Signet Moves Up NRF’s List of ‘Top 100’ Retailers

SurveysJul 15, 2022

Signet Moves Up NRF’s List of ‘Top 100’ Retailers

Plus, a look at what shoppers want from retailers and why a remodel may not be in the cards.

A 14-karat two-tone gold engagement ring set with a lab-grown diamond from Pnina Tornai’s new collection ($16,999) at Signet Jewelers-owned Jared. The jewelry giant landed a spot on the National Retail Federation’s most recent “Top 100” retailer list.
New York—Signet Jewelers has again made the National Retail Federation’s Top 100 Retailers list, advancing a dozen spots to land at No. 66.

The jewelry giant was No. 78 last year.

The list, compiled by market research firm Kantar Group, ranks the largest retail companies in the United States, based on 2021 annual retail sales.

The NRF says it uses “a variety of estimation techniques” to calculate its figures, so the sales figures on its list may differ from the companies’ official public filing reports.

This is the case with Signet, which reported total sales of $7.8 billion last year.

The NRF, however, has Signet’s total retail sales at $6.95 billion in 2021.

Signet’s U.S. sales, according to its calculations, totaled $6.14 billion in 2021, a 31 percent increase year-over-year.

The company’s strong performance can be attributed in part to several trends, said David Marcotte, senior vice president for Kantar.

Shoppers had more disposable income, due to lockdowns and an inability to travel, and were able to afford luxury items like fine jewelry.

Signet was the only specialty jeweler on the list, with the top spots taken by big box stores and retail titan Amazon.

In the No.1 spot on NRF’s list, once again, was Walmart, with U.S. sales of $459.51 billion, a 7 percent year-over-year increase.

Amazon took the No. 2 spot for the second year in a row, posting U.S. sales of $217.79, a 13 percent year-over-year increase.

The No. 3 spot went to Costco, with U.S. sales of $140.41 billion, a 16 percent year-over-year increase.

Analysts had predicted problems for retail in 2021 as COVID-19 continued to take its toll, but the year wasn’t all that gloomy.

“Overwhelmingly, retail came out ahead for a variety of reasons,” said David Marcotte, senior vice president for Kantar. “But it’s undeniable that everybody, except for those in apparel, did much better than anyone expected.”

The strong turnout had a lot to do with changing attitudes in 2021 compared with the lockdown period of 2020, said Marcotte.

“Almost any trip was driven by need, but not necessarily a desperation need. It was a need for entertainment, a need to get out, a need to find something. And in both going online and into stores, finding things was, I wouldn’t say an adventure, but a challenge.”

Shoppers weren’t as interested in promotions or merchandising, he said, with retailers backing off ad dollars and promotion.

“What retailers were dealing with was a shopper who was trying to find what they needed and was willing to overlook all other flaws,” Marcotte said.

Retailers like TJ Maxx, Ross, and Burlington, known for their wide selection rather than their merchandising or curated experience, saw strong growth in 2021.

Today, however, shoppers’ mindsets have shifted, regaining an interest in promotions and loyalty points.

“We’re seeing a surge in frequent shopper programs and electronic coupons,” he said. “And we’re seeing the introduction of retail media to engage shoppers trying to squeeze every last dollar.”

In March, Signet said it had been testing out a new loyalty program, Vault Rewards, at select Jared stores and could roll the program out to all its banners.

 Related stories will be right here … 

Looking to the current year, a labor shortage has been affecting retail, with most retailers operating with a 20 percent reduction in workers, said NRF.

Issues affecting the supply chain and trucking only add to the problem.

“That’s been a re-education for most retailers,” said Marcotte. “For the past 40 years, the story has been, ‘I can get by with less labor, and in an ideal situation, I can pay them less.” And that’s not true.”

From Amazon to Starbucks, workers have been unionizing across the country, advocating for a living wage and better working conditions.

The labor issue also spells trouble for experiential retailing, said Marcotte, which takes more than just merchandising.

Significant shortages in both labor and materials may mean stores looking for a remodel, or a whole new location, are out of luck.

“I’m starting to refer to 2023 as, ‘the year you come as you are,’” said Marcotte.

“The labor picture will probably change slowly, but not quickly. The commercial real estate picture will also change slowly and it’s not going to get cheaper. On a global basis, it’s going to be a challenge for retailers to really change their stores’ physical footprint.”

Retailers looking for success in 2022 will have to “re-engage with shoppers in the same way they were with them in 2019.”

“We all wanted to go back to normal,” said Marcotte. “We’re back to normal. We have to be competitive, we have to invest, we have to create. But we really, really have to get involved with frequent shopper programs, electronic coupons and digital tools. The retailers that do that are going to do well.”

Read the full “Top 100” list on the NRF’s website.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

AuctionsSep 30, 2022
Red Diamond Earns $1.8M at Auction

The final hammer price blew the pre-sale estimate out of the water.

