In 1983 there were approximately 40,000 retail jewelry stores in the United States. Today that number is probably closer to 16,000. That number is expected to drop even more as the retail industry changes at the speed of light. The jewelry segment of retail is one of the hardest hit segments and the future does not look to change any time soon.
Peter Smith recently wrote an article for “NATIONAL JEWELERS” that does an excellent job of explaining what has happened during the past in the jewelry business to get it where it is today, but also provides some good advice to those jewelers that hope to survive the rapidly changing retail environment.
The article is well worth reading for any independent jewelry store owner and in fact worth reading for any independent retailer. Many of the ideas and opinions expressed by Smith can be applied to most independent retail operations.
Read it and learn or you may soon be running your own Store Closing Sale.
Peter Smith – “National Jewelers” – “What will become of retail jewelry stores”