While consumers undoubtedly witnessed the pinnacle of store closures during the pandemic, 2024 and early 2025 have seen additional shutterings. Pharmacies, department stores, and niche retailers closed down locations as leadership changes, inflation, and consumer confidence plagued their bottom lines.

Some retailers, though, have not only bucked that trend, but even announced plans for expansion. One is Kendra Scott, an affordable luxury jewelry brand founded in 2002 in Austin, Texas. Between 2023 and 2024, the company grew 30%, and saw 20% year-over-year growth in 2024, Kendra Scott CEO Tom Nolan told Fortune. The company declined to reveal exact revenue figures.

Nolan credits the company’s success with maintaining relevance with a multigenerational customer base, including Gen Zers, millennials, and baby boomers. Plus, the brand has also remained in the affordable luxury category to appeal to people of varying socioeconomic backgrounds while other jewelry, accessory, and clothing brands have leaned into loud luxury.

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