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JBT Stats: Retail Jewelers Continue To Shrink, But Bankruptcies Drop Way Off July 26, 2021 (0 comments)


Warwick, RI—Second-quarter statistics from the Jewelers Board of Trade show a gradual but continued decline in the number of retail jewelry stores in the United States. 

For the second quarter 2021, the total number of retail jewelers in the United States declined by 333, from 18,529 in Q2 2020 to 18,196 in Q2 2021. The number of Canadian retail jewelers declined by 10 in the same period, from 983 last year to 973 this year.

However, the number of retail jewelers opening rose slightly from the same period last year: there were 36 new retail jewelry businesses opening in the United States in the second quarter, compared with 21 in Q2 last year. Year-to-date, there were 66 new retailers this year, compared with 60 last year. All except two were in the United States; the other two opened last year in Canada.

Among the jewelers who ceased operations for any reason, it’s encouraging to note that there were very few bankruptcies occurring this year. Last year, there were six in the second quarter and 11 in the first half; this year there are none in the second quarter and only two year-to-date. The remainder of retail closures were either consolidations (sale/merger) or simply ceasing operations. Although significantly more retail jewelers in the United States closed up shop in the second quarter this year—97 vs. 56 in 2020—there were far fewer closures year to date in 2021 (185, vs 279 in 2020).

Among new retail businesses that have opened this year, the most (19) are in the Southeast, followed by North Central (16), Northeast (14), South Central (8), Southwest (7), and Northwest (2).

By contrast, of those retail jewelers who ceased operations for any reason this year, the biggest number were in the Northeast (46), followed by the Southeast (42). The North Central region lost 34 retailers so far this year, the Southwest, 28, South Central, 26, and Northwest, nine.

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