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Industry shrinkage trend continues in Q2
The latest statistics from the Jewelers Board of Trade show that the number of companies exiting the jewelry industry rose again in the second quarter and is up 12 percent year-to-date.
New York--The latest statistics from the Jewelers Board of Trade show that the jewelry industry is continuing to shrink in size, as more retailers, wholesalers and manufacturers close up shop.
Business discontinuances in the United States and Canada totaled 251 in the second quarter 2015, compared with 241 in the second quarter 2014. Year-to-date, discontinuances--which include bankruptcies, consolidations (sales/mergers) and companies that simply cease operations--are up 12 percent year-over-year, from 485 to 545.
The second quarter statistics represent a continuation of a trend that began in earnest in 2014, when the number of businesses discontinuances rose 32 percent year-over-year.
During the JBT’s industry update webinar held Wednesday, President Dione Kenyon gave many of the same reasons cited previously for the shrinking size of the industry: aging owners deciding not to continue and the inability, or lack of desire to, make the changes necessary to keep up in this rapidly changing world.
She also said that some of the recent closures among retailers might be the result of the lack of cash flow from gold buybacks, which for a few years “helped mask deeper issues with jewelers,” including outdated inventory and lack of adaption to technology.
Of those businesses shutting down, JBT data shows that most are choosing to cease operations rather than consolidate or file for bankruptcy.
In North America, a total of 216 retailers, wholesalers and manufacturers ceased operations in the second quarter 2015, compared with 185 in the second quarter 2014. Year-to-date, the number of businesses that have simply shut down is up 28 percent.
Consolidations, meanwhile, are down 43 percent so far this year. Kenyon said while it is likely there are deals “percolating” behind the scenes, not as many have come to fruition so far this year.
Bankruptcies essentially are flat. There have been 21 bankruptcies so far in 2014, compared with 20 at this time last year. Kenyon said this is the continuation of a trend seen for some time now--very few companies are opting to spend the money to go through a bankruptcy.
Other highlights from the JBT’s second quarter data include:
--The number of new jewelry businesses in the U.S. and Canada has totaled 152 so far this year, down slightly from the 159 at this point last year;
--The JBT’s number of total listings (including retailers, wholesalers and manufacturers) for North America as of the end of the
second quarter 2015 is down 3 percent year-over-year at 29,607, compared with 30,392 in the second quarter 2014; and
--The number of collection claims placed with the JBT (593) is down year-to-date while the average claim amount ($8,728) is up slightly. Kenyon described the industry’s credit metrics as “OK” during Wednesday’s call; not all businesses are paying immediately or easily but it’s not a situation where getting payment is impossible either.
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