A second-quarter report by the Jewelers Board of Trade (JBT) shows that the jewellery industry is, in fact, still shrinking—just at a slower rate than before.
New numbers show that 245 jewellery businesses closed across North America during the most recent quarter. While this may seem like a large number, this represents a 48 per cent drop from the 475 businesses that closed in the same quarter of 2016.
Ultimately, the JBT’s stat encompasses 204 closing retailers, 29 wholesalers, and 12 manufacturers. Those numbers are down from last year’s second quarter as well, which saw the closure of 350 retailers, 77 wholesalers, and 48 manufacturers.
Despite this, the number of jewellery companies continues to drop in June, the JBT recorded 27,706 businesses across North America, down from last year’s 29,439.
“The trend has not changed: We are seeing fewer jewellery companies,” says JBT president and CEO Anthony Capuano. “We are dealing with an aging population of store owners. I don’t think any major drivers of the trend have changed.”
Adds Capuano, “the rate of decline has now abated for two quarters, but it’s too early to say it’s a trend.”
What’s more, the number of new openings also decreased. During last year’s second quarter, 83 new jewellery business came into the industry in North America. This year, there were 29.
With these numbers in mind, it is essential that jewellers act responsibly and quickly. Ensure that you are on top of all aspects of your business to keep it running now and into the future.
Learn more about how to improve your operations with the links below:
Displays/Interior Design – http://www.canadianjeweller.com/looking-without-seeing/
Social Media – http://www.canadianjeweller.com/to-post-or-not-to-post/
Succession Planning – http://www.canadianjeweller.com/its-all-in-the-family/
