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Signet Moves Steadily Up List of Top 100 Retailers
Jul 11, 2022 5:29 AM
By Rapaport News
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RAPAPORT... Signet Jewelers saw its position soar on a 2022 National Retail Federation (NRF) list of the top 100 retailers, which ranks companies based on annual sales.
The retailer — the only jewelry specialist to make the list — came in at number 66 after rating 78th last year, the NRF data showed last week. In 2020, Signet just cracked the list at 98. The jeweler owns a number of banners, including Kay, Zales, Jared and James Allen.
Walmart maintained its number-one place, with Amazon, Costco, The Home Depot and The Kroger Co. rounding out the top five. Other businesses that carry jewelry grabbed spots, with Macy’s placing 21st, Kohl’s 27th, Nordstrom 33rd and J.C. Penney 48th.
The list is based on sales for the most recently completed fiscal year, the NRF noted.
“Things have been very good for the jewelry category,” the federation explained. “Signet Jewelers, for example, saw 30.6% in US sales growth in 2021.”
The rise was driven by several trends, observed David Marcotte, senior vice president at Kantar Consulting, who helped compile the list. Disposable income has increased because of lower spending on travel during Covid-19, enabling them to afford “nice things,” he pointed out.
Jewelry is also “remarkably cheap to move around, so they were never impacted by the supply chain. You could put an entire store’s inventory in a suitcase and take it on an airplane,” he added.
Image: A Zales store in New York. (Shutterstock)
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Tags:
David Marcotte, James Allen, Jared, Jewelry, Kantar Consulting, kay, Macy’s, National Retail Federation, NRF, Rapaport News, Signet, Signet Jewelers, zales
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