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No. of jewelers closing continues to rise
According to statistics released by the JBT Monday, the number of retail jewelers who have ceased operations rose again in the third quarter and is up 30 percent year-to-date.
Warwick, R.I.--The contraction of the jewelry industry continued in the third quarter, the latest statistics from the Jewelers Board of Trade show.
According to quarterly data released by the JBT Monday, 240 retail jewelers in the United States and Canada ceased operations in the third quarter 2015, up from 172 in the third quarter 2014. Year-to-date, 612 retailers closed their stores, a 30 percent increase when compared with last year.
Overall, business discontinuances across the industry--including retail jewelers, wholesalers and manufacturers--have increased 15 percent on the year.
These statistics reflect the continuation of a trend that began in earnest last year and has a myriad of root causes: the retirement of baby boomers, being behind in terms of technology, shrinking margins and overall slow retail sales.
The JBT’s third quarter statistics also show that consolidations--meaning sales and mergers--among retail jewelers, wholesalers and manufacturers have continued to decline while the number of bankruptcies remains low, historically speaking. These two trends are also consistent with what the industry witnessed in the first two quarters of the year.
RELATED CONTENT: Industry shrinkage trend continues in Q2
Overall, the JBT’s total listings for retailers, wholesalers and manufacturers in the U.S. and Canada is down 3 percent, from 30,254 at the end of the third quarter 2014 to 29,409 now.
While the size of the industry continues to shrink, the number of new jewelry businesses in the U.S. and Canada actually has increased year-to-date, rising 4 percent.
The JBT recorded a total of 180 new retailers so far this year, compared to 173 at this time last year. In the U.S., the most openings occurred in the Southeast and South Central regions of the country.
There were also 30 new wholesalers, compared to 26 last year, and 16 new manufacturers, down from 19 last year.
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