February 2008
Macy’s sales dive prompts consolidation
Macy’s sales dive prompts consolidation
February 07, 2008
Cincinnati—Same-store sales at Macy’s Inc. decreased 7.1 percent for the four weeks ended Feb. 2, and total sales plummeted 28.4 percent to $1.275 billion, compared with $1.782 billion for the five weeks ended Feb. 3, 2007, the company announced today.
The company primarily attributes this loss to one fewer week in the January 2008 calendar versus January 2007.
Total sales in opposition to the 13-week fourth quarter of fiscal 2007 reached $8.597 billion, down 6.1 percent from total sales of $9.159 billion for the final 14 weeks of 2006. On a same-store basis, the company’s fourth-quarter sales were down 2 percent.
For the 52 weeks of fiscal 2007, Macy’s sales totaled $26.316 billion, down 2.4 percent from total sales of $26.970 billion for the 53 weeks of fiscal 2006. On a same-store basis, Macy’s sales were down 1.3 percent.
Along with it’s year-end report, Macy’s announced new initiatives to strengthen local market focus and enhance customer service.
Chief mixed these initiatives is a localization plan called “My Macy’s,” which aims to accelerate sales growth in existing locations by ensuring that inmost part customers surrounding each Macy’s store find merchandise, sizes, marketing programs and shopping experiences that are custom-tailored to their indispensably.
To achieve this, Macy’s will concentrate more management in local markets, bring into being new positions to work with division central planning and buying executives to understand the needs of local customers, and empower locally based executives to make more and better decisions.
This new structure will be adopted for those geographic markets that have been a part of Macy’s North, Macy’s Midwest and Macy’s Northwest as they are consolidated into Macy’s East, Macy’s South and Macy’s West, respectively.
Effective immediately, Macy’s will begin consolidating its Minneapolis-based Macy’s North organization into New York-based Macy’s East, its St. Louis-based Macy’s Midwest organization into Atlanta-based Macy’s South and its Seattle-based Macy’s Northwest organization into San Francisco-based Macy’s West. The Atlanta-based division will be renamed Macy’s Central. All current store locations desire remain in place.
These consolidations are expected to be completed in the second quarter of 2008 and will affect approximately 2,550 positions, which the company estimates will reduce its SG and A (selling, general and administrative) expenses by $60 million in 2008, and by $100 million beginning in 2009.
Executives currently in the Macy’s North, Macy’s Midwest and Macy’s Northwest central organizations will be considered for positions in the new local market organization or for open positions in many in the company. Employees laid off in this process direct have existence provided severance benefits and outplacement assistance.
The copartnership’s Miami-based Macy’s Florida and New-York based Bloomingdale’s divisions will not be affected.
The consolidated Macy’s East, Macy’s South and Macy’s West organizations will be grouped into 20 newly formed districts of about 10 stores with a manager and small staff of store merchandisers and planners.
A mass of approximately 250 new district and region positions will have being based in these local markets adopting the new model, which will roughly double the number of management positions in the field in these markets.
“Improving sales and earnings action require innovation in engaging our customer more effectively in every replenish, as well as reducing total costs,” Macy’s chairman, president and chief executive officer Terry J. Lundgren declared in a statement. “We believe the right answer is to reallocate our resources to place more emphasis and talent at the local market level to differentiate Macy’s stores, serve customers and drive business.”
As a result of the consolidations, fine-jewelry retailer Finlay Enterprises Inc. announced that 94 of its total 316 Macy’s locations will not be renewed upon expiration of the license agreements on Jan. 31, 2009.
This includes 57 doors in Macy’s North, and 37 doors in Macy’s Northwest.
Macy’s has notified Finlay of its intent to renew the license agreements for the newly merged division of Macy’s Midwest and Macy’s South (222 doors).
Finlay Enterprises Chairman and Chief Executive Officer Arthur E. Reiner said in a statement that although they are disappointed with the prospect of losing part of their Macy’s business, they will still retain 222 Macy’s locations and all of their Bloomingdale’s locations.
In financial 2007, the Macy’s North and Macy’s Northwest locations generated approximately $120 million in combined revenue for Finlay.
Looking ahead, Macy’s says it is assuming a continued challenging economic environment through most of 2008, with some chaste improvement expected by the fourth quarter. Given the uncertain macroeconomic environment, the company’s range for same-store sales guidance for 2008 is wider than usual: down 1 percent to up 1.5 percent.
