SurveysJul 06, 2022
A Recession Is Unlikely, Says NRF EconomistSurveysJul 15, 2022
Signet Moves Up NRF’s List of ‘Top 100’ Retailers
Plus, a look at what shoppers want from retailers and why a remodel may not be in the cards.
A 14-karat two-tone gold engagement ring set with a lab-grown diamond from Pnina Tornai’s new collection ($16,999) at Signet Jewelers-owned Jared. The jewelry giant landed a spot on the National Retail Federation’s most recent “Top 100” retailer list.
New York—Signet Jewelers has again made the National Retail Federation’s Top 100 Retailers list, advancing a dozen spots to land at No. 66.
The jewelry giant was No. 78 last year.
The list, compiled by market research firm Kantar Group, ranks the largest retail companies in the United States, based on 2021 annual retail sales.
The NRF says it uses “a variety of estimation techniques” to calculate its figures, so the sales figures on its list may differ from the companies’ official public filing reports.
This is the case with Signet, which reported total sales of $7.8 billion last year.
The NRF, however, has Signet’s total retail sales at $6.95 billion in 2021.
Signet’s U.S. sales, according to its calculations, totaled $6.14 billion in 2021, a 31 percent increase year-over-year.
The company’s strong performance can be attributed in part to several trends, said David Marcotte, senior vice president for Kantar.
Shoppers had more disposable income, due to lockdowns and an inability to travel, and were able to afford luxury items like fine jewelry.
Signet was the only specialty jeweler on the list, with the top spots taken by big box stores and retail titan Amazon.
In the No.1 spot on NRF’s list, once again, was Walmart, with U.S. sales of $459.51 billion, a 7 percent year-over-year increase.
Amazon took the No. 2 spot for the second year in a row, posting U.S. sales of $217.79, a 13 percent year-over-year increase.
The No. 3 spot went to Costco, with U.S. sales of $140.41 billion, a 16 percent year-over-year increase.
The jewelry giant was No. 78 last year.
The list, compiled by market research firm Kantar Group, ranks the largest retail companies in the United States, based on 2021 annual retail sales.
The NRF says it uses “a variety of estimation techniques” to calculate its figures, so the sales figures on its list may differ from the companies’ official public filing reports.
This is the case with Signet, which reported total sales of $7.8 billion last year.
The NRF, however, has Signet’s total retail sales at $6.95 billion in 2021.
Signet’s U.S. sales, according to its calculations, totaled $6.14 billion in 2021, a 31 percent increase year-over-year.
The company’s strong performance can be attributed in part to several trends, said David Marcotte, senior vice president for Kantar.
Shoppers had more disposable income, due to lockdowns and an inability to travel, and were able to afford luxury items like fine jewelry.
Signet was the only specialty jeweler on the list, with the top spots taken by big box stores and retail titan Amazon.
In the No.1 spot on NRF’s list, once again, was Walmart, with U.S. sales of $459.51 billion, a 7 percent year-over-year increase.
Amazon took the No. 2 spot for the second year in a row, posting U.S. sales of $217.79, a 13 percent year-over-year increase.
The No. 3 spot went to Costco, with U.S. sales of $140.41 billion, a 16 percent year-over-year increase.
Analysts had predicted problems for retail in 2021 as COVID-19 continued to take its toll, but the year wasn’t all that gloomy.
“Overwhelmingly, retail came out ahead for a variety of reasons,” said David Marcotte, senior vice president for Kantar. “But it’s undeniable that everybody, except for those in apparel, did much better than anyone expected.”
The strong turnout had a lot to do with changing attitudes in 2021 compared with the lockdown period of 2020, said Marcotte.
“Almost any trip was driven by need, but not necessarily a desperation need. It was a need for entertainment, a need to get out, a need to find something. And in both going online and into stores, finding things was, I wouldn’t say an adventure, but a challenge.”
Shoppers weren’t as interested in promotions or merchandising, he said, with retailers backing off ad dollars and promotion.
“What retailers were dealing with was a shopper who was trying to find what they needed and was willing to overlook all other flaws,” Marcotte said.
Retailers like TJ Maxx, Ross, and Burlington, known for their wide selection rather than their merchandising or curated experience, saw strong growth in 2021.
Today, however, shoppers’ mindsets have shifted, regaining an interest in promotions and loyalty points.
“We’re seeing a surge in frequent shopper programs and electronic coupons,” he said. “And we’re seeing the introduction of retail media to engage shoppers trying to squeeze every last dollar.”
In March, Signet said it had been testing out a new loyalty program, Vault Rewards, at select Jared stores and could roll the program out to all its banners.
Looking to the current year, a labor shortage has been affecting retail, with most retailers operating with a 20 percent reduction in workers, said NRF.
Issues affecting the supply chain and trucking only add to the problem.
“That’s been a re-education for most retailers,” said Marcotte. “For the past 40 years, the story has been, ‘I can get by with less labor, and in an ideal situation, I can pay them less.” And that’s not true.”
From Amazon to Starbucks, workers have been unionizing across the country, advocating for a living wage and better working conditions.
The labor issue also spells trouble for experiential retailing, said Marcotte, which takes more than just merchandising.
Significant shortages in both labor and materials may mean stores looking for a remodel, or a whole new location, are out of luck.
“I’m starting to refer to 2023 as, ‘the year you come as you are,’” said Marcotte.
“The labor picture will probably change slowly, but not quickly. The commercial real estate picture will also change slowly and it’s not going to get cheaper. On a global basis, it’s going to be a challenge for retailers to really change their stores’ physical footprint.”
Retailers looking for success in 2022 will have to “re-engage with shoppers in the same way they were with them in 2019.”
