Signet Jewelers plans to shut 150 stores this year as it strives to implement a turnaround plan and cope with rapidly evolving consumer jewellery-buying patterns. The planned 2019 closures come after the group shut 262 stores in 2018, mainly in the US and Canada.
Signet, which operates some 3,300 stores under the Zales, Kay Jewelers and Jared The Galleria Of Jewellery brands, along with Piercing Pagoda kiosks in shopping malls, also plans to limit the number of new store openings in the year ahead.
North American jewellery stores, in general, have been struggling to cope with a rapid decline in consumer footfalls at shopping malls, where many of them are located. They are also having to deal with changing tastes for jewellery, with the younger demographic increasingly opting for non-traditional materials and lower sticker prices even for engagement rings.