Local jeweler blames store closing on millennials and the internet

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.

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.

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.

Except for the extremely high end, no one is buying jewelry. Don't you folks watch CNBC for current niche-specific business news?

Frank

Who cares.

I can buy that stuff cheaper on Alibaba.