The Edge Retail Academy (ERA), the leading retail jewelry business advising company, released its June retail sales number index which indicate that independent jewelers grew their revenue in June for the first month since February, 2020.
ERA’s aggregated data, collected from 1200+ jewelers through its Edge Pulse program, report these insights about June, 2020 retail activity:
· Total revenue was up +2.3% versus June, 2019
· Diamond revenue jumped 12%
· The average retail sale grew from $345 to $432
“June was a strong month for our independent retailers despite the challenges and restrictions associated with reopening,” said Sherry Smith, Director of Business Development, ERA. “It has been great to see how quickly and creatively our retailers adapted to the current environment. This adaptability clearly shows in the numbers.”
Retailers Take Action
Retailers were very active in getting consumers into their stores.
Kate Marks, owner of Marks of Design, initiated auctions on Facebook soon after the pandemic began. She sold hundreds of items online when her store was closed. “I nearly met my original May sales goal with these auctions,” said Ms. Marks. The store has continued the auctions in June to maintain engagement with customers as well as bring in traffic now that her store has reopened.
Alan Miller, owner of Alan Miller Jewelers, commented, “to bring in traffic and to raise cash to restock our fast sellers, we ran a promotion at the beginning of the month on our aged merchandise: ‘25% - 50% off of 50% of the store.’” The retailer had a strong June, beating its June, 2019 numbers by 66%.
ERA distributes insights from the sales data at an industry level monthly in its ‘The Vibe’ newsletter. The email is free; interested retailers and vendors can be added by emailing their contact information to [email protected].
About Edge Retail Academy
Edge Retail Academy is the leading provider of jewelry business advisory services combined with real-time data to improve the sales and profitability for the jewelry industry. It offers products to both jewelers and jewelry vendors including the largest grouping of aggregated retailer sales and inventory data in the industry. For more information, please visit www.edgeretailacademy.com.