“We all wanted to go back to normal,” said Marcotte. “We’re back to normal. We have to be competitive, we have to invest, we have to create. But we really, really have to get involved with frequent shopper programs, electronic coupons and digital tools. The retailers that do that are going to do well.”
Read the full “Top 100” list on the NRF’s website.
More on Surveys
The Latest
MajorsAug 26, 2024
Longtime Industry Sales Trainer Lenny Zell Dies at 97Said to be the first to write a jewelry sales manual for the industry, Zell is remembered for his zest for life.
WatchesAug 26, 2024
IWC Is Sending Its Watches to SpaceThe company outfitted the Polaris Dawn spaceflight crew with watches that will later be auctioned off to benefit St. Jude’s.
AuctionsAug 23, 2024
Abernethy Pearl Tops Estimates at Auction A buyer paid more than $100,000 for the gemstone known as “Little Willie,” setting a new auction record for a Scottish freshwater pearl.
Brought to you by
Watch: Natural Diamonds: A Great (but Often Untold) Geology StorySupplier Spotlight Sponsored by GIA.
CollectionsAug 23, 2024
Piece of the Week: Gumuchian’s Colorful ‘Spectrum’ NecklaceAnita Gumuchian created the 18-karat yellow gold necklace using 189 carats of colored gemstones she spent the last 40 years collecting.
Weekly QuizAug 23, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingAug 22, 2024
2,492-Carat Diamond Recovered From Botswana Diamond MineThe giant gem came from Karowe, the same mine that yielded the 1,109-carat Lesedi La Rona and the 1,758-carat Sewelô diamond.
TrendsAug 22, 2024
Kaley Cuoco Has a Three-Stone Engagement Ring With a TwistThe three-stone ring was designed by Shahla Karimi Jewelry and represents Cuoco, her fiancé Tom Pelphrey, and their child.
Brought to you by
Watch: Forging the Next Generation of Skilled Bench Jewelers at GIASupplier Spotlight Sponsored by GIA
CollectionsAug 22, 2024
Greenwich St. Jewelers Collabs with TikTok Jewelry Content CreatorThe Manhattan jewelry store has partnered with Xarissa B. of Jewel Boxing on a necklace capsule collection.
TechnologyAug 21, 2024
Instagram’s Notes Feature Expands to Posts, ReelsActing as temporary virtual Post-it notes, Notes are designed to help strengthen mutual connections, not reach new audiences.
TrendsAug 21, 2024
Carol Woolton To Release New BookThe jewelry historian discusses the history and cultural significance of jewelry throughout time and across the globe.
TrendsAug 21, 2024
Amanda’s Style File: Shimmy and ShakeFrom fringe and tassels to pieces that give the illusion they are in motion, jewelry with movement is trending.
IndependentsAug 20, 2024
Mixed-Media Jewelry Artist Jan Yager Dies at 72The designer and maker found community around her Philadelphia studio and creative inspiration on the sidewalks below it.
ColumnistsAug 20, 2024
Google Ads Payment Policy Change: What It Means For YouThe change to accepted payment methods for Google Ads might seem like an irritation but actually is an opportunity, Emmanuel Raheb writes.
IndependentsAug 20, 2024
Pat Henneberry Releases MemoirThe industry consultant’s new book focuses on what she learned as an athlete recovering from a broken back.
Events & AwardsAug 20, 2024
The Ethical Gem Fair Is Going to CaliforniaThe fair will take place on the West Coast for the first time, hosted by Altana Fine Jewelry in Oakland, California.
MajorsAug 20, 2024
Kathy Hillelson Joins Board of WJA Foundation Hillelson is a second-generation diamantaire and CEO of Owl Financial Group.
Events & AwardsAug 19, 2024
Nominations Are Open for the 2025 Gem AwardsSubmissions in the categories of Jewelry Design, Media Excellence, and Retail Excellence will be accepted through this Friday, Aug. 23.
AuctionsAug 19, 2024
Scotland’s Famed Abernethy Pearl Is Up for Sale Known as “Little Willie,” it’s the largest freshwater pearl found in recent history in Scotland and is notable for its shape and color.
IndependentsAug 19, 2024
Kentucky Jeweler Closing After 89 YearsClements Jewelers in Madisonville cited competition from larger retailers and online sellers as the driving factor.
SourcingAug 19, 2024
A&C Gem Trading Corp. Relocates, Opens Wholesale ShowroomThe gemstone company is moving to the Ross Metal Exchange in New York City’s Diamond District.
CrimeAug 16, 2024
Jewels Stolen During Green Vault Heist Back on DisplayMost of the 18th century royal jewelry taken from the Green Vault Museum in Dresden, Germany, in 2019 went back on display this week.
IndependentsAug 16, 2024
Louis Anthony Jewelers Announces First Resort StoreThe Pittsburgh jeweler has opened a store in the nearby Nemacolin resort.
CollectionsAug 16, 2024
Piece of the Week: Jonne Amaya’s ‘Cat Claw’ NecklaceWith a 40-carat cabochon emerald, this necklace is as powerful and elegant as a cat.
Events & AwardsAug 16, 2024
IJO Names Jewel-Craft as VIP Vendor of the YearThe Erlanger, Kentucky-based company was recognized for its reliability when it comes to repairs and fast turnaround times.
SourcingAug 15, 2024
Greenland Ruby Is Up For SaleUnable to pay its debts, the ruby and sapphire miner is looking to restructure and become a “competitive and attractive” company.
TrendsAug 15, 2024
Paola De Luca to Debut Trendbook 2026+ at VicenzaoroThe trend forecaster’s latest guide has intel on upcoming trends in the jewelry market.