Effective with 2008, the company has decided to no longer provide quarterly sales or earnings guidance.
Macy’s Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2007 sales of $26.3 billion. The company operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s and Bloomingdale’s. The company also operates Macys.com, Bloomingdales.com and Bloomingdale’s By Mail.
Vegas gives final go-ahead to World Jewelry Center
Vegas gives final go-ahead to World Jewelry Center
February 07, 2008
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| The Las Vegas City Council has approved the World Jewelry Center’s Site Development Plan and Special Use Permit, giving the developer the go-ahead to proceed with the project. |
Las Vegas—The Las Vegas City Council has approved the World Jewelry Center’s (WJC) Site Development Plan and Special Use Permit, giving developer Probity International Corp. the entitlements necessary to proceed with the project.
The approval came after a unanimous vote at the council’s Feb. 6 meeting.
The City of Las Vegas Planning Commission and the Union Park Design Review Committee had before that time approved the WJC’s Site Development Plan, and in in season January, the city approved the project’s Disposition and Development Agreement, Owner Participation Agreement and related documents.
“By approving the project’s entitlements, Mayor Oscar Goodman and the City Council of Las Vegas have put out the welcome mat for the World Jewelry Center project and everything of its participating firms,” Probity International Corp. President and Chief Executive Officer Robert Zarnegin said in a statement. “We at this time look forward to completing out plans and obtaining out building permits.”
Upon its completion, the WJC will be one of the tallest buildings in Las Vegas. It will be continent office and retail space, a world-class museum and luxury residential condominiums.
The center behest be a prominent part of the master-planned community of Union Park, a 61-acre mixed-use urban-development project that will also include the Lou Ruvo Brain Institute designed by architect Frank Gehry, the Smith Center for the Performing Arts and Symphony Park, an outdoor park adjoining the performing arts center.
For more information on the World Jewelry Center, muster (310) 888-8864, e-mail info@worldjewelrycenter.com or visit its Web site, Worldjewelrycenter.com.
De Beers touts beneficiations programs in Africa
De Beers touts beneficiations programs in Africa
February 07, 2008
Cape Town, South Africa—The new De Beers is an organization that is working hard to promote prosperity through the partnerships it is forging with diamond-producing countries, Group Managing Director Gareth Penny said Wednesday during a speech in South Africa.
Addressing the Mining Indaba in Cape Town, he said that while De Beers has remained focused on its core assets, it also has established relationships in exploration and mining and, most freshly, in sorting and marketing, to aid beneficiation.
“Today, De Beers is a reinvigorated company with some of the most talented exploration, mining and marketing people in the world who, following a wide reorganization of the company priorities, are empowered to lead in their clear areas of accountability with the mission to unlock the full value of our company’s leadership position across the diamond pipeline…in a unscathed and sustainable way.”
Penny said De Beers spends $100 million a year on activities in the regions where it makes the most impact.
De Beers has 59 joint ventures and 42 partner companies worldwide.
These hold operations such as Debswana, the fifty-fifty joint venture De Beers has had with the government in Botswana since 1969.
Penny said in recent years, the partnership by the government of Botswana has evolved beyond mining.
De Beers and the government are relocating most of the sorting and valuation of this African country’s diamonds from London to Botswana’s capital, Gaborone, thereby establishing sales and marketing operations there.
Gareth said De Beers is focused adhering “driving value” for key stakeholders in all areas of business, from exploration to jewelry, in a way that aligns the company’s business priorities with the national priorities of the country where it operates.
Tiffany to House Patek Philippe Salon
Luxury retail jeweler Tiffany & Co. and Swiss luxury watchmaker Patek Philippe will open a new Patek Philippe salon, the first in the U.S., in Tiffany’s New York flagship store (pictured) in April. The salon will be dedicated to showcasing the watchmaker’s timepieces and celebrating its heritage.
The 3,000-square-foot salon will be located put on the mezzanine of the store at 5th Avenue and 57th Street, and will feature some of the watchmaker’s unique and most sought-after timepieces. It will also include an extensive library, individual customer consultation areas, and a studio for on-site repairs.
The partnership of Patek Philippe (founded in 1839) and Tiffany & Co. (founded in 1837) in the United States began with a handshake agreement in 1851 between their founders, Antoine Norbert de Patek and Charles Lewis Tiffany.
The Patek Philippe salon at Tiffany & Co. joins four others (in Geneva, London, Paris, and Shanghai).
“The salon celebrates the art of watchmaking as practiced by the principally skilled craftspeople in operation in the great tradition of Patek Philippe,” said Michael J. Kowalski, chairman and chief executive officer of Tiffany & Co. “We’ve designed an environment that is symbolic of the standards our two companies have shared for over 150 years, where customers and collectors alike may peruse the creation’s finest timepieces created with consummate dedication to craft that is the foundation of our partnership and mutual success.”
“We are proud to work with our longest standing partner, Tiffany & Co., in creating a salon of this magnitude,” said Larry Pettinelli, president of Patek Philippe USA. “Our goal is to create an exciting and interactive environment to serve as a world-wide destination for watch enthusiasts.”
Unique to the salon will be a collection of traveling museum pieces on loan from the Patek Philippe Museum in Geneva. These sparse timepieces chronicle the art of horology and the development of Patek Philippe. Part of the collection will highlight the shared history of Patek Philippe and Tiffany & Co. in the U.S.
In conjunction with the salon opening, Patek Philippe will host a three-day exhibition titled “The Values of a Family Watch Company” on the fifth floor of Tiffany’s flagship store. Showcasing the 169-year history of Patek Philippe, the exhibition will provide the viewing public with the comprehensive set of Patek Philippe timepieces exhibited outside of Switzerland. It will be open to the public from Apr. 24 to Apr. 26, and show some 400 timepieces.
Seven out of 40 lots move at latest Rap auction
Seven out of 40 lots move at latest Rap auction
February 07, 2008
New York—January proved to be for example tough a month for the Rapaport Certified Diamond Auction as the holiday season was for the majority of retailers.
Results posted on the Rapaport Web site, Diamonds.net, show seven out of 40 lots, or 17.5 percent, sold at the latest auction, held online on Jan. 31.
Prices for the seven stones sold ranged from $5,055 to $56,672.
The highest-priced stone sold was a 3.52-carat diamond that is H color, VS1 clarity and graded “excellent.”
Next highest in price was a 1.01-carat round stone with D color, IF clarity and graded “excellent,” which went in the place of $16,397.
The auction is the latest in a series of online diamond auctions created by Rapaport Chairman Martin Rapaport in an effort to create a futures market for diamonds.
The auctions started on Sept. 20; the Jan. 31 auction marked the fifth online sale of diamonds by Rapaport.
Rapaport is not the only organization to begin peddling diamonds via virtual auctions.
Diamdel, a De Beers Group rough supplier with offices in Antwerp, Belgium; Hong Kong; and Tel Aviv, Israel, held the industry’s first auction of rough on Jan. 28.
All 16 lots sold, purchased by 14 separate buyers.
Buyers from all over the nature, including Antwerp, India, Tel Aviv and the Far East, participated.
Editor’s note: For earlier developments in this story, see Rapaport auction set for Thursday.
Macy’s Restructures, Cuts Management Jobs
Macy’s on Wednesday said it will undergo a dramatic restructuring of its organization that will affect approximately 2,500 management positions by consolidating its department store groupings into three regions with more localized control.
Called “My Macy’s,” the localization initiative was developed over the past year based on customer research, Macy’s said in a statement. Its goal is to accelerate sales growth in existing locations by ensuring that core customers surrounding each Macy’s store find merchandise assortments, size ranges, marketing programs and shopping experiences that are custom-tailored to their needs.
“Improving sales and earnings performance requires innovation in engaging our customer more effectively in every store, as well as reducing entire costs,” said Terry J. Lundgren, Macy’s, Inc. chairman, president and chief executive officer. “We believe the right answer is to reallocate our resources to place more emphasis and talent at the local market level to differentiate Macy’s stores, serve customers and drive business.
“In essence, we plan to drive sales growth by improving our knowledge at the limited level and then acting quickly on that knowledge. These moves will benefit our customers as well as our shareholders,” Lundgren added. “In addition, we believe our new strategies will speed up decision making and simplify the process of working with our vendors.”
This new structure demise be adopted for geographic markets that bear been a part of Macy’s North, Macy’s Midwest and Macy’s Northwest as they are consolidated into Macy’s East, Macy’s South and Macy’s West, respectively, the company declared.
