US Jewelry Store Closure Rate Slows
RAPAPORT. The number of jewelry businesses operating in the US slipped slightly in the first quarter of 2021, a much smaller decrease than in previous periods, according to data from the Jewelers Board of Trade (JBT).
In total, the sector downsized 1.5% year on year to 24,095 companies, compared to a decline of 4.2% in the first quarter of 2020, the JBT reported last week.
Of the businesses that discontinued operations, four firms went bankrupt, while 32 dropped out due to mergers or takeovers. A further 108 closed for other reasons. Meanwhile, the number of new businesses fell 31% to 33.
Retailers still constitute the bulk of the sector, numbering 18,263 down 1.5% year on year. The wholesale trade dropped 1.3% to 3,476, while the manufacturing sector contracted 2.3% to 2,356 firms.