EditorsSep 30, 2022
The Best of Betty White’s Jewelry Sold at Auction

Michelle Graff recaps the cats, fortune cookies, and charm bracelets that caught her eye while covering the late actress’ estate sale.

Policies & IssuesSep 30, 2022
Voting Is Open for the Fairmined 100 Challenge’s Best Collection

The winners, picked by a group of judges and voted as the public’s favorite, will be announced in a webinar on Oct. 11.

Brought to you by
6 Steps to Start a Dynamic Company Culture

Learn how to better serve your employees, customers and community by having a dynamic and supportive company culture.

CollectionsSep 30, 2022
Piece of the Week: Fewer Finer’s ‘Family Bracelet’

The engravable piece is a perfect family heirloom.

Weekly QuizSep 29, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
GradingSep 30, 2022
GSI India Names Ramit Kapur Managing Director

Kapur has spent nearly two decades working in the gemological labs sector of the jewelry industry.

Supplier BulletinSep 29, 2022
How to Create an Engaging Experience and a Sparkling Reputation

Sponsored by Synchrony

Brought to you by
Committing to an Ethical Diamond Business

While ethical mining is essential to a diamond business, they represent only a fraction of the responsibility bestowed on jewelers.

SourcingSep 29, 2022
Q&A: Constantin Wild Celebrates 175 Years in the Colored Stone Business

The family business’ fourth-generation eponymous owner reflects on the milestone and the market today.

AuctionsSep 29, 2022
See the Top Lots in Christie’s Upcoming Rare Watch Sale

According to Christie’s, the auction is its most important single-owner watch collection ever.

CollectionsSep 29, 2022
Trove Has a New Proposal: Ring Boxes

The jewelry box brand is expanding with both single and double ring boxes in red, mint green, and white.

SourcingSep 29, 2022
AGTA Names Jennifer Heebner Editor-in-Chief of its Publications

The association has also hired a new marketing manager and announced two staff transitions.

Policies & IssuesSep 29, 2022
JA Members Return to Capitol Hill to Voice Jewelers’ Concerns

The topics up for discussion with lawmakers included inflation, rising interest rates, hiring challenges, and crime.

AuctionsSep 28, 2022
The 18-Carat ‘Fortune Pink’ Diamond Could Sell for $35M

The pear-shaped fancy vivid pink diamond will lead the Christie’s Geneva Magnificent Jewels auction on Nov. 8.

MajorsSep 28, 2022
Artistry’s 2023 Catalog Is Out Now

The jewelry catalog features an updated layout and 160 pages of product.

MajorsSep 28, 2022
JFC’s 2022 ‘Hope for the Holidays’ Program Is an Adorable Menagerie

There are three designs to choose from this year, all featuring animals drawn by kids who have had wishes granted through Make-A-Wish.

AuctionsSep 27, 2022
In Betty White’s Blockbuster Estate Sale, Jewelry Held Its Own

Fine jewelry comprised three of the auction’s top 10 lots, though it could not top her director’s chair or scripts from “The Golden Girls.”

CrimeSep 27, 2022
3 Suspects in Beverly Hills Smash-and-Grab Robbery Arrested

A total of four suspects are now in custody with police still on the lookout for the remaining two.

ColumnistsSep 27, 2022
Creative Connecting: Fun Ideas for Holiday 2022 In-Store Events

From a “whodunnit” murder mystery to a permanent jewelry party, Duvall O’Steen and Jen Cullen Williams share a wealth of suggestions.

MajorsSep 27, 2022
Stuller Releases 2 Updated Catalogs Ahead of the Holiday Season

“Mountings 2023-2024” and “Diamonds & Gemstones 2023-2024” offer a vast selection of options to create custom pieces.

Events & AwardsSep 27, 2022
ICA’s 2023 Congress Will Be Held in Dubai

The event will be hosted by the Dubai Multi Commodities Centre from Feb. 15-17.

IndependentsSep 26, 2022
Roberson’s Fine Jewelry to Close After 42 Years

The store’s liquidation sale will showcase the mix of classic and unique jewels it’s known for stocking.

CollectionsSep 26, 2022
Go ‘Inside the Dream’ of Bulgari Via a New Documentary on Amazon Prime

It follows Creative Director Lucia Silvestri as she crafts the brand’s high jewelry collections.

Recorded WebinarsSep 26, 2022
Watch: What Jewelers Should Know About Insurance

From safeguarding showcases to appraisal liability, insurance experts Mark Devereaux and Andrew Chipman share insurance tips for jewelers.

TrendsSep 26, 2022
Vahan Collabs With Wolf on a Jewelry Box

It’s the first time in 50 years the brand has made something other than jewelry.

Events & AwardsSep 26, 2022
Texas Jewelers Association Rolls Out New Format for Design Competition

The competition takes place in tandem with TJA’s annual convention, known as the Texas Jewelers Roundup.

CollectionsSep 23, 2022
Pandora Reimagines Keith Haring’s Art in New Collection

The limited-run collection features figures from Haring’s iconic street art on charms, bracelets, rings, and more.


This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy