Eric’s closes its doors after 30 years as group focuses on brands.
Eric’s Jewellers in Birmingham has closed down after more than 30 years’ trading in the city’s Jewellery Quarter.
The retail shop was owned by jewellery group Abbeycrest. The group’s executive chairman Simon Ashton told Professional Jeweller that the decision to close the shop was a strategic one as its shifts its focus to branded product.
Eric’s Jewellers had acted as a clearance shop for Abbeycrest, offering gold and silver jewellery at affordable prices.
Ashton said: "Today we began a process of closing our retail operation in Birmingham’s Jewellery Quarter known as Eric’s. Over the past two years, as Abbeycrest has shifted its strategy towards higher value-added branded product, this retail outlet has gradually contributed less and less to the group’s core proposition and bottom line. We have, at this particular juncture, chosen to focus our resource and investment in our core profitable businesses."
A source close to Abbeycrest suggested that Eric’s Jewellers has suffered as the gold price has escalated, adding that many discount jewellery retail businesses in Birmingham’s Jewellery Quarter have been affected as cash-for-gold businesses have moved in to the area.