Michael Donaldson Calls for Strategic Change at NAJ Retail Jewellers’ Congress

Michael Donaldson, JET Business Network Facilitator and host of the upcoming Retail Jewellers’ Congress, emphasises the urgent need for jewellery retailers to adopt new strategies in order to thrive in an evolving retail environment. The Congress will be held on June 24, 2024, during the NAJ Summit in Birmingham.

Adapting to a Changing Retail Landscape

Ahead of the conference, Donaldson highlights the stark realities facing the jewellery retail sector. He notes that traditional business models and strategies are increasingly ineffective in the current market. “Our thinking must change if we are to survive and thrive in the changing world of jewellery retailing!” he asserts. “What may have worked well for you ten or five years ago is not guaranteed to work well this year or next.” 

Retail Environment Challenges

Donaldson outlines significant hurdles in the retail environment, including the impact of e-commerce, high business rates for physical stores, and reduced footfall in town centres. He cites data showing that “across London, 9.5% of office space previously occupied is now empty,” and that “last year, 10,494 retail stores closed. 7,793 were independent stores with 34,390 associated job losses.” He also points out that “23% of consumers said that their town centre ‘no longer caters for their needs’ and 32% said my local high street is ‘getting worse’.” 

Industry-Specific Issues

The jewellery sector itself faces unique challenges. Donaldson points out that “in the jewellery sector in the last 20 years, the hallmarking of precious metal jewellery has tumbled by 77%, with 27 million fewer items of jewellery being hallmarked.” He also mentions that even the dependable go-to category of wedding rings is not as reliable as it was, noting that “less than 47% of individuals are getting married according to the 2021 census, and research by Civitas suggests that marriage will have all but ‘fizzled out’ in the next 40 years.” 

Overcoming Resistance to Change

Donaldson stresses the importance of overcoming resistance to change among business leaders. Muhammad Ali once said, “The man who views the world at 50 the same way he did at 20 has wasted 30 years of his life.”

Perhaps the biggest challenge I face when working with business owners and senior management is their resistance to affecting change, i.e. making it happen.

They seek help because they know they need help. They acknowledge the help offered but struggle to make the changes required to help as leaders, team players or individuals because of their Mindset – which is SET.

This year’s Congress Speakers will challenge, inspire, and provide direction and suggestion on how to break through a SET mindset and enable them and their people to Think Different – to become Different.

To Think Differently about digital processes, problem-solving, leading people, taxes, self-management, and personal priorities.”

Retail Jewellers’ Congress Focus

The Congress will feature speakers who will address various aspects of modern business strategies, including digital processes, leadership, and self-management. 

Tickets for the NAJ Summit, which includes access to the Retail Jewellers’ Congress, are available at daily rates with discounts for multiple days or additional staff members:

• 1 day: £245 + VAT (NAJ/IRV members) / £295 + VAT (non-members)
• 2 days: £360 + VAT (NAJ/IRV members) / £410 + VAT (non-members)
• 3 days: £455 + VAT (NAJ/IRV members) / £495 + VAT (non-members)

Jewellery retailers interested in attending the Retail Jewellers’ Congress can find more information and purchase tickets through the NAJ Summit 2024 website. The event promises valuable insights and practical advice for navigating the current retail landscape.