Jeweler tactics: What the 2008 Great Recession can teach us about COVID-19

This is an article BriteCo CIO Conor Redmond wrote for Instore Mag.

Position your business to survive, and possibly thrive, when the recovery does come.

IN THESE UNPRECEDENTED times, it can feel like the ground beneath your feet is shifting rapidly. Small businesses in the United States and around the world suddenly have to contend with the effects of shutting their doors while facing uncertainty and anxiety about when and how the COVID-19 quarantine will end. Retail jewelers will be hit especially hard; not only are their doors currently closed, but an imminent recession signals lower spending on luxury goods and services when they reopen. So how are retail jewelers supposed to weather this storm? Well, history can be a great teacher. We can go back to 2008 to see what impacts that recession had on the retail jewelry industry on a macro level. Understanding the impacts of the Great Recession could help you position your business to survive, and possibly thrive, when the recovery does come.