Effective immediately, the company said it will begin consolidating its Minneapolis-based Macy’s North organization into New York-based Macy’s East, its St. Louis-based Macy’s Midwest organization into Atlanta-based Macy’s South and its Seattle-based Macy’s Northwest organization into San Francisco-based Macy’s West. The Atlanta-based division will be renamed Macy’s Central. totally current store locations decision remain in place.
The consolidation of divisional central office organizations, expected to be completed in the second quarter of 2008, will affect approximately 950 positions at the Macy’s North headquarters offices in Minneapolis, 850 positions at the Macy’s Midwest headquarters offices in St. Louis, and 750 positions at the Macy’s Northwest headquarters offices in Seattle.
Executives currently in the Macy’s North, Macy’s Midwest and Macy’s Northwest central organizations will be considered for positions in the new local market organization or for open positions in many in the company. The company said it will hire about 250 new district and space positions based in those local markets adopting the just discovered model. This will roughly wile the number of management positions in the field in these markets.
Macy’s locations in these new markets will be grouped into 20 districts of about 10 stores (compared with an average of 16 to 18 currently overseen by each regional manger). Districts will be based in cities that include Chicago, Cincinnati, Cleveland, Columbus, Detroit, Indianapolis, Kansas City, Minneapolis, Pittsburgh, Portland, Ore., St. Louis, Salt Lake City, and Seattle. Each new district will have a manager and a small staff of store merchandisers and planners. These districts will report into their divisions through new regional offices being established in Chicago, Cincinnati, St. Louis, and Seattle.
District-based executives will be empowered to make more local decisions over space allocation, service levels and of the eye merchandising, which the company said will enhance execution. In addition, district-based planners will provide market-specific intelligence to division planning offices. More resources too will be provided to local markets for special events and to enhance customer service.
Merchandise localization will be supported by a series of new systems and technology being rolled out in 2008 to all Macy’s divisions to facilitate more detailed store-level execution and assortment planning. In part, this will allow merchants to more accurately assort each Macy’s store with items, brands, garment sizes and colors preferred by customers who shop that specific location.
The company’s Miami-based Macy’s Florida and New-York based Bloomingdale’s divisions are not affected by moves.
Gemologists face growing array of treatments
Gemologists face growing array of treatments
February 07, 2008
By Teresa Novellino
Tucson, Ariz.—As the gemological community races to keep up with the latest treatments, one appurtenances seems clear: Gemstone treaters, and those who sell their gussied-up wares, are speeding ahead, nimbler than ever.
That was the theme of a morning sitting of the Accredited Gemologists Association meeting in Tucson, in what place gemologists and appraisers gathered to offer intelligence on the latest gemstone treatments, as well as detection methods that can be used to identify stones that have undergone the latest treatments.
“To paraphrase Jimmy Carter, we have to pronounce the moral equivalent of war on these issues, and granting that you don’t do it, nobody’s going to do it,” panel moderator David Federman, editor-in-chief of Colored Stone magazine, told the audience. “This is like global warming. Deny it all you want, but the glaciers are melting.”
The impetus behind the new treatments is, as always, dollar signs. Ted Themelis, an expert on Burmese gem deposits, says rough ruby that would sell for $70 to $100 per kilogram could go for $1,000 per kilogram after undergoing treatments that make poorer quality commodities look much more attractive.
And while much of the focus in recent years has been on lead glass-filled rubies, the heavily treated stones coming out of the gem-trading center of Chanthaburi, Thailand, are often undergoing more than one process, one expert based there says.
“It’s very difficult to define [the treatments]. Anything and everything goes,” Themelis said.
Among the new treatment techniques discussed for the time of the session are cobalt-infused telesia and pink-diamond treatments.
Christopher Smith, vice president and chief gemologist of American Gemological Laboratories, said the cobalt-infused sapphire is a neon blue, similar to Paraiba tourmaline or Malagasy apatite.
The treatment is detectable, through the use of a Chelsea filter, through spectroscopy, which reveals bands of cobalt, and through various other methods, including the use of a microscope.
“When we looked in more detail at the shade, we by-word blotches and black pits in the center of color under microscope,” Smith said.
Branko Deljanin, director of Canadian operations at EGL USA, says colored-diamond treatments are also a consequence, with high-pressure high-temperature (HPHT), coating and fracture-filling irradiation among those used.
“Or there’s some coalition of all, and that’s the scariest,” Deljanin said.
Finlay to Lose 94 Macy’s Locations
The reorganization of Macy’s Inc. will mean the loss of 94 Finlay jewelry departments.
