According to the Jewelers Board of Trade, there were far fewer store closings in 2020 than we might have expected. Trying to get a handle on what that means may be more difficult.
Did retail jewelers do better than expected during the pandemic? Are people holding tight to see what will happen in 2021? Will this be the year that store closings catch up and exceed previous levels?
Whatever the reasons, there has been a continuous reduction in retail store fronts over the past 30 years. Over time, weaker competition has thrown in the towel, leaving more highly competitive and capable jewelers to gobble up market share. Yet most jewelers – even the good ones – fail to grow to the extent they should considering the number of stores that have closed.
If you need a jolt this year and want to capture the market share that exists in your community, a major sale event orchestrated by true professionals may be the answer. Increased traffic, new customers, greater cash flow, and a reduction in aged merchandise are the great benefits of a sale.
A sale event is good business if you want to grow over the long run. Give us a call if the time is right for you to stay competitive in your market.
Jeff Gordon, CEO