Surveys

Signet Moves Up NRF’s List of ‘Top 100’ Retailers

SurveysJul 15, 2022

Signet Moves Up NRF’s List of ‘Top 100’ Retailers

Plus, a look at what shoppers want from retailers and why a remodel may not be in the cards.

A 14-karat two-tone gold engagement ring set with a lab-grown diamond from Pnina Tornai’s new collection ($16,999) at Signet Jewelers-owned Jared. The jewelry giant landed a spot on the National Retail Federation’s most recent “Top 100” retailer list.
New York—Signet Jewelers has again made the National Retail Federation’s Top 100 Retailers list, advancing a dozen spots to land at No. 66.

The jewelry giant was No. 78 last year.

The list, compiled by market research firm Kantar Group, ranks the largest retail companies in the United States, based on 2021 annual retail sales.

The NRF says it uses “a variety of estimation techniques” to calculate its figures, so the sales figures on its list may differ from the companies’ official public filing reports.

This is the case with Signet, which reported total sales of $7.8 billion last year.

The NRF, however, has Signet’s total retail sales at $6.95 billion in 2021.

Signet’s U.S. sales, according to its calculations, totaled $6.14 billion in 2021, a 31 percent increase year-over-year.

The company’s strong performance can be attributed in part to several trends, said David Marcotte, senior vice president for Kantar.

Shoppers had more disposable income, due to lockdowns and an inability to travel, and were able to afford luxury items like fine jewelry.

Signet was the only specialty jeweler on the list, with the top spots taken by big box stores and retail titan Amazon.

In the No.1 spot on NRF’s list, once again, was Walmart, with U.S. sales of $459.51 billion, a 7 percent year-over-year increase.

Amazon took the No. 2 spot for the second year in a row, posting U.S. sales of $217.79, a 13 percent year-over-year increase.

The No. 3 spot went to Costco, with U.S. sales of $140.41 billion, a 16 percent year-over-year increase.


Analysts had predicted problems for retail in 2021 as COVID-19 continued to take its toll, but the year wasn’t all that gloomy.

“Overwhelmingly, retail came out ahead for a variety of reasons,” said David Marcotte, senior vice president for Kantar. “But it’s undeniable that everybody, except for those in apparel, did much better than anyone expected.”

The strong turnout had a lot to do with changing attitudes in 2021 compared with the lockdown period of 2020, said Marcotte.

“Almost any trip was driven by need, but not necessarily a desperation need. It was a need for entertainment, a need to get out, a need to find something. And in both going online and into stores, finding things was, I wouldn’t say an adventure, but a challenge.”

Shoppers weren’t as interested in promotions or merchandising, he said, with retailers backing off ad dollars and promotion.

“What retailers were dealing with was a shopper who was trying to find what they needed and was willing to overlook all other flaws,” Marcotte said.

Retailers like TJ Maxx, Ross, and Burlington, known for their wide selection rather than their merchandising or curated experience, saw strong growth in 2021.

Today, however, shoppers’ mindsets have shifted, regaining an interest in promotions and loyalty points.

“We’re seeing a surge in frequent shopper programs and electronic coupons,” he said. “And we’re seeing the introduction of retail media to engage shoppers trying to squeeze every last dollar.”

In March, Signet said it had been testing out a new loyalty program, Vault Rewards, at select Jared stores and could roll the program out to all its banners.

 Related stories will be right here … 

Looking to the current year, a labor shortage has been affecting retail, with most retailers operating with a 20 percent reduction in workers, said NRF.

Issues affecting the supply chain and trucking only add to the problem.

“That’s been a re-education for most retailers,” said Marcotte. “For the past 40 years, the story has been, ‘I can get by with less labor, and in an ideal situation, I can pay them less.” And that’s not true.”

From Amazon to Starbucks, workers have been unionizing across the country, advocating for a living wage and better working conditions.

The labor issue also spells trouble for experiential retailing, said Marcotte, which takes more than just merchandising.

Significant shortages in both labor and materials may mean stores looking for a remodel, or a whole new location, are out of luck.

“I’m starting to refer to 2023 as, ‘the year you come as you are,’” said Marcotte.

“The labor picture will probably change slowly, but not quickly. The commercial real estate picture will also change slowly and it’s not going to get cheaper. On a global basis, it’s going to be a challenge for retailers to really change their stores’ physical footprint.”

Retailers looking for success in 2022 will have to “re-engage with shoppers in the same way they were with them in 2019.”

“We all wanted to go back to normal,” said Marcotte. “We’re back to normal. We have to be competitive, we have to invest, we have to create. But we really, really have to get involved with frequent shopper programs, electronic coupons and digital tools. The retailers that do that are going to do well.”

Read the full “Top 100” list on the NRF’s website.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.
tags:

The Latest

ColumnistsJan 31, 2023
Squirrel Spotting: How About a Word for the New Year?

