Not the product, not the display, not the store’s brand identity, but the human interaction between a member of our team and our clientele. Brick-and-mortar retail lives or dies by how good the customer experience is in store, and there is no bigger factor in that than the sales team the customer interacts with. L.S.: In all honesty, the high cost of living in a city with the clientele able to afford the products we offer is our biggest challenge. That being said, we have seen a long-term trend of when commodity prices increase, the higher cost of materials as a ratio of the overall cost of the goods, has only led us, and our clients, to skew toward our better and more expensive designers as there is an even bigger increase in demand for goods with even greater long-term value and design integrity. L.S.: Business has remained brisk during the pandemic and after. Our commitment to value and a wide range of price points has meant that in spite of the ebb and flow of the economy, the price of commodities, etc., we always have something of value to our customer, we have strong relationships with our customers and we have continued to do well during and after COVID-19, the last financial crisis, etc. L.S.: Designers that have strong identities and clear vision: Polly Wales, Arman Sarkysian, Pippa Small, Retrouvai, Monica Castilioni, Suzanne Kalan, Lizzie Mandler, etc. Regardless of price point, regardless of what is happening in the economy, we and our clients fully understand that value comes in longevity. They want to acquire things that have permanence and they that will enjoy well into the future. L.S.: Our buy progresses and evolves in the same way it always has - our client wants to own less, but better. WWD: How has your buy evolved or changed in the last six to 12 months? L.S.: Fine jewelry and everything else we present at OK starts with the creative force behind it. Whether they call themselves an “artist” a “maker,” a “designer,” etc., everything starts with the creative force behind the work. OK has always been about presenting a “way of being,” a “way of existing in the world” and everything we present is about connecting to that and how all our goods interconnect. People want more than a “product,” they want “an experience,” they want “a story,” they want “a connection to a maker, a community,” they want a “personal connection.” Brick-and-mortar done right provides the right sales team, the right environment, the right display, the right music, the right vibe - it’s something that can only happen in person. Larry Schaffer: There absolutely remains a place for brick-and-mortar. WWD: What are you looking to buy for the coming year? Are there any trends or jewelers you plan to invest in?ī.H.: I know it’s cliché to say, but we really don’t follow trends. We bring in collections when we find something that we really love, and we don’t just bring in a collection because we know it sells well. Now everybody is online, and with social media, everything is at the customer’s finger tips, including direct access to the jewelers. WWD: What are the biggest challenges you are facing now as a retailer?ī.H.: When we first opened in 2013, it was fairly rare for jewelry stores to be online, so each store had its own territory. We have noticed that our customers are not purchasing jewelry at the same pace as they had during the pandemic, but sales are still much higher than they were pre-pandemic. So far we have not seen any effects from the gold price increases however, many our jewelers are beginning to raise their prices, so we shall see. WWD: How are sales trends in general? Have you seen any effects from inflation and gold price increases? Are shoppers still buying jewelry at the same clip as during the pandemic?ī.H.: Sales are still quite strong. Our customers prefer yellow gold over silver or white gold and gemstones are important blues and greens always sell best. It has to feel like a comprehensive story.ī.H.: The bestselling items have been fairly consistent since we opened. When bringing in collections, I tend to like designs that are organic in nature, and that have their own unique voice. WWD: How would you describe your buy and your store’s perspective on fine jewelry?ī.H.: I really have to love the collection in order to stand behind it and to be able to sell it. WWD: What is the place of an independent jewelry store in today’s retail landscape?īill Hermsen: The place of an independent jewelry store is to offer a point of view. We have an opportunity to tell the story of the collections we represent by the items we select, or how we choose to merchandise the store, and it is also the opportunity to connect with our clientele in an intimate way.
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