ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthColumnistsMay 20, 2025
Peter Smith: Leading Through Change
Communicating clearly with your staff is key to navigating turbulent times, writes 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 …
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.
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!
Editors' Picks
Sponsored by
More on Columnists
The Latest
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
