Fewer US Jewelry Stores Shuttered in 2022
The number of US jewelry businesses closing their doors decreased 19% in 2022, according to data from the Jewelers Board of Trade (JBT).
A total of 436 firms discontinued operations during the year, compared to 536 in 2021, the JBT said Monday. Of those, two went bankrupt, while 91 dropped out due to mergers or takeovers. A further 343 closed for other reasons.
Meanwhile, 508 new companies opened during the year, an increase of 32% over the year before.
In total, 23,583 businesses were operating as of December 31, 2022 — 2.4% fewer than a year earlier. The retail sector, the largest portion of the industry, shrank 2.4% to 17,887 companies. The wholesale segment declined 1.7% to 3,409 firms, and the number of manufacturers decreased 3.1% to 2,287, according to the JBT, which provides credit and other financial information to the trade.
In the fourth quarter, the number of new businesses grew 1.9% year on year to 108, with those closing falling 43% to 59.
The organization downgraded the credit scores of 749 companies across the US and Canada during the quarter, up from 629 during the same time in 2021. It raised the scores of only 844 businesses, versus 901 a year earlier.
Image: A jewelry display. (Shutterstock)