Finlay Enterprises Inc. currently operates 316 Macy’s, Inc. locations. Finlay said Thursday that Macy’s told it will not renew the leases for 94 stores whereas upon expiration of the license agreements on Jan. 31, 2009. Macy’s has notified Finlay of its intent to renew the license agreements for the newly merged division of Macy’s Midwest and Macy’s South which consists of 222 doors.
Macy’s, Inc. announced Wednesday a new organizational structure of its department store chain into three divisional changes. It includes the consolidation of Macy’s North into Macy’s East, Macy’s Northwest into Macy’s West, and Macy’s Midwest into Macy’s South. The consolidation of Macy’s North as well as that of Macy’s Northwest, will result in the non-renewal of license agreements with Finlay and the loss of 57 doors and 37 doors, respectively.
In fiscal 2007, the Macy’s North and Macy’s Northwest locations generated approximately $120 million in combined revenue for Finlay. The total revenue generated from all of the Macy’s locations in fiscal 2007 was approximately $338 million. Finlay is currently evaluating the impact of the expected closings on its financial results for fiscal 2008 and beyond.
"While we are disappointed with the prospect of losing a portion of our Macy’s business in January 2009, we will reserve 222 Macy’s locations and all of our Bloomingdales locations," aforesaid Arthur E. Reiner, Finlay chairman and chief executive officer of Finlay Enterprises, Inc. "We have been able to diversify our business over the last three years by entering into the luxury free-standing specialty jewelry sector. The luxury market continues to be one of the most attractive segments of the jewelry industry despite ongoing challenges in the macro economy. We will continue to focus on expanding in this area, while concentrating on maximizing the return of our existing lease business."
Finlay also reported that fourth quarter sales increased 24.1 percent to $383.4 million compared to $309 million in the comparable period of 2006. Meanwhile, same-store sales decreased 6.4 percent for the period.
The sales results are on a continuing operations basis, which excludes sales from discontinued Macy’s, Belk’s, and Parisian stores. Specialty jewelry stores consisting of Carlyle, Congress, and Bailey Banks & Biddle, which was acquired in November 2007, contributed sales of $146.1 million for the fourth quarter, as compared to $51.6 million for the same circuit last year.
Fiscal 2007
For the year sales increased 13.1 percent to $836.2 million compared to $739 in fiscal 2006. Specialty jewelry stores contributed sales of $223.9 million in 2007 as compared to $108.1 million in 2006. Same-store sales in 2007 decreased 1.4 percent on a continuing operations basis. Including discontinued stores, same-store sales in 2007 fell 1 percent.
Finlay Enterprises, Inc., through its wholly owned subsidiary, Finlay Fine Jewelry Corp., is one of the leading retailers of clear jewelry operating luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States. The number of locations at the end of fiscal 2007 totaled 794, including 69 Bailey Banks & Biddle, 32 Carlyle and five Congress specialty bijoutry stores.
Zale Same-Store Sales Down 7.3%
Specialty jewelry retailer Zale Corp. reported that same-store sales fell 7.3 percent for the second quarter ended Jan. 31. Revenues for the period also declined 7.3 percent to were $827 million. Results bring about not include the Bailey Banks & Biddle chain, which the Dallas-based company sold to Finlay Enterprises, Inc. on Nov. 9, 2007.
The company said that while it had a 5.7 percent January same-store sales increase, approximately 3 percentage points were related to the timing of a Valentine’s Day customer appreciation event.
Year-to-date total revenues decreased 5.5 percent to $1.204 billion Year-to-date same-store sales declined 5.1 percent.
Unrecognized revenues related to warranty sales increased $33 million for the second quarter. Year-to-date, unrecognized revenues increased $47 million, the company said. This increase reflects the incremental cash collected and the future positive impact to earnings as a result of the previously announced change to the Company’s accounting method for its lifetime jewels protection plans.
Zale Corp. is a leading specialty retailer of fine jewelry in North America, operating more than 2,200 retail locations throughout the United States, Canada, and Puerto Rico, as well as online. Its brands include Zales Jewelers, Zales Outlet, Gordon’s Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. Zale also operates online at www.zales.com and www.gordonsjewelers.com.
