TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
IndependentsApr 14, 2020
Squirrel Spotting: What Will Retail Look Like After COVID-19?
Consumers will return to physical stores, writes Peter Smith, and jewelers need to be ready for them.
Peter Smith is president of Memoire and Hearts On Fire. He is author of two books, “Hiring Squirrels,” and “Sell Something.” Connect with Smith on LinkedIn or at dublinsmith@yahoo.com.
“Nothing will ever be the same again.”
“Everything will change after this.”
“It’ll be a new normal.”
You can’t avoid it. We’ve all become experts on snappy one-liners, devoid of context or the responsibility to justify our prognostications.
While we’ve never seen anything like COVID-19, if you are old enough, you’ve lived through 9/11 and the financial crisis. We heard similar prognostications during those dark days, predictions about how retail was going to fundamentally change thereafter, how nothing would ever be the same again.
Do you remember how 9/11 was going to result in a massive surge in marriages, as people sought to prioritize and, presumably, formalize connections with their loved ones?
It was a nice thought, and I’ve heard many references to how it happened in subsequent years. Problem is, it just isn’t true.
In the year prior to 9/11, 2000, there were 2.32 million marriages in the United States. The two years post-9/11 saw an average of 2.27 million marriages. The predictions didn’t materialize, but people still used the narrative afterward.
In the current crisis, I’m hearing about how we all have now been conditioned to shop online, a consequence of our isolation during the pandemic, and that our shopping habits hereafter will “never be the same.”
Apparently, we needed COVID-19 to learn that we can shop online and have things delivered to our homes. Who knew?
Here’s the problem with the online argument—it’s complete nonsense.
The idea that our evolutionary need to engage with other human beings, after 2 million years of genetic wiring, is going to suddenly accede to an isolation hangover from a few weeks or months at home is just not viable.
In “Reengineering Retail,” Doug Stephens wrote: “Shopping appeals to our deepest subconscious needs and goes deep within our psyche. We saw this profoundly after the 9/11 terrorist attacks in the United States. While many economists predicted a significant drop in consumer activity, which would have been understandable given the scale and nature of the tragedy, the exact opposite happened.
“Consumers bought more, much more. It’s a phenomenon scientists call mortality salience—the reality of one’s own impermanence—and it drives an increased desire for goods and services that provide people with a sense of comfort and stability.”
Being stuck in my home for weeks has not fueled a desire to spend more time at home. It hasn’t served to steel me to my “new normal.”
I want to go out and eat in restaurants. I want to go to the movies. I want to get back to attending shows and concerts, and I want to shop and be around other people.
“Everything will change after this.”
“It’ll be a new normal.”
You can’t avoid it. We’ve all become experts on snappy one-liners, devoid of context or the responsibility to justify our prognostications.
While we’ve never seen anything like COVID-19, if you are old enough, you’ve lived through 9/11 and the financial crisis. We heard similar prognostications during those dark days, predictions about how retail was going to fundamentally change thereafter, how nothing would ever be the same again.
Do you remember how 9/11 was going to result in a massive surge in marriages, as people sought to prioritize and, presumably, formalize connections with their loved ones?
It was a nice thought, and I’ve heard many references to how it happened in subsequent years. Problem is, it just isn’t true.
In the year prior to 9/11, 2000, there were 2.32 million marriages in the United States. The two years post-9/11 saw an average of 2.27 million marriages. The predictions didn’t materialize, but people still used the narrative afterward.
In the current crisis, I’m hearing about how we all have now been conditioned to shop online, a consequence of our isolation during the pandemic, and that our shopping habits hereafter will “never be the same.”
Apparently, we needed COVID-19 to learn that we can shop online and have things delivered to our homes. Who knew?
Here’s the problem with the online argument—it’s complete nonsense.
The idea that our evolutionary need to engage with other human beings, after 2 million years of genetic wiring, is going to suddenly accede to an isolation hangover from a few weeks or months at home is just not viable.
In “Reengineering Retail,” Doug Stephens wrote: “Shopping appeals to our deepest subconscious needs and goes deep within our psyche. We saw this profoundly after the 9/11 terrorist attacks in the United States. While many economists predicted a significant drop in consumer activity, which would have been understandable given the scale and nature of the tragedy, the exact opposite happened.
“Consumers bought more, much more. It’s a phenomenon scientists call mortality salience—the reality of one’s own impermanence—and it drives an increased desire for goods and services that provide people with a sense of comfort and stability.”
Being stuck in my home for weeks has not fueled a desire to spend more time at home. It hasn’t served to steel me to my “new normal.”
I want to go out and eat in restaurants. I want to go to the movies. I want to get back to attending shows and concerts, and I want to shop and be around other people.
I already knew I could shop from home and, of course, we have done more of that in recent weeks.
