BY THE
NUMBERS
•
A recent survey of US
consumers showed that
31%of respondents
planned to spend “a lot
less for the holiday
season than last year.”
•
The Jewelers Board of
Trade (JBT) reduced
companies’ credit scores
at an “unprecedented”
rate in the second
quarter, downgrading
1,705 companies across
the US and Canada during
the three months ending
June 30.
•
Swiss watch exports
fell 17% year on year to
CHF 1.58 billion ($1.74
billion) in July, the fifth
consecutive monthly
decline. However, the
overall downturn was an
improvement on June’s
35%drop.
Sources:CoresightResearch,
JewelersBoardofTrade, Federation
oftheSwissWatch Industry
C
ovid- hit retailers hard, with state-
enforced closures impacting almost
every business in the spring. However, by
the beginning of August, most retailers
had reopened to the public, albeit on a limited
basis. Some stores found that pent-up demand
led to unusually high sales figures for May,
June and July, while other stores pointed out
increased online sales. Yet as fall and the winter
holidays loomed large on the horizon, no one
was comfortable forecasting just how this
unpredictable year might end.
The retail challenges brought on by state-
mandated shutdowns have left some store owners
feeling unsteady but ready to move on.
“This summer is obviously harder due to Covid-
, but we’re still hanging on and going strong,”
said Charla M. Farley, manager of Baker & Baker
Jewelers in Marietta, Ohio. “We sold many small
items like Alex and Ani and Pura Vida on social
media during the shutdown, which for Ohio was
mid-March through the beginning of May.”
Farley said her biggest challenge was getting
customers back to the store. “Many are still
concerned with the virus,” she noted. “[They]
call before coming, to make sure we’ll be wearing
masks and have everything up to code. We’re
getting more and more traffic each day, though.”
MOVING ONLINE
For other retailers, the spring shutdown began a
time of increased online activity, which continued
into the summer.
“At the beginning of the shutdown, people would
approach me online and ask for help, and I would
go to the post office in my mask and gloves and
ship things,” said Eve Alfillé, owner of Eve J. Alfillé
Gallery and Studio in Evanston, Illinois, whose
business reopened on June . “And we’ve ramped
up our Instagram, because we’re always hoping to
get a younger clientele, since a lot of our clients are
and older.”
Alfillé is also considering new online sales
strategies. “Normally twice a year, we have a new
series out, and we have a festive opening, but I
don’t think we’re going to do that [this year],” she
said. “I’m thinking of an auction format for new
Some retailers saw record sales post-lockdown, but with an unpredictable
holiday season looming, not all are celebrating. By Lara Ewen
BUSINESSES REPORT
UNEXPECTED GAINS
works. There’s a lot of gamification [using game
elements in shopping], and if I can tap into that and
make it competitive, that would create interest.”
ALMOST LIKE CHRISTMAS
Other stores have found unexpectedly positive
returns since reopening.
“It’s been crazy,” said Mike Lordo, president
of Lordo’s Diamonds in the
St. Louis suburb of Ladue,
Missouri. “It’s not quite as good
as Christmas, but not far off.”
Lordo enjoyed a record May
and June. “A lot of people
haven’t gone anywhere, so
their vacations have all been
canceled. And going out is
canceled. So all these things
that people would do during the summer, they
haven’t been doing. So they have extra cash.”
Although his store had to close for seven weeks
due to Covid- , he said engagement rings were
selling particularly well. “A lot of kids have been
waiting to get engaged,” he stated. “Sometimes
product is a little hard to get, though. Not
diamonds, but rings.”
MORE CAUTIOUS THAN OPTIMISTIC
As usual, store owners are cautiously optimistic,
although perhaps a little more cautious than
optimistic these days.
“I’m clueless what the rest of the year will hold,”
said Farley. “If I had to guess, I think [holiday
activity] will be more online and texting with
customers than in the past, but we’re ready for
whatever is next.”
For Lordo, whose sales have been skyrocketing,
the outlook is more enthusiastic. “I’m optimistic
at this point, only because of the way it’s been. As
long as we don’t have to close again, we’ll have a
fabulous year. We were closed almost two months,
and we’re way above last year. It’s surpassed what
I was even thinking. I thought we’d be busy, but
nowhere near this.”
Yet Alfillé said the rest of the year looked more
like a moving target than a pot of gold. “Local
schools are not going to have children go in person,
which means people aren’t going back to work,
which makes the picture not terribly lively,” she
said. “We’ll continue to limp along, and luckily we
have a client base who thinks of us.”
The holidays, though, may not be bright.
“Christmas isn’t what it used to be,” she lamented.
“Christmas is okay, but spring is much bigger,
because anyone who got married in June has an
anniversary. So I look forward to spring.”
M A R K E T S
| U S R E TA I L
“CHRISTMAS IS OKAY, BUT
SPRING IS MUCH BIGGER,
BECAUSE ANYONE WHO GOT
MARRIED IN JUNE HAS AN
ANNIVERSARY”
SEPTEMBER
DIAMONDS.NET
