The Silver Lining to Retail Sales By Gloria Maccaroni Bad news may sell newspapers and lead the evening new shows on television, but the good news is Silver continues to rack up significant and impressive sales increases. The Silver Promotion Service’s Annual Report on Silver Sales proves the point! We know from our recent survey how well silver jewelry performed in 2018 at the independent jeweler level in the US. All the results reflect a positive retail environment for 2019 and also for the years ahead. A recent report published by Credence Research Inc. commented: “The U.S. jewelry market has been an ever-growing market due to by various growth enhancing factors: The higher concentration of major jewelry brands in the country Rising per capita disposable income Growing number of digital buyers; The increase of high net worth individuals Soaring urban population An increasing female population Female empowerment The increasing practice of female self-purchase Favorable demographics 26 | The Jewelry Business Magazine Let SILVER lead your sales growth It’s often been said incorrectly that the retail industry is dying. According to a report from the IHL Group, a global research advisory firm for the retail and hospitality industry, retail is not dying but evolving. It seems that in a digital world, physical stores have become a thing of the past. The rise of e-commerce, combined with a shift in consumer preference towards dining out over shopping and years of overbuilding, has resulted in increased retail closings. But for every announcement of closures and divestments, there are similar announcements of investment and rebirth. The truth is that the retail industry isn’t dying. It is going through some major shifts and needs to adapt to a world where the primary function of a physical store is not to drive transactions, but to service and support customers. To compete in this new marketplace, what’s needed is not so much to embrace new technology, but to reimagine the retail businesses. As always retail is a highly competitive and dynamic industry and technology is transforming the way we shop and connect with retail brands. As the industry reimagines itself, there will be plenty of winners. 1 2 3 4 5 6 7 8 9