We’ve all seen the statistics on the changing jewelry market: the long-term retailers and suppliers going out of business, the growing market share for online shopping, and the changing lifestyles and tastes of Millennial consumers. According to the Jewelers Board of Trade, there are 13 percent fewer jewelry-only stores this year compared to last.
What can the independent jeweler do to survive all this change? One crucial thing is to have strong supplier partners who are dedicated to helping the independent jeweler remain competitive. That’s why well-financed owner-operated suppliers that manufacture in the United States are growing, despite the challenging environment. Companies like Overnight are expanding by making their independent retailer partners more successful.