How This Luxury Retail Store Builds 100-Year-Relationships with Its Customers

In an era wherever astir shopping happens pinch the click of a button, and unit has go progressively impersonal, Polacheck's Jewelers stands apart. The Calabasas luxury shop is much than a store—it's a play destination. Wealthy customers browse brands specified arsenic Rolex, Patek Philippe, and Cartier while enjoying nutrient and refreshments and chatting pinch an master staff.

"I've turned each my clients into friends," says proprietor Brent Polacheck. "It's important for maine to cognize who's spending money pinch maine because we're gonna walk hopefully 10, 20, 30 years together."

The business began 101 years agone erstwhile Ben Tipp opened a mini gem shop successful Seattle. After relocating to Los Angeles successful 1949, it became 1 of America's premier luxury retailers. Polacheck is the 4th procreation to tally his family business.

With a bridal lawsuit displaying ten-carat diamonds and watches that tin costs upwards of $2 million, Polacheck's isn't for everyone. But it understands the worth of what matters most: building multi-generational relationships and providing a memorable experience. His attack offers valuable lessons for entrepreneurs successful immoderate industry.

In a caller quality connected the One Day pinch Jon Bier podcast, Polacheck shared insights connected building a lasting luxury unit business successful the property of Amazon.

Create an acquisition worthy returning to

While galore luxury unit chains consciousness identical and impersonal, Polacheck's has go a organization hub. Saturdays toggle shape the shop into a societal destination, complete pinch drinks and sushi.

"If you're gonna spell walk your money somewhere, wouldn't it beryllium successful a awesome environment?" Polacheck asks.

The cardinal is making work individual and memorable - from ensuring unit are experts successful their section to creating an ambiance wherever customers and their families consciousness genuinely welcome, not conscionable tolerated.

Build lasting relationships, not transactions

For Polacheck, business intends taking luncheon pinch clients, hosting watch collectors' dinners, and moreover organizing trips to Geneva for auctions pinch his astir dedicated customers. When a customer calls astir a gift, his squad will matter photos and grip gift wrapping, redeeming them a travel to the store. This individual attack extends beyond azygous purchases - he actively vets imaginable customers, focusing connected those wrong a 15-20 mile radius who tin go portion of the store's organization alternatively than one-time buyers from retired of state. The lesson? In luxury retail, building heavy connections pinch the correct customers matters much than maximizing individual sales.

Stay alert to changing markets

Success successful luxury unit requires staying vigilant and seizing opportunities earlier competitors tin act. When Polacheck learned different trader was considering opening successful the Topanga area, he moved quickly to unafraid the location himself. Now he's building a 3,500-square-foot Rolex boutique there, 1 of only astir 20 successful the United States. At the aforesaid time, he's renovating his flagship shop and readying a caller Patek Philippe location.

Choose your customers wisely

With thousands of orders and constricted inventory, Polacheck cautiously vets who gets each watch.

"Selling a portion conscionable to waste a portion makes nary consciousness nowadays," he says.

His squad focuses connected customers wrong a 15-20 mile radius who will go semipermanent clients, alternatively than out-of-area buyers who mightiness flip watches for speedy profits. The attack intends turning distant immoderate easy sales, peculiarly from resellers. But uncovering the correct customer, not the right-now customer, is worthy its weight successful gold.

Today, Polacheck's is expanding pinch caller locations, including a standalone Rolex boutique opening soon successful Topanga. As Polacheck prepares his ain children to yet return complete the business - including his girl who's gaining acquisition astatine different jewelry shop successful Vermont - he's seeing his customers' children becoming the adjacent procreation of clients.

"A batch of my customers are having their kids travel in—that intends we're doing thing right."