Local jeweler blames store closing on millennials and the internet

5 replies
A local jeweler closed its doors last month, blaming millennials and the internet.

A 72-Year-Old Jewelry Store's Farewell Letter to the Millennials Who Just Don't Understand | Columns | Store Advice | INSTORE

The thing is, I'm sure they were a knowledgeable store, but the internet has been changing the game for 20 years now. And millennials don't buy jewelry like past generations:

Blame millennials: Diamond jewelry business in a rough spot

Knowing these things, what promotions did they run? Did they cross-promote with other retailers targeting the same market? What media did they use? What kind of innovative ideas did they test? Did they shift the product line to appeal to different consumers? What was the USP?

How did they differentiate? It's better to be different than better:
https://www.ducttapemarketing.com/bl...tve-advantage/

Maybe they did these things. We don't know. Just seems a little off to blame millennials and the internet.
#blames #closing #internet #jeweler #local #millennials #store
  • Profile picture of the author ShayB
    I know people in the jewelry biz. They emphasize the aspects that you can't get online: trying on a piece, personalized service, professional appraisal included, etc.

    You have to stand out if you want to survive with any bricks-and-mortar biz these days.
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    "Fate protects fools, little children, and ships called Enterprise." ~Commander Riker
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  • Having been a past brick & mortar business owner and managed a few brick & mortar businesses in my lifetime, I can feel the jeweler's pain.

    My experience has showed me this:

    Know well the condition of your clients.
    And pay close attention to those who trust you.
    For their purchases do not continually repeat forever.
    Even the well established close their doors for good.
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  • Profile picture of the author GordonJ
    I once gave my kids jewelry (high schoolers) and they responded with, "Dad, we wear rubber bands and homemade beads, you can buy a new computer for those diamonds."

    Well, from then on, it was iPhones, iPads and and especially iPods. They kept the earrings, but, I've yet to see them wear them.

    Actually, I'm proud they didn't buy into the materialism of the Baby Boomers and they put far more value on relationships, friendships, experiences and leave the diamonds, gold and expensive cars for others.

    It appears most of their classmates have done the same.

    I feel zero sorrow for the jeweler or for any business which doesn't keep up. It is the cycle from Montomery Wards, Woolworths, Kreseges, etc., etc.

    I accept the blame on behalf of my millennial kids and their friends.

    Diamonds are valuable because? Now, we have one of the largest jewelry companies in the world right here in Akron, OH. Signet is apparently strong, however, Jim Kramer gave a big NO WAY to it in June after a 30% plunge. i know many employees which have been getting their resumes ready.

    They (millennials) did away with Radio Shack, one of the worst run companies in the last 10 years, and they'll allow SEARS mall stores to crash too along with other crappily managed stores.

    You are welcome Mr. jeweler.

    GordonJ

    PS. High end malls are doing well, however, their numbers are plunging too, it appears the rich are getting richer, albeit smaller...and the poor are growing...and the middle class seems to following down the ladder, not climbing up.


    Originally Posted by joe golfer View Post

    A local jeweler closed its doors last month, blaming millennials and the internet.

    A 72-Year-Old Jewelry Store's Farewell Letter to the Millennials Who Just Don't Understand | Columns | Store Advice | INSTORE

    The thing is, I'm sure they were a knowledgeable store, but the internet has been changing the game for 20 years now. And millennials don't buy jewelry like past generations:

    Blame millennials: Diamond jewelry business in a rough spot

    Knowing these things, what promotions did they run? Did they cross-promote with other retailers targeting the same market? What media did they use? What kind of innovative ideas did they test? Did they shift the product line to appeal to different consumers? What was the USP?

    How did they differentiate? It's better to be different than better:
    https://www.ducttapemarketing.com/bl...tve-advantage/

    Maybe they did these things. We don't know. Just seems a little off to blame millennials and the internet.
    {{ DiscussionBoard.errors[10769649].message }}
  • Profile picture of the author BigFrank
    Banned
    Except for the extremely high end, no one is buying jewelry. Don't you folks watch CNBC for current niche-specific business news?

    Frank
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  • Profile picture of the author yukon
    Banned
    Who cares.

    I can buy that stuff cheaper on Alibaba.
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    Hi
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