Signet Jewelers has been ranked 67th on the National Retail Federation’s (NRF) 2024 list of the Top 100 Retailers, a decline from its position at 56th last year. Signet is the only jewelry-focused company on the list, which is based on annual sales figures.
Sales and Store Count Analysis
In 2023, Signet’s U.S. retail sales totalled $6.53 billion, contributing to a global revenue of $7.21 billion. These numbers represent a decline from 2022 when the company reported $7.5 billion in U.S. sales and $8.3 billion worldwide..
Signet’s U.S. store count also saw a slight decrease, from 2,351 stores in 2022 to 2,319 in 2023. This reduction is part of the broader trends affecting retail businesses amid economic and geopolitical challenges, impacting consumer spending on luxury items, including jewelry.
Broader Retail Context
Signet’s performance contrasts with other major retailers that include jewelry in their inventory. Walmart retained the top position, followed by Amazon, Costco, Macy’s (22nd), Nordstrom (34th), and J.C. Penney (63rd). These rankings highlight the competitive landscape where diversified retailers have maintained or improved their positions, unlike jewelry-specialised Signet.
Industry Insights
The NRF’s list, compiled with the assistance of Kantar Consulting, reflects broader retail trends. “When it comes to retail trends, NRF’s annual list of the Top 100 Retailers shows that the pandemic and pandemic-era spending are starting to ease,” said David Marcotte, senior vice president at Kantar Consulting. This easing has contributed to shifts in consumer spending patterns, affecting luxury segments such as jewelry.
Implications for Jewellers
Signet’s declining position on the NRF list underscores the challenges faced by jewelry retailers in the current economic climate. The drop in sales and store count suggests a need for strategic adjustments to align with changing consumer preferences and economic conditions. Jewellers may need to diversify their product offerings, enhance their online presence, and adapt marketing strategies to remain competitive.