It begins with a “t” and ends with a “c” and is imbued with warmth and positivity, Peter Smith writes.

Policies & IssuesJan 31, 2023
Rio Tinto Issues Apology After Radioactive Capsule Goes Missing

The tiny capsule, which is believed to have fallen out of a truck, was lost somewhere along an 870-mile stretch of desert road.

MajorsJan 31, 2023
Indian Jewelry Brand Tanishq Opens First U.S. Store, More on the Way

The jeweler’s expansion plans include 20 to 30 more stores in North America and the Middle East over the next two to three years.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

Events & AwardsJan 31, 2023
Gucci Is Getting a Gem Award

The Italian luxury brand will receive the first Gem Award for High Jewelry Excellence.

Weekly QuizJan 26, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
MajorsJan 31, 2023
Martin Flyer Names New VP of Business Development

Industry veteran Kevin Lane has stepped into the role.

MajorsJan 30, 2023
Researchers Uncover Bejeweled ‘Golden Boy’ Mummy

The ancient Egyptian teenager was buried 2,300 years ago with 49 amulets to guide him through the afterlife.

Brought to you by
De Beers Institute of Diamonds Expands to Offer Education

De Beers is sharing over 130 years of experience and expertise through the De Beers Institute of Diamonds with a selection of courses.

Events & AwardsJan 30, 2023
JA Is Searching for the Next Retail ’20 Under 40’

Nominations are open now through March 24.

MajorsJan 30, 2023
10 Jewelry News Stories You Might Have Missed

A column detailing how independent jewelers did last year and the top watch brands of 2022 were among the most-read stories last week.

FinancialsJan 27, 2023
Tiffany & Co. Shines for LVMH in 2022

Acquired in 2021, the brand’s high jewelry sales have doubled and its new “Lock” collection was an instant hit.

MajorsJan 27, 2023
Diamond Council of America Appoints Treasurer, Board Member

Executives from Fred Meyer Jewelers and Riddles Jewelers have filled the roles.

CollectionsJan 27, 2023
Piece of the Week: Heavenly Vices’ Lock Necklace

The Victorian-inspired design is a functional lock and key.

Supplier BulletinJan 26, 2023
JA New York Spring Brings the Industry Together

For over 100 years, JA New York has played an integral role in facilitating the evolution of our industry, while also honoring past traditions.

TrendsJan 26, 2023
At Vicenzaoro, Paola De Luca Gazes Into Jewelry’s Future

The trend forecaster and her guests explored unconventional jewelry designs, NFTs, AI art, and more during her Trendvision presentation.

CollectionsJan 26, 2023
NDC and Lorraine Schwartz Announce New ‘EDDI’ Class

The Emerging Designers Diamond Initiative provides diamond credit and mentorship to young brands helmed by BIPOC designers.

IndependentsJan 26, 2023
Lee Michaels Fine Jewelry Set to Open 10th Store

It will be located in San Antonio’s Alamo Quarry Market and will be Lee Michaels’ third location in the city.

Policies & IssuesJan 26, 2023
Diamonds Do Good Names 10 to Board of Directors

Stephanie Gottlieb, Jewelers Mutual’s Mike Alexander, and Craig Rottenberg of Long’s Jewelers are among the new board members.

WatchesJan 25, 2023
These Were 2022’s Top-Selling Watch Brands, Chrono24 Says

Rolex remained No. 1 while a brand known for its pilot watches slipped into the No. 5 spot.

MajorsJan 25, 2023
John Hardy Names New CEO

Luxury retail executive Frédéric Levy has taken on the role.

Events & AwardsJan 25, 2023
Couture DAC Accepting Applications for Mentorship Program

Jewelry designers have until early February to apply to take part in Couture's Diversity Action Council program.

CollectionsJan 25, 2023
Stephanie Gottlieb Announces First President, CCO Hire

Morgan P. Richardson joins from La Perla.

Policies & IssuesJan 25, 2023
PGI’s New Portal Wants to Teach You About Platinum

The new portal will share information on responsible platinum sourcing and how it’s used beyond jewelry.

SourcingJan 24, 2023
Tiffany Buys 35 of the Last Diamonds Recovered From Argyle

Purchased directly from Rio Tinto, the collection consists of pinks, purples and one red, none larger than 1.52 carats.

ColumnistsJan 24, 2023
On Data: Here’s How Independent Jewelers Did in 2022

Sherry Smith breaks down retailers’ performance last year, including how natural diamonds fared vs. lab-grown.

GradingJan 24, 2023
GIA Launches AGS Diamond Light Performance Supplement Report

The AGS Ideal Report by GIA is a digital-only addition to GIA diamond reports.

MajorsJan 24, 2023
WJA Announces New International Board Members

The seven newcomers include executives from David Yurman, De Beers, and GIA.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy