Columnists

Peter Smith: Leading Through Change

ColumnistsMay 20, 2025

Peter Smith: Leading Through Change

Communicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.

National Jeweler columnist Peter Smith
Peter Smith is an industry consultant and keynote speaker who teaches in-store sales psychology and hiring workshops. He is the author of "Hiring Squirrels," "Sell Something," and "The Sales Minute." Contact him at TheRetailSmiths@gmail.com, via LinkedIn, or at 617-308-1580.
Editor’s Note: This story first appeared in the print edition of the 2025 State of the Majors. Click here to see the full issue.

Author and business guru Patrick Lencioni wrote of leaders, “Their top two priorities are to set the direction of the organization and then to ensure that people are reminded of it on a regular basis.”

Lencioni’s message, sublime in its clarity, has never been more apt than in the jewelry industry right now.

The evolution of retail has resulted in a significant contraction of stores, even as the total jewelry and watch business was stronger than ever from 2020 through 2024.

The reduction in the number of stores is not exclusive to jewelry and watch retail.

Coresight Research reported that 7,325 stores closed in 2024, and it predicts that 15,000 or more will shutter in 2025. 

For all the changes in retail, two significant developments are undeniable. 

First, retail has morphed into a hybrid model, where physical retail serves as the backbone of multi-tiered commerce that includes online and social. 

The second development is that this seems to be giving way to a bifurcation of the retail landscape; price-driven on one end, and experiential/quality retail on the other. 

The price model is best represented by Walmart and Costco while the experiential/quality model is best seen at stores such as Wegmans, Bass Pro Shops, Apple, Ulta Beauty, and Lululemon. 

Customers identify with one or the other of the two models, and that is punishing stores in the middle, giants like Sears, Kmart, Kohl’s, and JCPenney,, which are already gone or on life support. 

While some jewelry retailers choose to compete on the lower end of the price spectrum, the disappearing middle (where retailers attempt to be all things to all people) is getting hammered. 

It is becoming increasingly difficult to carve out a competitive niche in that space and the model itself may need a complete rethink. 

Generally speaking, we are unlikely to see an increase in foot traffic again. 

If you remove auto and gas sales from the numbers, about 20 percent of all retail sales come from online sources. When you combine that with the decline in the number of malls, and mall traffic, smart retailers will evolve their strategy to meet the rapidly changing landscape. 

 Related stories will be right here … 

One of the cornerstones of this new reality must be initiatives designed to ensure a higher average ticket. 

Lower price points can create the illusion of customer accessibility but won’t help a business if the retailer doesn’t find a way to drive more foot traffic and/or improve conversion rates.

To that end, all retailers must have a robust and active customer relationship management (CRM) system. 

I’ve seen data showing returning customers are 70 percent more likely to buy than new customers with an average retail ticket that is 30 percent higher. 

Once you’ve decided on your direction for CRM, lean into it at every touchpoint. It ought to become a litmus test for every dollar spent, and for every important decision made, or not made. 

Hire for it, train for it, compensate for it, and be prepared to make difficult choices if people or initiatives don’t align with your vision. 

Have the humility to accept you don’t have all the answers and get a coach outside of your organization to keep you sane while you drive your business forward. 

Before you make tough choices, invite debate to make sure your path forward doesn’t have unintended, damaging consequences. 

However, once you’ve made the decision to move forward, be like Cortés and burn your boats. 

Whatever direction a leader chooses to chart for their business, demonstrating the leadership qualities to clearly articulate that vision, and the commitment and communication acumen to keep that message top of mind, is critical.

As you double down or reinvent your model, your people will always be better for hearing the truth and knowing where the business is headed. There is nothing worse than ambiguity to kill morale. 

Make sure you have a short-term scorecard, but a map for where you are going in the long term. 

Focus on the things that will make the biggest difference in your business and control the controllables. You can’t impact the stock market, the weather, or the number of Saturdays in December. 

Management expert John Kotter often talked about building a coalition for change. By that he meant hiring the right people, creating a trusting environment, and developing a common goal. 

That seems like a reasonable plan to me.

Happy retailing! 

The Latest

Claire’s storefront
MajorsSep 23, 2025
Ames Watson Completes $140M Acquisition of Claire’s

The private equity firm has a plan to revive the mall staple.

Super Smalls Super Book of Gems, Maria Dueñas Jacobs, and Bianca Gottesman
SourcingSep 23, 2025
Super Smalls’ New Book Introduces Kids to Gems, Fine Jewelry

The “Super Book of Gems” dives into the Mohs Hardness Scale, the Four C’s, and designs from jewelers like Cartier and Bulgari.

Mattioli CEO Claudio Pasta
MajorsSep 23, 2025
Mattioli Names Kering Exec as New CEO

Claudio Pasta will take the lead at the Italian fine jewelry brand, succeeding company founder Licia Mattioli.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Monique Lhuillier fashion jewelry Kay
CollectionsSep 23, 2025
Monique Lhuillier Adds Fashion Jewelry to Kay Jewelers Line

The new lab-grown diamond jewelry offering is the latest expansion of the designer’s “Bliss” collection.

