February 2021 | Lab Grown Magazine

February 2021 | The Lab Grown Diamond Resource Book 28 To advertise call (888) 832-1109 | February 2021 29 count of ten, breath in through your nose; hold that fresh air for ten seconds then re- lease it for ten seconds through your mouth. Repeat this as many times as you need, and you’ll notice your heart rate will decline; your body temperature will decline; a sense of calm will surround you; you’ll even think more clearly since more oxygen will flow to your brain. That’s when you remind yourself you are in control. Stuck in theMiddle The majority of North American jewelry retail is made of smaller independently op- erated doors. These stores are mostly owned and managed by an aging married couple or individuals typically close to or in their gold- en years.They are often struggling to keep up with current retail trends or simply stuck in old habits. “Some have or are close to calling it quits as they watch big brands like Tiffany’s and Rolex seizing an oversize piece of what was once inde- pendent market share,” says Marie Driscoll, managing director of retail at Coresight Research, a global advisory firm specializing in luxury retail operations. “Over the decade, companies like Signet ( Jared, Kays, Zales) have taken larger real estate footprints and leveraged large media budgets and perks to bring in and sometimes retain good people. Many mom-and-pop shops don’t think they have a reason to exist and some don’t.” With all due respect toMs.Driscoll,Amer- ica was founded on mom-and-pop shops and they still dominate the industry. Those that have properly rebooted aren’t just surviving, they’re thriving. And I’ll demonstrate this in Part 2 of this story in the March issue of Lab-GrownMag- azine . We’ll look at jewelry retail in two U.S. states that, minus a huge gap in population, have similar household incomes and median ages to compare and contrast. We’ll look at two completely different types of businesses and how longevity, staying ag- ile, creative, and catering to local customers’ desires is always a winning strategy, no mat- ter what is happening around you. Part One Indiana. A state where increased truancy and runaways are as commonplace as height- ened theft and violent crime. Considered one of the nation’s most dangerous cities, Indianapolis recorded 1,288 violent crimes for every 100,000 residents in 2019, far great- er than the national average of 433 incidents per 100,000 based on current official data. In 2020, Indiana’s population is estimated to be 6.76 million with a median age of 37.9 and median household income of $62,843. None of that data should point to a “reces- sion proof ” family-run, gem-focused jewelry store operating for 15 years and counting. Nonetheless, that’s precisely the positive case study of Moriarty Gem Art, a small store with big ideas. In the heart of Main Street in Crown Point, Indiana, the family staff of seven had to retool and rethink during Covid. Made-for-TV Moments Jaws dropped when the city mandated the im- mediate closure of all non-essential stores. “When we closed our doors, we had to come up with different strategies to engage our customers,” says Jeff Moriarty, marketing manager and eldest son of co-owners Steve and Nancy Moriarty. “We knew we would re-open at some point, but when? A month? Six months? A year? We did everything we could to continue to bring in sales and stay top-of-mind.” That everything focused online. At Mori- arty’s Gem Art, innovation meant creating a live-streamed gem show. It had been on the to-do list for 2019, but the staff of seven did not have the time toproduce a showwhile run- ning the retail store. Covid-19 changed that. “About two weeks into the crisis, we started doing live streams throughYouTube,”Jeffsays. They did it to tell stories about gemstones. Stories that sell gemstones. A lot of stones. The company advertised the live streams on its website, by email, and via social media. Over 1,000 people now watch the two-hour show every other Wednesday and the num- bers are growing. The best part is that the numbers are mostly local people. America was founded on mom-and-pop shops and they still dominate. >>