I’ve enjoyed staying connected with my co-workers on Microsoft Teams and Zoom, and I have no doubt that the trend toward remote working will accelerate now that many of us have experienced what it feels like firsthand.
But it is not going to replace the fundamental need human beings have to be around other human beings.
In a Bain report issued last week, “Luxury after COVID-19: Changed for (the) Good?,” it was reported that the Chinese market “already appears to be on its way to recovery.”
While we can’t necessarily equate what happens in one market to another, there was further encouragement in the report: “Almost every luxury brand in China had to temporarily close stores or reduce working hours, creating double-digit year-over-year sales declines; however, at luxury stores that have since reopened, consumers are returning faster than expected.”
A friend of mine in Hong Kong expressed real surprise that mainland China’s retail sales for March were very strong, on the order of about 70 percent of a normal March. She indicated that some important sales were happening as people look to “cheer themselves up.”
We like to believe that a crisis brings out the best in people, that it serves to imbue people with a sense of community spirit, a concern for their fellow citizens. The sentiment has a lovely feel to it but it is, at its core, absolute rubbish.
Crisis reveals who we already are, only more so. If you were an ass going into it, you’ll be an even bigger ass in the throes of a crisis. Just look at all the people fighting over rolls of toilet paper!
If you are inherently a decent person, it’s more than likely that your positive attributes will be on full display in the midst of a crisis and you will exhibit selfless behaviors and positive actions throughout.
Character in crisis is a good metaphor for retail jewelers.
If your business model was suspect before COVID-19, it’ll be even more so when we get to the other side of this, if you are still in business. Your shortcomings will be exacerbated and failure to reinvent your business immediately will likely hasten your decline.
If, on the other hand, your business model was healthy going into this crisis—and you manage to come out of this mess intact—you can double-down on your model and intensify your efforts to build on the aspects of your business that made you relevant in the first place.
So, what does that mean post-COVID-19? In retail, it is these five things.
Having Good Salespeople Will Be Paramount
For starters, we’ve witnessed a decline in foot traffic for years and that won’t change anytime soon. To that end, doing a better job of converting customer traffic into sales has never be more critical.
To improve your close ratio, you cannot afford to have salespeople who are not wired to sell.
I’ve enjoyed staying connected with my co-workers on Microsoft Teams and Zoom, and I have no doubt that the trend toward remote working will accelerate now that many of us have experienced what it feels like firsthand.
But it is not going to replace the fundamental need human beings have to be around other human beings.
In a Bain report issued last week, “Luxury after COVID-19: Changed for (the) Good?,” it was reported that the Chinese market “already appears to be on its way to recovery.”
While we can’t necessarily equate what happens in one market to another, there was further encouragement in the report: “Almost every luxury brand in China had to temporarily close stores or reduce working hours, creating double-digit year-over-year sales declines; however, at luxury stores that have since reopened, consumers are returning faster than expected.”
A friend of mine in Hong Kong expressed real surprise that mainland China’s retail sales for March were very strong, on the order of about 70 percent of a normal March. She indicated that some important sales were happening as people look to “cheer themselves up.”
We like to believe that a crisis brings out the best in people, that it serves to imbue people with a sense of community spirit, a concern for their fellow citizens. The sentiment has a lovely feel to it but it is, at its core, absolute rubbish.
Crisis reveals who we already are, only more so. If you were an ass going into it, you’ll be an even bigger ass in the throes of a crisis. Just look at all the people fighting over rolls of toilet paper!
If you are inherently a decent person, it’s more than likely that your positive attributes will be on full display in the midst of a crisis and you will exhibit selfless behaviors and positive actions throughout.
Character in crisis is a good metaphor for retail jewelers.
If your business model was suspect before COVID-19, it’ll be even more so when we get to the other side of this, if you are still in business. Your shortcomings will be exacerbated and failure to reinvent your business immediately will likely hasten your decline.
If, on the other hand, your business model was healthy going into this crisis—and you manage to come out of this mess intact—you can double-down on your model and intensify your efforts to build on the aspects of your business that made you relevant in the first place.
So, what does that mean post-COVID-19? In retail, it is these five things.
Having Good Salespeople Will Be Paramount
For starters, we’ve witnessed a decline in foot traffic for years and that won’t change anytime soon. To that end, doing a better job of converting customer traffic into sales has never be more critical.
To improve your close ratio, you cannot afford to have salespeople who are not wired to sell.
This is the time to be honest about your existing (or furloughed) team and make tough decisions where necessary.
Can you really afford to continue to miss sales in your well-intentioned, but otherwise self-defeating, effort to retain pleasant and/or tenured salespeople if they are not effective sales drivers?
Average Price Points Must Increase
Average retail tickets have increased over the past three years or so in the independent jewelry channel. That is good news, and it needs to continue for the math to work.
If you’re the guy looking to lower your average ticket in a world where you are selling fewer units, you are going to run into a phenomenon called the math doesn’t work.
