”

“I like what I have — a small store with great customers and no drama,” explained one survey respondent.

Another echoed that sentiment, hinting that the hard part was finding employees to buy into their vision. “I have a store with a lot of personality, we do custom and carry unusual as well as classic styles. I want employees who buy into our culture and are passionate about this business.”

Interestingly, the proportion of those store owners who were happy to stay small appears to be growing. When we last asked this question, in 2014, 28% of the jewelers said their goal was to own a big destination store, considerably higher than the 21% who chose that option in 2023. Also, only 45% wanted a small store in 2014, compared to 54% this year.

There were also those jewelers who were chasing a different dream altogether, such as those – a small minority to be sure — who wanted to work purely online or by appointment, “working my own hours and dealing with serious customers only.”

A few said they just wanted “a successful store” while half a dozen echoed the jeweler who said “I’m done. I want to retire.”

The 2023 Big Survey was conducted via an anonymous online form from late August to early October, attracting more than 750 responses from American jewelry-store owners and managers. The full results will be published in the November edition of INSTORE.

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”