A report by the Jewelers Board of Trade (JBT) quoted by Instore Magazine shows that 424 US jewelry retailers closed in 2021 – a drop when compared to 2020 (495 businesses).
Of the 424 businesses that stopped doing business in 2021, 331 fell into the category of “ceased operations,” 91 were listed as “consolidations (sale/merger)” and two were classified as “bankruptcies.” When counting wholesalers and manufacturers along with retailers, 385 US jewelry businesses closed in 2021, compared with 152 in 2020.
According to the same report, 323 jewelry retail businesses opened in 2021 – way more than the 126 that began operations in 2020.
As of the fourth quarter of 2021, JBT listed a total of 18,201 jewelry retailers in the US – down from 18,512 in the same quarter a year ago. Counting retailers, wholesalers and manufacturers, JBT listed 23,979 jewelry businesses in Q4 2021 – down from 24,429 in the fourth quarter of 2020.
