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Every Woman Wants A Bailey Box! | March 18, 2015 (0 comments)
Raleigh, NC—It's not often you see a web address for a jewelry store without the word "jewelry" or "jeweler" in it. But Bailey's Fine Jewelers, often just referred to as 'Bailey's,' is one: www.baileybox.com.
"Locally, for decades, that's been our slogan," says third generation jeweler Trey Bailey. "The sentiment came from our customers. At a Christmas party a few decades ago, my dad overheard some ladies talking. They said 'We were just talking about you (to my dad) and mentioned how every woman wants a Bailey's box under the tree.'" That began the tradition of the Bailey's box as a web address as well as a local nickname and an ongoing ad campaign.
Trey's grandparents, 'Big Clyde' and 'Mama Ann' Bailey started the store; then called Bailey's Discount Jewelry, in downtown Rocky Mount in 1948. "My grandfather died at 40 and my grandmother took over the business. She was an orphan and never remarried; she married her work. She was the only female business owner in town at the time. All the men took bets on when she was going out of business. Well, she's turning 90 this year and laughs that all the men are out of business and she is not," said Bailey. Mama Ann's empire today has grown to five Bailey's Fine Jewelry stores in North Carolina, plus eight Pandora stores in four states. More on Ann Bailey's interesting story here.
"Dad bought the business from her when he was in his 20s," says Bailey. "She thought she would die without having seen the outside of town, so she traveled for the next decade. She took the business from an 11-foot-wide store and today it's 11,000 square feet and one of five stores."
Exterior of Bailey's Raleigh location.
Bailey is one of six family members who work in the business. His wife Marci is there; he met her while in school at GIA. His brother-in-law Doug Morgan is there as well, along with his parents, Jane and Clyde and Clyde’s sister, Cindy Bailey Stone.
So how does all that family mix on a daily basis? "We all have responsibilities and daily duties. We don't cross over much on a daily basis. We all have differences of opinions but we don't work elbow-to-elbow; all the stores keep us separate. We talk weekly but not daily." In other words, they all get along just fine.
Bailey didn't only work in his family's jewelry store after GIA. His first-rate resume includes Lee Michaels Fine Jewelry in Lousiana, Smyth Jewelers in Maryland, and Leo Hamel Fine Jewelers in California. His other employers gave him outside perspective,s something he finds invaluable today.
Bailey's recently was named "Outstanding Retail Partner," along with Craig's Fine Jewelry and The Diamond Vault of Troy and also "Most Community Engaged Jeweler" at the 2015 Centurion Jewelry Show (more here). The Centurion asked Bailey about the 'Best Retail Partner' honor.
"We try and balance the branded side of our business with branding ourselves in the marketplace," said Bailey. "we work closely with our partner and keep our relationships close. We give and receive support—it's a two way street." Bailey credits his team with much of the effort to keep good vendor relations.
Bailey's also has trunk shows and lots of events, offering his vendor partners lots of exposure, further enhancing their brand in Bailey's local market. "We have fun with our vendors and we try not to be too tough on each other. We're not perfect but we have a good relationship. My parents did it by doing business and being kind and nice and we try to keep that up today. We are not tough to work with."
Bailey's employees more than 300 people in five North Carolina locations, plus its Pandora stores in North Carolina, Virginia, Texas and Colorado.
Bailey's flagship store is in Cameron Village in Raleigh. It's 11,000 square feet, the largest jewelry store in North Carolina. Most of it is selling space and the shop, which is open to the sales floor so customers can see the jewelers at work, says Bailey. The firm has a separate corporate office.
Interior pictures from Bailey's Flagship store in Raleigh.
And the merchandise mix? "It's mostly jewelry, although we have some giftware and a bridal registry. We have a huge engagement ring boutique and tons of designer jewelry." And while the store offers a limited selection of watches, Bailey says that additional watch brands are on his expansion list for the future.
"We are a jeweler that is almost everything to almost everybody," says Bailey of the business. "We have the high end with items that cost hundreds of thousands. We also offer Pandora and even some bracelets that we sell 3 for $12. We are a high-traffic, community jeweler." Bailey's also sells online through e-commerce in a minor way, with total Internet sales totaling less than 1% of total sales.
The Bailey customer is 'skewed heavily toward the female market,' says Bailey. "We cater to female self purchasers. Our stores are decorated in a feminine way instead of the traditional wood look that targets men. We are a business run by women for women, where women are in almost all leadership positions."
One way Bailey's reaches their customers is through special events. "Oh my gosh, our event schedule is exhausting. Our team does a great job. We work very hard at it. We have a great reputation with our suppliers and we do a lot of shows in all our locations."
Bailey says the flip side to great events is the pressure to meet the numbers the next year. "Every year, some shows are better than others, especially those with a designer's personal appearance, and that's the pressure. We might have a $150,000 show then next year only do half that. They are both still great shows, but the numbers are tough. There is no secret to our event success; everyone has to commit and follow through to get our patrons there." Clearly they do.
For advertising, Bailey's does a lot of radio, TV ads during the Holidays, billboards and internet ads as well. "We do still do newspaper," says Bailey. "We find it still effective for now."
Did Bailey always want to be a jeweler? "Not always," he admits. "When I got out of college, I wanted to give it a try. I went out and became a gemologist. There was no parental pressure. GIA was wonderful. I found my wife there and I loved becoming a gemologist. My parents and my wife love the actual jewelry and I love the business part of it."
From left, Doug Morgan, Marci and Trey Bailey, and Clyde Bailey. Below, the famous Bailey Box.
