Aliso Viejo, CA. During a JCK 2009 keynote speech Bill Boyajian, an industry veteran provided some valuable advice to the attendees. These points were of particular importance and further research into them could benefit the entire industry:

A. On the retail front the slowing economic conditions have intensified industry consolidation with twice as many (2,200) retailers expected to go out of business this year than in past years (1,400).

Although we don’t have the source of the numbers the general data agrees with this trend. Especially on the rise has been the closure of chain stores which in previous year had been expanding.

M.J. Christensen store closing.

Jewelry superstore offers huge discounts in going-out-of-business sale

B. Boyajian said “I predict the next wave of jewelry retailers will be designers and manufacturers”. This is due to that fact that manufacturers are losing business because retailers aren’t buying.

Some of the most know brands operating their own stores include:
Harry Winston, Graff, Tiffany & Co., Cartier, Chopard, Bulgari, Mikimoto and DeBeers.

C. The most recession-resistant services and products are custom design, repair services and the bridal category.

This is a good article for retailers. Mark Moeller’s “Steps to Take to Recession Proof Your Business,”

D. “The Internet has changed the way people think about purchasing,” Boyajian said, pointing out that younger people, especially, go online to do research before they buy anything.

This will give you a little peak into the new shopping habits of the younger generation (Read the comments), Kim Kardashian scoping out cartier engagement ring.

As always, looking forward to your thoughts.

Digg this

Profile Page
News Page