This is not the time to embrace a cheaper-is-better strategy.
Generic Is Not a Compelling Story
One of the most misunderstood aspects of branding is the power of storytelling.
Carmine Gallo wrote in “The Storyteller’s Secret,” that “Facts and figures inform, but stories move people to action.”
Your differentiation comes not from how much you can afford to discount a generic product, but in how compelling your story and relevance is to prospective customers.
Value is what the consumer gets (how it makes them feel), not what they pay for it.
A narrative built disproportionally on being a “multi-generational business with great customer service” is not compelling or differentiated.
We’ve seen too many retailers close their doors for good after multiple generations in business and a real commitment to serving their communities. In and of itself, those attributes are not enough.
A finite number of stories presented really well will become more important than ever in a world where the customer does not want to work too hard to figure out what your store is about.
Online Must Be Part of Your Strategy
If you currently have an online presence, then present circumstances should have underscored the importance of being able to conduct some business even in a lockdown situation.
If you don’t have the ability to conduct meaningful business online, the lockdown should be the last reminder you need to get it done now.
Having a solid online presence is essential to driving customers and sales into your retail store.
It has been reported that as much as 85 percent of all brick-and-mortar sales start online. There is also the matter of actually being able to generate as much as 15 to 20 percent of future business digitally.
And So Must the Store Experience
This would be an awfully good time to rethink the physical layout of your store. Removing clutter and shifting things around in advance of a post-coronavirus world might be a very good use of your time.
Can you really afford to continue to miss sales in your well-intentioned, but otherwise self-defeating, effort to retain pleasant and/or tenured salespeople if they are not effective sales drivers?
Average Price Points Must Increase
Average retail tickets have increased over the past three years or so in the independent jewelry channel. That is good news, and it needs to continue for the math to work.
If you’re the guy looking to lower your average ticket in a world where you are selling fewer units, you are going to run into a phenomenon called the math doesn’t work.
This is not the time to embrace a cheaper-is-better strategy.
Generic Is Not a Compelling Story
One of the most misunderstood aspects of branding is the power of storytelling.
Carmine Gallo wrote in “The Storyteller’s Secret,” that “Facts and figures inform, but stories move people to action.”
Your differentiation comes not from how much you can afford to discount a generic product, but in how compelling your story and relevance is to prospective customers.
Value is what the consumer gets (how it makes them feel), not what they pay for it.
A narrative built disproportionally on being a “multi-generational business with great customer service” is not compelling or differentiated.
We’ve seen too many retailers close their doors for good after multiple generations in business and a real commitment to serving their communities. In and of itself, those attributes are not enough.
A finite number of stories presented really well will become more important than ever in a world where the customer does not want to work too hard to figure out what your store is about.
Online Must Be Part of Your Strategy
If you currently have an online presence, then present circumstances should have underscored the importance of being able to conduct some business even in a lockdown situation.
If you don’t have the ability to conduct meaningful business online, the lockdown should be the last reminder you need to get it done now.
Having a solid online presence is essential to driving customers and sales into your retail store.
It has been reported that as much as 85 percent of all brick-and-mortar sales start online. There is also the matter of actually being able to generate as much as 15 to 20 percent of future business digitally.
And So Must the Store Experience
This would be an awfully good time to rethink the physical layout of your store. Removing clutter and shifting things around in advance of a post-coronavirus world might be a very good use of your time.
Think about installing or creating contrast lighting (sometimes as simple as not turning on all your lights), setting up a sound system and/or putting a scent diffuser into your space. Engaging the senses is hugely important in retail.
There are a great many things you can do to reset your store, your team and your product offerings.
Making faster decisions as a business has never been more important, and taking calculated risks to break free of conventions that used to govern your actions will be more important than ever.
In “Remarkable Retail,” Steve Dennis wrote, “Beyond the as-yet-unwritten story of the ravages of this outbreak and the magnitude of its tragic human toll, the spread of the coronavirus seems certain to accelerate the collapse of the middle and push many other weak retailers (and the industries that serve them) over the edge.”
Don’t be the guy in the middle. Rekindle the fire and come out of this with a renewed passion and purpose.
I’m very positive about retail going forward and I hope you are too.
There are a great many things you can do to reset your store, your team and your product offerings.
Making faster decisions as a business has never been more important, and taking calculated risks to break free of conventions that used to govern your actions will be more important than ever.
In “Remarkable Retail,” Steve Dennis wrote, “Beyond the as-yet-unwritten story of the ravages of this outbreak and the magnitude of its tragic human toll, the spread of the coronavirus seems certain to accelerate the collapse of the middle and push many other weak retailers (and the industries that serve them) over the edge.”
Don’t be the guy in the middle. Rekindle the fire and come out of this with a renewed passion and purpose.
I’m very positive about retail going forward and I hope you are too.
More on Independents
The Latest
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
