Members of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
Retail Sales to Grow About 4 Percent This Year, NRF Says
Online and non-store sales, meanwhile, should increase between 10 and 12 percent.
Washington--The National Retail Federation has released its growth predictions for the year ahead, and they’re slightly higher than last year’s figures.
Overall retail industry sales are expected to increase between 3.8 and 4.4 percent. Included in this number are online and all types of non-store sales, which should see a 10 to 12 percent increase over last year.
Last year, the NRF predicted retail sales would increase between 3.2 and 3.8 percent. While subject to revision, the U.S. Census Bureau’s preliminary analysis of 2017 shows that an increase slightly higher at 3.9 percent over 2016 to $3.53 trillion.
NRF President and CEO Matthew Shay noted that a strong holiday season is one indicator of a positive year ahead.
“A robust holiday season for retail sales is just one of many barometers that points to a consumer who is clearly feeling positive about their financial health,” he said.
“Despite headlines to the contrary, the retail industry is strong, growing and meeting consumer demand with the products they want at the prices they expect and the shopping experience they want to have, online or in store. With consumer confidence high, unemployment low and wages growing, there is every reason to believe that retail sales will be robust throughout the year.”
When National Jeweler spoke with retailers during the holiday season, several thought that a positive economic outlook, due in part to a booming stock market, was responsible for a healthy holiday season.
Last week, however, the stock market showed great volatility, trading “about 20,000 points back and forth in a roughly 2,000-point trading range,” according to an analysis by CNBC. The week was feared to be the worst for the stock market since the 2008 financial crisis, but narrowly avoided it.
Any ongoing volatility in the year ahead is likely to have a negative impact on growth.
But the NRF is also predicting positive gains for unemployment in 2018, another essential aspect of the U.S. economy.
Jobs are expected to increase by 163,000 a month this year, slightly down from last year but in line with labor market growth, and unemployment is predicted to decrease by 3.9 percent by the end of 2018.
NRF Chief Economist Jack Kleinhenz said: “The underpinnings of the economy are very good and consumer spending is at the center of our outlook. The push and pull of forces both external and internal to the U.S. economy
Though online and non-store sales are predicted to increase more than in-store sales, TD Bank’s Retail Experience Index recently affirmed that the in-store buying experience for fine jewelry remains essential.
In a recent survey of 1,021 consumers, the financial institution found that 47 percent of jewelry shoppers spent one to two hours in a jewelry store on average before making a major purchase and tended to visit three to four different stores.
Underscoring the importance of reaching consumers via multiple channels of sale, 47 percent of these shoppers spent three to six hours researching online. Ultimately, 54 percent of customers ended up buying in-store, 34 percent online and 10 percent through a retailer’s app.
Jewelry shoppers also continue to be repeat purchasers. Seventy-eight percent of the shoppers who had spent $500 or more in the last year said they were “very” or “extremely likely” to make another significant purchase in the next six months, indicating that they are likely turning to fine jewelry purchases for occasions, like birthdays and holidays.
TD Bank said that all of this data highlights the importance of the in-store experience, as 60 percent of shoppers said that knowledgeable sales associates are “very important” to deciding where to shop and 69 percent of them sought help from an associate during their last jewelry store purchase.
Seventy-nine percent of those surveyed said the sales associate was influential in deciding their ultimate purchase.
The Latest
The brand has opened its second U.S. location in the Fontainebleau resort and casino.
Associate Editor Lauren McLemore highlights pieces from the AGTA Spectrum & Cutting Edge Awards she’d be thrilled to unwrap on Christmas.
A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
The move is one of several cost-cutting measures outlined by the company as it faces a weaker luxury market and other challenges.
The retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
Lab clients have the option to request this addition on their emerald reports.
Jamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
In the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
Co-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Along with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
The man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
The average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
The nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
The videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
Feldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
The luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
The nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
Gearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
The diamond cut grade is now available for marquise- and pear-shaped diamonds.