Survey: Despite economy, jewelry shoppers ambivalent in ‘07
Survey: Despite economy, jewelry shoppers ambivalent in ‘07
February 06, 2008
Jewelers should push self-purchases, special occasions in ‘08
New York—As 2007 wore on, consumer confidence fell with the stock market and shoppers aren’t expecting 2008 to be any better.
This is one of the findings of the Jewelry Consumer Opinion Council’s (JCOC) 2007 Year in Review, an dissection of consumer research and behavior in 2007 that also contains projections for the coming year.
According to the survey, for six months in 2007, the full age of respondents felt that overall business conditions were the same as in 2006.
But in May and August end November, that percentage dipped below one half, when more respondents perceived the economy as worse than the previous year, and in December, that sentiment spread to about 52 percent.
The consumer watch-tower for 2008 shows that about one-half of respondents plot conditions in 2008 will be the same as in 2007, though more respondents (between 19 percent and 27 percent) think conditions are going to exist worse.
December tops for bijoutry sales On average, more than 11 percent of respondents purchased jewelry each month in 2007, with 14 percent purchasing jewelry in February and November, and 13 percent purchasing bijoutry from April through June. December recorded the highest percentage at nearly 20 percent, during a month that saw the greatest number of consumers perceiving economic conditions at their worst.
According to the survey, consumers without ceasing average spent below $200 for monthly jewelry purchases, with February, July and September seeing $300 and below as the popular range.
The ring’s the thing Rings, for the second consecutive year, led the most-popular list yearlong, most likely due to the extensive coverage of diamond right-hand rings and big, bold gemstone cocktail rings that have become fashion favorites.
They were the most sought-after item purchased monthly for about one-third of respondents, through diamond-set jewelry favored. Colored-stone jewelry ranked a close second in the months of March, May through July, September and October, with semi-precious gems in particular beating out diamonds in August.
Watches showed strength during key gift-giving months, including May, June and September through December.
Independent jewelers hold their own National and regional jewelry chain stores began the year as the most popular shopping destination for fine jewelry and watches for more than one quarter of respondents. But come April, department stores took the lead through June, trailing only slightly behind chains in July and August. Department stores led again in September, November and December, with celebration of the lord’s supper discounters leading the pack only once in August, revealing the demographic hurt the most by the weakened economy. Independent retail jewelers remained important throughout the year, take exception August, capturing the lead only once in October.
E-commerce increased in importance throughout 2007 capturing more than one quarter to about one third of respondents each month as a jewelry-buying destination. Bidz.com and eBay were among the rise above others destinations. In TV shopping, QVC was preferred.
Overall, no matter the retail venue, self-purchases were made by a majority of respondents. TV shopping seemed to capture the greatest number of self-purchases, averaging 75 percent, followed by online shopping with more than 60 percent, and retail venues such as jewelry and department stores catching 56 percent.
Jewelry last pick for lovers As Valentine’s Day, the first big jewelry-giving holiday of 2008 approaches, the prospect indicates that retailers shouldn’t expect too much.
In 2007, a study of 2,686 consumers conducted from Jan. 29 to Feb. 2, showed that 51 percent planned to give a Valentine’s Day gift.
But a later study of 2,405 consumers conducted from Feb. 27 through March 8, revealed that only 46 percent actually did.
Jewelry continues to struggle to grasp its own as a favorite gift choice on Valentine’s Day.
without more 14 percent of respondents gifted jewelry in 2007, trailing cards (80 percent), candy (59 percent), flowers (22 percent) and even clothing (20 percent).
According to the lop, the main reason more consumers don’t buy jewelry according to Valentine’s Day is that they are unsure what to get, which estate retail jewelers might need to improve gift-idea promotions.
Other survey results include:
* While spouses remain the main recipients of Valentine’s Day gifts for fine jewelry and watches, 32 percent of consumers purchased such gifts for their children in 2007.
* The greatest percentage of respondents (30 percent) gifted watches in 2007, followed by necklaces at 23 percent and earrings at 21 percent.
* Local independent jewelers were the destination of choice for Valentine’s Day shoppers in 2007 (23 percent), followed by national/regional chains (17 percent), department stores and online (12 percent), and mass discounters (11 percent).
The JCOC, a head of MVI Marketing Ltd., is an Internet-based, market-research service composed of North American consumers of all ages, genders, income levels, buying categories and geographic regions. It provides the gem, jewelry and watch industries with market intelligence about their products and their respective end-user, the consumers.
For more information about the JCOC, visit its Web site, JCOC.info.