Retail Q&A: JBN Member Jacobs the Jewellers on Investing in Bricks and Mortar

05 May 2022

At this year’s JET Business Network (JBN) Retail Jewellers’ Congress, due to be held at the NAJ Summit on Monday, June 13, 2022, a panel of JBN members representing a trio of independent jewellers will explain why they’ve made significant investments in bricks and mortar in recent years. 

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Despite the rise of vacant units, declining footfall, increased online competition and the international COVID-19 pandemic, Jacobs the Jewellers in Reading is one of many businesses that has bolstered its High Street presence with improvement works. Ahead of the Retail Jewellers’ Congress, we asked Adam Jacobs, partner at Jacobs the Jewellers, to share some background details about the investment he has made and why. 

Considering the current business landscape, why did you decide now was the best time to invest in your store presence? 

We’d been planning a refit for some time - the same basic fascia and interior had been in place for 10+ years. Whilst we’d decorated and changed the carpet, we wanted a more root and branch change this time. The timing worked well in that we had signed a new lease, and on a more personal level, I just knew in my bones it needed a step change. 

What changes have you made to your High Street presence and why did you make these decisions? 

We purposely made the fascia brighter and with a bolder colour scheme, reflecting our brand personality. Interior wise, I categorically wanted to go in the opposite direction to many retailers in choosing warmer, more natural colours. We had in place a set of guidelines and colour schemes for our brand, so the colours and associated palette wasn’t difficult. In many ways, I wanted to go in a different direction to a lot of modern, monochromatic and crisp designs, hence opting for more gold, yellow and purple. Moving away from wood to utilising more glass allowed for a modern feel, with lots of light. I was also conscious of not making it ultra-luxurious like a West End boutique, as I felt it would be ’too strong’ for a decent portion of our clients. We’re luxurious enough, without being OTT.

What are your overall thoughts on the future of the High Street - are you worried about the long-term outlook or optimistic that you can retain your audience? 

The High Street has a very real and long-term future - if whoever is on it stays relevant and does their work well. It’s more unforgiving now as choice has exponentially grown and competition for spend has risen. This is true not just for us jewellers but for any retailer - and dare I say it could apply equally to internet-only businesses. 

What would be your advice to other retailers who want to invest in their store presence?

Plan, plan, plan. I often get laughed at by the team for my plans (amongst other things) but having a thought out, discussed and prepared idea followed by execution really works. We also used nearly all local tradespeople who were invested in doing a great job. I also think it needs to tie in with digital presence in terms of colour, feel and identity. We try to marry all these facets up.

From a practical perspective, how long did the changes take, how much did they disrupt your business and what has been the response from customers? 

 We got lucky in that we had announced a week closing in Feb 2021 for our refit. An enforced national lockdown, excluding tradespeople, meant whilst we were fitting the team was on furlough, so disruption was minimal. There were two benefits here: one we didn’t really lose any revenue (aside from the obvious) but also the tradespeople didn’t have to rush/ tread on each other’s toes. 

Finally, what do you find are the benefits of being a JBN member – how has the group supported you? 

 I’ve been a JBN member for probably 15 years now - reliably and consistently I get great ideas. They can be in new initiatives ‘borrowed’ from other members to raise revenue, suggestions from the group to save money and general ultra-helpful sounding boards. It’s part self-help, part support group, part niche and focused social network!

 

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The NAJ Summit will take place from June 10-13, 2022.

Download the Event Guide to see what’s on. 

 

Source: National Association of Jewellers