Recently you may have read that over 1,600 jewelry businesses ceased to exist in 2016, the vast majority of which were retail stores. While this decline in numbers was very large on a comparative year basis – and rivaled the numbers in 2009 during The Great Recession – the main reason for business stoppages was not bankruptcy, but retirement. It’s good that most of these jewelers are choosing to retire and not being forced to close down. But for those of you who are still in business and want to continue, there are plenty of options for you to consider.
We speak to dozens of retail jewelers each month who are trying to decide on a future course of action. The jewelry business has certainly changed in recent years, but the opportunity to continue to grow and thrive still exists for the 20,000 jewelers who remain. We do very few Going Out of Business Sales because our primary goal is to help you stay in business. When jewelers contact us, we provide significant advice and counsel on how they can move forward. Many factors are involved, too numerous to mention here. But our goal is to help you determine the best course of action and to assist you in planning and executing a major sale event to monetize aged inventory, raise cash for next steps in business, build your customer base, execute a strategic store closing or relocation, assist in an ownership transition, and on select occasions, help you retire with a sizable nest-egg.
But the most important concept I want to convey is that we work very hard to help you stay in business because we are totally committed to a thriving retail industry for independent jewelers. Give us a call for a free consultation because we’re in business to keep you in business!