More jewellery multiples are opening as an increasing number of independents close, a new report has implied.
The report revealed that jewellers are one of only two comparison retailers (retailers who sell products rather than food or services) where the number of sites owned by multiples have grown in the past year.
Notably, multiple retailer Pandora opened 29 stores in the last 12 months, the report, produced by the Local Data Company and PwC, showed.
The news follows Professional Jeweller’s story on jewellers having achieved one of the highest net increases in site openings, behind tobacconists and estate agents in the first half of 2016. Jewellers’ sites had a net increase of +24 openings.
Michael Weedon, content editor for the Local Data Company, told Professional Jeweller: “Although there’s a net gain of 24 it’s not massive so don’t get too excited. On the other hand it’s [jewellers] the most highly ranked comparison retailer growth in the survey.”
“The areas hardest hit this year have been fashion shops, but particularly for multiples. Jewellers, on the other hand, buck the trend in terms of the independents are closing and there are more multiples opening.”