Memphis loses another AD

[RichardF]

December 31, 2018, was the last day Reed’s Jewelers Located in Memphis, TN at the Wolfchase Galleria Mall was authorized to sell Rolex. Reed’s is a large Jewelry chain with dozens of stores located from the South to along the East Coast. Since Reed’s obtained their coveted Rolex Dealership 20 years ago they have lost approximately three quarters of their dealerships. Originally Reed’s had three AD locations in Memphis and by 2015 they dwindled down to only one store. The Wolfchase Mall for the last 7 years has been plagued by fights, shootings, gang activity and multiple Rolex robberies. This leaves only two AD’s in Memphis. Rolex has been methodically canceling dealerships over the last 10 years. Rolex generally pulls AD’s in malls which have degraded over the years and or stores which no longer are able to carry or sell the upscale jewelry which Rolex requires. Also if the AD does not have a Rolex Certified Tech on site this can be a factor as well.

On another note: Some Rolex Dealers have stated they were advised of a plan with the intention for Rolex to cancel independent Rolex parts accounts because they want to go back to the “Rolex Certified” program. This means only a watch tech working at an AD and who has been through the Rolex USA Certified program can order parts. This will be interesting if later in the year Rolex implements this strategy which had been used before in the early 90’s.
2019 should be prove to be an interesting year for Rolex in supply, sales and marketing.

[Rolex addict]

It’s across the US. Spartanburg SC, Sumter SC, and Montgomery AL just lost one. In the past few years, Dothan AL and Myrtle beach SC lost theirs.

[hbombkid]

Wonder what is the true reason? I have to think had to be not enough sales number and maybe those incidents you mentioned cause that. I can’t see Rolex just closing a store if it’s making them money.

I wonder if they were doing something not completely right selling to greys etc?

[2ltdjorn]

Reed's had two dealerships in Memphis, one has closed completely. Its likely the deteriorating conditions of malls in general. The internet has wrecked that industry.

[Steep]

As a former east Memphis white devil, I commend Rolex on getting out of Wolfchase. That mall is flipping rough. Start a boutique out at Carriage Crossing or Saddle Creek.

[77T]

Reeds has been widely Mall-based to control cost of standalone shops. Now as Malls suffer for many reasons (including online sales) Reeds will continue to shrink stores.

But Reeds was one of the first to embrace bitcoin payment so they seem to be internet savvy. But if customers won’t come to the Malls then they need to do something.


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