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Gunderson’s Buys JB Hudson Jewelers | March 09, 2021 (0 comments)
Minneapolis, MN—Gunderson’s Jewelers, a third-generation jeweler with four stores in the Midwest, is adding a fifth with the purchase of JB Hudson Jewelers (image). Gunderson’s is buying JB Hudson from the billionaire Pohlad family, a Minneapolis-based conglomerate that owns a variety of businesses in finance, real estate, technology, and more, including the Minnesota Twins baseball team.
Gunderson’s chief executive Brian Gunderson told the Minneapolis Star Tribune he has no immediate plans to change the JB Hudson name or to move the store from its location at 9th Street and Nicollet Mall in downtown Minneapolis. But the downtown area has been challenged recently, with both the pandemic and the George Floyd protests impacting foot traffic, and Gunderson acknowledged that may impact the store in the future. From the paper:
"We'll make some determination [on the location] once we get everything closed, and get in there and get our hands dirty, and see what makes sense," said Gunderson. "There's plenty of opportunities in the metro area there. We're also waiting to see how everything unfolds in downtown." Gunderson also told the Star Tribune he also didn't expect any changes at the Loupe, a JB Hudson outpost inside the Martin Patrick 3 store in Minneapolis' downtown North Loop area.
Names and histories.JB Hudson is one of the industry’s oldest and most venerable names. Founded in 1885 by Josiah B. Hudson, it has passed through multiple hands, including the Dayton Co., the Minneapolis department store that later became Dayton-Hudson and today is now Target Corp.
But JB Hudson the jeweler has nothing to do with that name history. The Dayton Co. acquired JB Hudson in 1929, whereas its 1961 merger with Detroit-based department store J.L. Hudson gave it the Dayton-Hudson moniker. One of the many divisions of the company was a discount retailer named Target—whose later success drove the entire company to adopt the Target name as its corporate identity.
In 1982, JB Hudson was sold to the upscale Montreal, Canada-based Henry Birks and Sons. (Birks also owned the upscale Mayor’s chain in Florida from 2005 till 2017). But JB Hudson struggled and, in 1992, Minneapolis billionaire James R. Cargill—a member of the giant Cargill agricultural conglomerate family—bought the jeweler out of bankruptcy. Cargill sold it to the Pohlad family and former president Jeannie Joas, who left the company in 2017.
Related: How JB Hudson Went From A Reclamation Project To Beyond Expectations
Gunderson’s, meanwhile, was founded in 1945 by George Gunderson, a licensed watchmaker, who opened the store in Sioux City, IA, after returning from WWII. Now owned and managed by his grandson Brian Gunderson, the jeweler has locations in Omaha, NE and Sioux Falls, SD, and Fargo, ND. An authorized Rolex dealer, Gunderson’s is a member of the American Gem Society, the International Gem Society, the International Society of Appraisers, and the Natural Color Diamond Association, the American Watchmakers and Clockmakers Institute, the Chronometer Club, and the National Association of Watch and Clock Collectors.
Gunderson told the Star Tribune he was approached by the Pohlad family, which recognized similarities between the two jewelers’ cultures and commitments to fine craftsmanship. Terms of the deal were not disclosed, but it is expected to be final on March 31.
“What drew us to JB Hudson was its reputation for outstanding customer service. Founded in 1885, JB Hudson has been serving customers with a selection of fine jewelry and timepieces, while offering the repair of treasured pieces. We have admired JB Hudson for years and are very excited about the opportunity to bring Gunderson’s to the Twin Cities,” said Gunderson in a statement.
He continued, “Over the years, our customers have trusted us with some of the most important milestones in their lives. It is an honor to be part of their celebrations and truly inspires us to be the best we can be every day. That’s why it is so important for Gunderson’s to be involved with giving back to our communities.” He added, “We look forward to becoming part of the Twin Cities community and bringing our expertise and integrity to JB Hudson’s customers.” He also noted the acquisition will benefit both the JB Hudson and Gunderson stores with new lines and custom design expertise.