MONTH IN REVIEW
GO ONLINE
www.jewelleryfocus.co.uk
Hallmarking in
January rose by
13%
to 692,097 items
1
2
DEVELOPMENTS
Olivia Burton to
open first bricks-
and-mortar store
(compared with the
previous January)
INDEPENDENTS
Newton Mearns
jewellers closes
after 45 years
Newton Mearns jewellers in Glasgow
will be closing its doors in April 2018
after attempts to find a buyer for
business fell through.
Owners Eric and Yvonne Smith
told the the Herald Scotland that the
difficulty in finding a buyer was because
“Yvonne and I are the business”, people
came to the store for that reason and
“that’s a really hard thing to sell”.
“We came to realise it was easier to
close than convince somebody to buy
it. One particular company wanted a
two-and-a-half-year buyout, where we
didn’t really get to retire. We would have
had to keep working with this other
partnership, and that didn’t really appeal
to us either,” he added.
The decision will mean the store’s
nine staff will be made redundant.
Smith and his wife will be helping
the staff affected, some of whom have
worked for the business for 35 years, to
find alternative roles. Some may move
into jewellery manufacturing, while
another is hoping to land a role as a
watch specialist with another firm. One
member of staff plans to retire.
Smith said: “It’s been unbelievable,
because the people we have been
telling are very sad about it. They are
happy for us, but they are very sad
about it closing.
“We’ve made a lot of friends so there
has been a quite a bit of emotion [for
us] and the staff, because obviously they
have been a loyal team for such a long
time. We have had our ups and downs
in the last few days I have to say.”
March 2018 | jewelleryfocus.co.uk
British accessories brand Olivia
Burton is set to open its first UK store
in the Covent Garden Market Building
in May 2018.
Originally an online-only retail brand
the company will join a host of other
jewellery stores at the building owned
by Capital & Counties Properties
(Capco).
Jemma Fennings, co-founding
director, said: “Covent Garden is such
an iconic spot.
With its beautiful architecture and
its long-standing flower market, there
couldn’t be a more perfect place to
open our very first store.”
Michelle McGrath, director of Capco
Covent Garden, said: “We’re delighted
that Olivia Burton has chosen Covent
Garden for their first store. Their
beautiful products fit perfectly in the
Market Building alongside Daniel
Wellington, Deciem and Tom Ford.
“This addition further strengthens the
district’s premium beauty, accessory
and fashion offer.”
The price of gold
has fallen by
£5
to £949/oz in
February
3
4
5
6
7
8
RETAIL
Consumer
spending grows
3.9% in January
Consumer spending increased 3.9%
in January, partially driven by price
increases that continued to drive uplifts
in ‘essential’ spending.
That is according to data from
Barclaycard, which processes nearly
half of the nation’s credit and debit card
transactions.
Spending growth on day-to-day
necessities surpassed 4% for the first
time in seven months as inflationary
pressures fuelled a strong start to
the year.
In contrast, growth in discretionary
categories slowed, falling to 3.8%
as consumers reduced spending on
‘nice-to-have’ items. Spending on
clothing (1.6%) and travel (4.5%) also
saw weaker growth, especially when
compared with December figures of
4.1% and 7.3% respectively.
However compared to December,
when six in 10 Brits expressed
confidence in their household
finances, just 54% now say the same.
Confidence in the UK economy is also
deteriorating; just 29% of consumers
say they feel confident. Half of Brits
(46%) also worry that the ongoing
Brexit talks will leave them worse off.
Barclaycard also said there was
evidence of a future fall in perceived
spending power as a result of
inflationary pressures.
Paul Lockstone, managing director
at Barclaycard, said: “January’s uplift
in spending represents a strong start
to the year. But faltering confidence
levels across the board suggests that
consumers are feeling the effects of
a post-Christmas slump, as well as
the wider impact of inflation on their
everyday lives.
“While spending on the ‘experience
economy’ proved to be a natural and
welcome antidote to the January blues,
the dip in sentiment revealed by our
consumer confidence data, allied to
concerns over economic and political
uncertainty, is quite telling.”
JEWELLERY FOCUS
17