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

The Story of Everything Campaign, Toadstool Mushroom and Cosmic Egg
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

Morgan Keefe
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education Scholarship

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

The Jewelry Book
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry

“The Jewelry Book” comes out this September.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Gemist
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech Platform

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Weekly QuizJun 26, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jeff Preolo, David Stout, Levi Higgs, David Benavides
IndependentsJun 27, 2025
David Webb Announces New Hires, Promotions

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

Blake Graham and Jessica Kohoutek
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner

AGS also named the recipient of its “Women in Leadership” scholarship.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Buddha Mama Monstera Ring
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap Ring

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Cashier handing Rocksbox bag to customer
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers Downsizes

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

Penny Ruston
IndependentsJun 26, 2025
Penny Ruston Dies at 80

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

Stock image of woman shopping
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

Sorellina Playlist: Electric Dreams Campaign
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired Jewels

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The Jewelry Symposium event
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 Event

The event is set for May 16-19 in Detroit, Michigan.

Exterior of Marissa Collections’ new store in Nantucket, Massachusetts
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight Continues

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Counterfeit Cartier “Juste Un Clou” bracelet
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef Jewelry

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

Karine Choudhrie Big Splash Circus Starfish and Lantern Fish
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus Performers

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

Jewelers of America
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund Recipients

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

John Dyer Montana Sun Sapphire
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for Entries

The organization has also announced this year’s slate of judges.

Khepri Jewels Luna collection fancy color fringe multi-shape drop diamond earrings
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local Retailer

Lori Tucker started at Williams Jewelers when she was 18 years old.

“Marvel | Citizen Zenshin” watch for the new The Fantastic Four movie
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

XO Tacori diamond ring
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry Collection

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel
GradingJun 23, 2025
GIA Names New President and CEO

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

Graphic for Las Vegas recap episode of “My Next Question”
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Luanda Accord
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural Diamonds

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

Penny Preville, Maggie Hess, Stella Song, and Benjamin King
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry Designers

The winning designs captured the “Radiance” theme.

×

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