More Retail Jewelry Closures in US
October 22, 24
(IDEX Online) - The US jewelry sector shrank yet again during the third quarter of 2024, with the overall loss of 589 retailers year-on-year, a reduction of 3.3 per cent.
During Q2 the figures were 647 retailers, down 3.6 per cent, and in Q1 the loss was 563 - or 3.1 per cent. The total number of jewelry retailers now stands at 17,213.
The rate at which businesses are closing is slowing slightly, according to newly-published figures by the Jewelers Board of Trade (JBT), which provides commercial credit information.
In its Q3 2024 Vital Statistics it says closures have been balanced to some degree by the opening of 230 new jewelry retailers across the US so far this year.
The number of jewelry wholesalers in the US fell by 2.6 per cent year-on-year during Q3 to 3,310. The number of manufacturers was down 4.1 per cent to 2,176.
Most of the businesses (127) that de-registered from JBT during Q3 did so because they ceased operations. There were 30 sales or mergers and just one bankruptcy.