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Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers List
The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
A selection of gold bracelets and bangles from Signet Jewelers-owned banner Zales. Signet Jewelers placed at No. 69 on the National Retail Federation’s Top 100 Retailers list.
Washington—Signet Jewelers has once again earned a spot on the National Retail Federation’s Top 100 Retailers list, but it ranked slightly lower this year.
The jewelry company was No. 69, down 2 spots from No. 67 last year.
Signet came in at No. 56 in 2023, No. 66 in 2022, and No. 78 in 2021.
The list, compiled by market research firm Kantar Group, ranks the largest retail companies in the United States, based on 2024 annual U.S. retail sales.
The NRF has said 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.
The NRF’s calculations have Signet’s total U.S. retail sales at $6.21 billion in 2024, down 5 percent year-over-year.
In a blog post about the list, the NRF noted a change of habits when it comes to buying jewelry.
"Buying has changed when it comes to jewelry and affordable luxury goods for the middle class," said the post, noting Signet Jewelers' sales decline.
"Further, strategies related to lab-grown, natural zircon diamonds, and natural mined diamonds are cutting into margins and volumes."
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The jewelry company was No. 69, down 2 spots from No. 67 last year.
Signet came in at No. 56 in 2023, No. 66 in 2022, and No. 78 in 2021.
The list, compiled by market research firm Kantar Group, ranks the largest retail companies in the United States, based on 2024 annual U.S. retail sales.
The NRF has said 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.
The NRF’s calculations have Signet’s total U.S. retail sales at $6.21 billion in 2024, down 5 percent year-over-year.
In a blog post about the list, the NRF noted a change of habits when it comes to buying jewelry.
"Buying has changed when it comes to jewelry and affordable luxury goods for the middle class," said the post, noting Signet Jewelers' sales decline.
"Further, strategies related to lab-grown, natural zircon diamonds, and natural mined diamonds are cutting into margins and volumes."
The top five ranking was the same as in 2024, with Walmart taking the No. 1 spot, followed by Amazon, Costco Wholesale, Kroger, and The Home Depot.
The top 13 companies were the same, though there was some movement in the rankings, with Target slipping one spot to No. 8 while Walgreens Boots Alliance took the No. 7 spot.
“This year’s Top 100 Retailers represent a diverse group of businesses that have adapted and evolved to a changing economic landscape,” said NRF Executive Director of Research Mark Mathews.
“As consumers evaluate their spending priorities, businesses are unlocking new ways to better connect with customers and retain loyalty.”
David Marcotte, Kantar senior vice president of global insights and technology, said the companies at the top are also “a reflection of those that have remained nimble to a changing landscape from the impacts of trade policy and shifting consumer habits.”
Among the trends seen this year was a decline in drug store sales.
Rite Aid, for example, fell to No. 40 from No. 29 last year.
Following the COVID-19 pandemic, the health services segment of these stores did well, but sales of consumer goods in the front of the store declined, said the NRF.
The NRF also noted a change in habits when it comes to discretionary spending on pets and alcohol sales.
The pandemic saw a sharp increase in pet ownership, which has now stabilized, said the NRF, leading to a decrease in discretionary spending on pets.
Petco (No. 75) posted a 2 percent decrease in U.S. retail sales and a 2 percent drop in U.S. stores, while PetSmart (No. 52) saw a modest 1 percent increase in sales and a 3 percent decrease in U.S. stores.
The NRF also highlighted a general movement away from alcoholic beverages, particularly for the younger generations.
See the full list of retailers and more information about the methodology behind the rankings here.
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