Weekly QuizSep 19, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Rio Tinto tender
SourcingSep 22, 2025
Rio Tinto Announces Final ‘Beyond Rare’ Tender

The miner is honoring the end of an era with an offering of 52 lots from the now-closed Argyle and the soon-to-close Diavik mines.

Vibhor and Alor logos
MajorsSep 22, 2025
Jewelry Manufacturer Vibhor Acquires Alor

The California-based fine jewelry brand will retain its identity post-acquisition, with new collections launching next year.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Gurhan Crown Gold Aquamarine Peacock
CollectionsSep 22, 2025
Gurhan's Collection is an 'Untamed' Zoo

The “Untamed” collection centers on carved gemstone jewelry depicting a range of animals embodying one of the four elemental forces.

Community for Ethical Jewelry logo
Policies & IssuesSep 22, 2025
Ethical Metalsmiths Has a New Name

Founded in 2004, the organization is now called the Community for Ethical Jewelry.

Madison Keys
EditorsSep 19, 2025
These Female Athletes Had the Best Jewelry of the Summer

From Coco Gauff’s hoops to Madison Keys’ diamond medallion, these are Senior Editor Lenore Fedow’s standout jewelry looks of the season.

Vanessa Fernández Studio Curva Wrap Hoops
CollectionsSep 19, 2025
Piece of the Week: Vanessa Fernández Studio’s ‘Curva’ Wrap Hoops

The trendy earrings feature asymmetrical drops, one with a grossular garnet and the other with a diamond.

Graphic for A Step-by-Step Guide to Using TikTok and Instagram Reels webinar
Recorded WebinarsSep 19, 2025
Watch: A Step-by-Step Guide to Using TikTok and Instagram Reels

Four social media marketing experts discuss their go-to methods and favorite tools for making high-quality short-form video content.

agta-sb-0925.png
Supplier BulletinSep 18, 2025
Will Your Design Define 2026? Enter The Spectrum & Cutting Edge Awards

Sponsored by American Gem Trade Association

Stock image of a woman shopping online with credit card
SurveysSep 18, 2025
Deloitte Thinks the Holidays Will Be Merry, PwC Isn’t So Sure

In its holiday report, PwC said the season will be more like jazz—improvisational and less predictable—than an easy-to-follow melody.

Pandora distribution facility Maryland rendering
MajorsSep 18, 2025
Pandora to Open New Distribution Center in Maryland

The jewelry giant will relocate its existing facility to a larger space in Anne Arundel.

Garçon New York Campaign Imagery
CollectionsSep 18, 2025
Ashley Zhang Launches Garçon New York

The designer, who is the creative force behind her namesake brand, has now started a new mini line focusing on chains for fathers and sons.

Swiss Gemmological Institute SSEF
SourcingSep 18, 2025
SSEF Opens Applications for 2 Gemology Education Scholarships

The awards include tuition for a course at the Swiss lab, economy flights, and hotel accommodation.

Hill & Co. AI Strategy Graphic
TechnologySep 18, 2025
Hill & Co. Launches AI Strategy Program

The 21-day program was designed to help jewelry retailers identify opportunities and eliminate inefficiencies with AI.

Set of four Patek Philippe “Star Caliber 2000” pocket watches
AuctionsSep 17, 2025
Mythical Set of Patek Philippe Pocket Watches Expected to Sell for $10M+

A set of four Patek Philippe “Star Caliber 2000” pocket watches is part of Sotheby’s upcoming auction in Abu Dhabi.

Journey of a Jeweler by Silvia Furmanovich
TrendsSep 17, 2025
Silvia Furmanovich’s Book Tells the ‘Journey of a Jeweler’

The Brazilian jeweler’s latest book marks her namesake brand’s 25th anniversary and tells the tale of her worldwide collaborations.

1978 Rolex Submariner Ref. 1680 Tiffany Dial
WatchesSep 17, 2025
Bob’s Watches Acquires Vintage Rolex Won on ‘The Price is Right’

The Submariner Ref. 1680 with a Tiffany & Co. dial came from the original owner, who won it as a prize on the game show in the 1970s.

Jewelers Mutual Group logo
TechnologySep 17, 2025
Jewelers Mutual Launches Shipping Solution App for Shopify

The new integration allows users to manage shipments directly from the Shopify dashboard.

Shot of one of the pools at the Omni La Costa Resort & Spa in Carlsbad, California
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in Carlsbad

At Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.

Crime police cars
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop Shootout

Six people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.

Chopard Ice Cube Modular Necklace
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule Collection

The jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.

Natural Diamond Council Retailer Accreditation Program seal
SourcingSep 16, 2025
Natural Diamond Council Launches Retailer Accreditation Program

Ben Bridge Jeweler and Lux Bond & Green were a part of the pilot program. 

×

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