Articles and News

Ignorance Of Youth Grows Into Successful, Leading Luxury Jewelry Store October 22, 2013 (0 comments)

Lexington, KY—Twenty years ago, a young Shelia Bayes (left) founded her own jewelry business, Shelia Bayes Fine Jewelers. Only 27 at the time, Shelia credits the ignorance of youth that made her believe she could do anything. "I had no idea how hard I'd work or how difficult the process would be," says Bayes. "While I wouldn't change how it happened, at different times along the way I might not have felt that same way." 

Bayes began her jewelry career at a local store called the Carat Patch. She began there in sales, then to management and then to buying. And with an absentee owner, she was able to experience various parts of the business and learn her way around. "I really felt like I'd made the right connections and that I could do it," she said.

Looking back, Bayes says she's amazed she made it through even the first year with so little funding. But, an entrepreneur at heart, she did make it work and her business has grown and prospered over the years. Today, Shelia Bayes Fine Jewelers is housed in a 3,500 square foot building with 14 employees, two bench jewelers, and a variety of bridal and jewelry brands.

Exterior of Shelia Bayes Fine Jewelers in the Shops at Lexington Center, downtown Lexington, KY. 

Bayes has been honored as the National Association of Women Business Owners 2010 Woman Business Owner of the Year. She's currently named one of America's Top 100 Jewelers from Harper's Bazaar, an honor that comes from recommendations from vendors in the industry. Harper's Bazaar did a secret-shopper type visit before the honor was bestowed. Shelia Bayes Fine Jewelers is the only Kentucky jeweler with this honor. 

Bayes recently shared details and insights of her twenty year journey with The Centurion newsletter.

The location. Bayes’ store is located in downtown Lexington inside the Shops at Lexington Center, adjacent to the University of Kentucky's Rupp Arena. It's been the store's location for almost nine years. Currently, Bayes is in talks to build a new storefront in the same area. The area suits her needs; her customers are used to finding her downtown.

"We are a destination," says Bayes. "People have no problem coming and finding us. Downtown has been revitalized and over the years, we've seen a lot of new growth through money and investments in downtown." During a basketball game, traffic slows, but otherwise Bayes says the location is great for both her and her customers.

"Lexington is the capital of horse country," says Bayes. "Many of our customers any own horse farms. They travel, come and go. They can easily get to downtown from all around Lexington." Along with those customers, Bayes sees many business men and women who stop by during their lunch hour. Below, interior of Shelia Bayes Fine Jewelers.

Interior of the store.

The customers and charity. If you ask Shelia Bayes who her core customer is, she answers quickly and emphatically. "Females. Definitely women that buy for themselves. And we have developed as many relationships with the partners of women as the women themselves." Along with those relationships, Bayes has also cultivated and is involved locally with many charities. Bayes is also active on an international front, according to the store's website. She co-founded 'With One Heart' Childrens Tsunami Relief' to support orphanages in Sri Lanka. 

The brands. Shelia Bayes Fine Jewelers is a full-service jewelry store, complete with a strong array of brands. Inventory began with a heavier emphasis on fashion, attracting the women's self-purchase market that makes up her core customer group. Bridal has been added to the mix over the years and is now a strong part of the business.

In designer jewelry, the store carries Armenta, Cassis, Forevermark Diamonds, Gellner, Honora, JB Star, John Hardy, Joshua J., Jude Frances, Lagos, Lana, and Scott Kay Cobalt. And in bridal, A. Jaffe, Forevermark Diamonds, Henri Daussi, JB Star, Joshua J., Simon G., Uneek, and Verragio.

­­­The store also carries Rolex. "We picked up the Rolex brand about seven years ago," said Bayes. Today, the store is the exclusive dealer in Lexington. She is planning a Rolex boutique for the new store when it is built.

The outreach. Bayes has put a lot of thought into her advertising. "We do our ads in a personal way and in such a way that they are of interest," says Bayes. One recent campaign (below) featured 'the story behind the ring,' stories of 12 different brides that got engaged. A local society magazine featured one story each month and the campaign's popularity grew. "Everyone wanted to be a part of that ad series," says Bayes.

The Story Behind The Ring was a very successful ad campaign for Sheila Bayes.

Along with creative campaigns, Bayes does "direct mail, advertising in local horse racing publications, frequent television ads, some Facebook marketing and public relations designed to 'let people see what we do.' We also use a mailing list to stay in touch with our clients."

The team. "I have 14 people on staff, the majority have been with me since day one," says Bayes. "It's been wonderful. I look at my staff as partners. Clearly the decisions come to me, but I give my staff a lot of leeway to be self-sufficient. I offer clear boundaries and expectations."

Sheila Bayes, seated second from right, with her staff.

The concept of collective effort best fits how Bayes operates. She spoke recently with a friend, who happens to be the president of Toyota [US], about how the car company operates in a collective effort. "We do that as well," says Bayes. "We come up with ideas ourselves, decide how things will be handled." Bayes says that sort of structure works well for both her and her staff.

One system that Bayes find most useful for hiring and dealing with staff is Caliper, a human resources solutions company that offers both pre-employment testing and programs for ongoing employee development. "Hearts On Fire introduced me to the system. It's amazing how accurate it can be. We use it for all employees and it's helped me to define the type of person I want." Bayes works hard to find the right mix of people for her company, although she is constantly refining the process.              

So what does the next 20 years hold for Shelia Bayes Fine Jewelers? "We're starting with an anniversary party, a bit of a past-present-future thing," says Bayes. "I think as we've continued to grow and get bigger, the luxury feel can get lost. We want to continue to be thought of as the girl-next-door type of business where everyone feels welcome. We're working on bringing customer service up a notch and improving how we communicate with clients. We'd like to bring in other partners, such as a virtual golf room for men and women, and continue to offer a wonderful shopping experience. We want to create lifetime connections and continue our strong interactions with our customers."

Still the entrepreneur with her own business, Bayes has expanded her reach. She recently launched a new security business with a group of partners. "While security is related to jewelry, this is a different business with different needs," says Bayes, who is energized with her group of partners that includes an attorney, an electronics business owner, and an audio-visual business.

The common denominator for Bayes in her own business as well as her new one is that, "I love connecting with people. It's my 'big thing.' I found an easy way to do that in the jewelry business and it's what drives me today." Clearly this serial entrepreneur has found the right niche for herself and whatever businesses she may create in the future.