IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
ColumnistsDec 23, 2020
On Data: How Independents Are Doing in December
Sherry Smith breaks down gross sales, average retail sale and more for independent jewelers in the first 21 days of the month.
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
The first 21 days of December show independent retailers are up 7 percent in gross sales over the same time period last year.
They’re down 9 percent in number of units sold, but the average retail sale is up nearly 18 percent over the same period in 2019.
Once again, the diamond category is outperforming overall sales.
Gross sales of diamonds are up 10 percent, and number of units sold is up 10 percent as well.
The average retail sale has increased 1 percent year-over-year while discounting has decreased 8 percent during this 21-day period.
Every month since June has shown an increase in gross sales, a decline in units and an increase in average retail sale. Gross margin has held steady at 46 percent.
The independent channel has made up most of the ground it lost due to COVID-19 shutdowns in April, May and part of June.
Overall performance shows gross sales are down about 3 percent, units are down 16 percent and the average retail sale is up 16 percent for the rolling 12 months ending Nov. 30; a remarkable recovery given the circumstances.
It appears that a strong December could see independent retailers finish the year flat for 2020, a welcome gift given the challenges COVID-19 placed on businesses.
Growth varied from region to region, with the Northeast taking the biggest hit.
Gross sales declined 8 percent, and units were down 23 percent.
However, gross margin was up slightly, and average retail sales rose 20 percent, the largest increase among all the regions for the same rolling 12 months ending Nov. 30.
The West Coast was like the Northeast, with a smaller decline in gross sales, 6 percent, and a 19 percent decline in units, but similarly, an increase in average retail sale of 16 percent and a 1 percent increase in gross margin.
The strongest performing region, the South, was up in three key performance areas: gross sales increased 1 percent, average retail sale climbed 16 percent and the region clocked a nearly 2 percent increase in gross margin.
The only decline was in number of units sold, down 13 percent.
The Midwest and Southeast were virtually flat in gross sales, both declined in units and gross margin, but shared the same 17 percent increase in average retail sale.
Consistent with trends all year, the diamond categories accounted for 46 percent of total gross sales for the rolling 12-month period ending Nov. 30.
They’re down 9 percent in number of units sold, but the average retail sale is up nearly 18 percent over the same period in 2019.
Once again, the diamond category is outperforming overall sales.
Gross sales of diamonds are up 10 percent, and number of units sold is up 10 percent as well.
The average retail sale has increased 1 percent year-over-year while discounting has decreased 8 percent during this 21-day period.
Every month since June has shown an increase in gross sales, a decline in units and an increase in average retail sale. Gross margin has held steady at 46 percent.
The independent channel has made up most of the ground it lost due to COVID-19 shutdowns in April, May and part of June.
Overall performance shows gross sales are down about 3 percent, units are down 16 percent and the average retail sale is up 16 percent for the rolling 12 months ending Nov. 30; a remarkable recovery given the circumstances.
It appears that a strong December could see independent retailers finish the year flat for 2020, a welcome gift given the challenges COVID-19 placed on businesses.
Growth varied from region to region, with the Northeast taking the biggest hit.
Gross sales declined 8 percent, and units were down 23 percent.
However, gross margin was up slightly, and average retail sales rose 20 percent, the largest increase among all the regions for the same rolling 12 months ending Nov. 30.
The West Coast was like the Northeast, with a smaller decline in gross sales, 6 percent, and a 19 percent decline in units, but similarly, an increase in average retail sale of 16 percent and a 1 percent increase in gross margin.
The strongest performing region, the South, was up in three key performance areas: gross sales increased 1 percent, average retail sale climbed 16 percent and the region clocked a nearly 2 percent increase in gross margin.
The only decline was in number of units sold, down 13 percent.
The Midwest and Southeast were virtually flat in gross sales, both declined in units and gross margin, but shared the same 17 percent increase in average retail sale.
Consistent with trends all year, the diamond categories accounted for 46 percent of total gross sales for the rolling 12-month period ending Nov. 30.
It should also be noted that this doesn’t include any diamond sales processed through retailers’ point-of-sale systems as custom.
The diamond categories were the only class that showed an increase in all key performance indicators.
Gross sales were flat with a very slight increase in units, bucking the overall trend of declining units. The category also gained approximately 1 percent in gross margin and had a decline of less than 1 percent in average retail sale.
The watch category also performed well, with a 1 percent increase in gross sales, and a nearly 3 percent increase in gross margin.
Despite a 16 percent decline in number of units sold, average retail sale increased 20 percent.
I, for one, am looking forward to seeing the results from the full calendar year as I believe the independent channel did a remarkable job quickly adapting to the most unusual and challenging year we have seen in a while.
Be well and stay safe, and bring on 2021.
The diamond categories were the only class that showed an increase in all key performance indicators.
Gross sales were flat with a very slight increase in units, bucking the overall trend of declining units. The category also gained approximately 1 percent in gross margin and had a decline of less than 1 percent in average retail sale.
The watch category also performed well, with a 1 percent increase in gross sales, and a nearly 3 percent increase in gross margin.
Despite a 16 percent decline in number of units sold, average retail sale increased 20 percent.
I, for one, am looking forward to seeing the results from the full calendar year as I believe the independent channel did a remarkable job quickly adapting to the most unusual and challenging year we have seen in a while.
Be well and stay safe, and bring on 2021.
More on Columnists
The Latest
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
