The Jewelry District, Episode 22: The Industry Copes With COVID-19

The Jewelry District

JCK

Fashion & Beauty, Business News, Business, Arts, News

9.9 • 25 Ratings

🗓️ 29 June 2020

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

In This EpisodeIn this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky (https://www.jckonline.com/writer/victoria-gomelsky/) and news director Rob Bates (https://www.jckonline.com/writer/rob-bates/) discussing this summer’s retail landscape as some states ease their COVID-19 restrictions. Show Notes00:50 Rob discusses statistics on the retail landscape.05:47 With an increase of COVID cases in some states, Rob wonders how long places can stay open.08:38 Victoria discusses some recent digital innovations in the watch industry.13:33 Rob and Victoria hope businesses maintain online aspects post–COVID-1917:05 Rob and Victoria wrap up by discussing some business's resistance to moving online. Episode CreditsHosts: Rob Bates and Victoria GomelskyEditor: Olivia BrileyProducer and engineer: Katey Clifford and Kathy PasseroPlugs: jckonline.com (https://www.jckonline.com/), @jckmagazine (https://www.instagram.com/jckmagazine/) Show Recap Retail Sales on the RiseRob talks about retail sales going up—the biggest one-month rebound in history. Forty million people lost their jobs—but personal income is up because of things like the stimulus check, unemployment, etc. What will happen when government-finance purchasing power ends? Wealthy consumer spending has gone down. More than 20% of luxury jewelry revenue comes from travel. Opening Up AmericaRob talks about how differently openings across America are happening. With an increase in COVID-19 cases, how long will reopenings last? Victoria emphasizes the importance of having an online presence and working e-commerce. Rob and Victoria discuss the importance of customers wearing masks. Digital InnovationVictoria talks about growing digital innovations. While some watch sites have launched e-commerce lately, there has been resistance to do so in the luxury market. Buyers still want to hold onto that touch-and-feel experience that you simply cannot get online. Victoria also mentions one of the recent innovations in the watch world—an augmented reality filter allowing for holographic viewing of a watch on your wrist. Victoria tells a story about a Zoom happy hour with clients. A New NormalVictoria hopes to maintain some of these online aspects once we all go back to normal. Nonetheless, people still love hearing from another person when they’re making large purchases, so a combination of an online and in-person presence works best. Resistance to ChangeThere is still resistance from businesses with regard to moving online. Victoria and Rob talk about Patek Philippe selling online for the first time ever—which they soon stopped in April, just a month after starting. While wrapping up, Rob expresses that he is hopeful for the future—as independent retailers are the backbone of communities across America and JCK.

Transcript

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0:00.0	Welcome to the Jewelry District, a podcast by JCPK Magazine and JCPK Online.
0:15.2	This podcast is sponsored by Jewelers Mutual.
0:18.9	In 1913, a group of jewelers were told their livelihoods were
0:22.3	uninsurable. They came together through those times, and in doing so, Jewelers Mutual was formed.
0:28.8	Today, they're here to protect you through the next century. To help for the times ahead,
0:32.9	they've taken extra measures to help your business. To learn more, visit jewelersmutual.com
0:38.3	slash extra measures. Today, JCPK's Rob Bates and Victoria Gamelski will be discussing
0:43.9	this summer's retail landscape as some states ease their COVID-19 restrictions.
0:50.9	Hi, everyone. Welcome to the jewelry district. This is Victoria Gimelski, editor-in-chief of
0:56.3	JCPay and J-CK and J-C-Online.com. I'm calling in from my home office in Los Angeles.
1:01.7	I'm with Rob Bates, a news director of J-C-K and J-C-K Online, calling from my home in exile in New Jersey.
1:09.8	Yeah, you've been in Jersey for a while now, right?
1:12.5	Like a month or?
1:13.5	Geez, yeah.
1:14.4	I'm usually in New York.
1:15.5	We all know what that's about.
1:18.3	This is, I should let everyone know, our first episode in months where we haven't had a guest.
1:23.7	In late March, of course, when the pandemic was declared, we decided we were going to switch our format instead of just doing sort of a chat every other episode that we would have guests on addressing some of the more urgent needs around, you know, the PPP loans around how to communicate with clients while everyone was on lockdown.
1:42.3	Of course, now a lot of states have opened, if not every state,
1:46.2	and a lot of retailers are back in stores, and we're actually hearing some more positive things
1:50.6	around business, at least more positive than we anticipated. And so we thought it was time to
1:55.8	just do sort of a check-in on the state of jewelry retail this summer. And Rob, I know you've done a little bit of
	...

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