While many high street shops in the north-east are closing their doors as a result of online pressures and the effects of the oil and gas downturn one family run firm is getting set to expand after more than 60 years in business.
Finnies the Jeweller has been a fixture on George Street’s corner for generations. Buoyed by a once healthy oil economy the business never struggled to sell high-quality, luxury goods to the people of the north-east.
And now, as the family mark their diamond anniversary at the shop, the firm appears to be going from strength to strength with the launch of a new website catering for customers around the globe and a expansion earmarked to open next year.
And it would appear they owe their most recent successes to Brexit. That, careful spending and a whole lot of customer loyalty.
Matthew Finnie, who runs the shop alongside his sister Sarah Dawson, her husband Stewart and their children Dominique and Declan, took over the firm gradually from their parents Ron and Peggy who founded the business in 1957.
Although Ron can still be seen at his work station now and again the 82-year-old has taken a back step in the business. But his mantra is still well quoted.
Declan said: “There is one thing my grandpa always told me. He always said you can get the products anywhere but it’s about the service that makes the sale different.’”
As the jeweller started to expand their website, so came with it the ability to ship products abroad. Last month they sold a pen to Japan which cost £150 and an additional £50 for postage and packaging.
However the family has since invested in DHL training which allows them to send precious packages around the globe at a mere fraction of the cost. Another customer from Aberdeenshire spent £10,000 on an engagement ring which they purchased from the comfort of their living room chair one evening.
So why then does the business feel it’s necessary to buy the building next door and build a bigger shop?More overheads and staffing costs perhaps, but it allows them to keep and build on their client base they already have by investing in customer service.
Declan added: “I think the longer time goes on the more people will start to buy more and more online but there will always be those things that people will want to see and feel and touch.
“In 15 years time do you think there will still be stores or will be we buying everything online? We hope people will still want to come to our shop and see the product for themselves, but also the really important thing about having a shop is about being able to get the service across. If they can come to us and feel like they have been treated right then hopefully they will come back to you and that’s how you gain loyalty and how you build a business.
“If you are buying online service is not a big part of it, it’s all about price. So that’s the benefit of having a store you can make sure that service is foremost. We would always want to have a shop so we can treat them with the highest amount of respect.”
And while their loyal customers are important to them, foreign buyers have been helping the company ride through the oil and gas downturn following the Leave vote.
Matthew said: “Because of the rate of exchange, today we had three Chinese people in first
thing this morning who had recently flown
into Edinburgh to go on a tour of Scotland.
They were buying an IWC watch which was
£4,000 and we are doing this promotion of a
15% reduction. And of course for them it’s duty free and with their rate of exchange it was
so worth while for them. There is also 40%
luxury goods tax in China at the moment so you couple that with everything. Brexit is the best thing that has ever happened for luxury retailers.”
But according to the firm you don’t need oil or Brexit to sell nice things.
Declan said: “Our top end is still performing extremely well. The people who have money will always have money. People will always want nice things, regardless.
“What we hope we have done is build up a relationship with our clients over the years so that they will keep coming back to us, and I think we have. People often say to us ‘I’ve got my dentist, I’ve got my doctor and I’ve got my jeweller, and that’s you.”
And one thing they hope sets them apart from the high street chains is their ability to be creative and design bespoke pieces for their clients, as well as providing them with the big names in watches and jewellery.
Matthew said: “We have invested over the years, quite heavily in something that makes us quite unique, we have our own workshop. We have jewellers who would look after watches that need repaired or earnings that need soldered or rings adjusted then we take it to the next stage with a watch technician and then we have a stone setter. Diamond setter sounds better but diamond suggests that you can only set diamonds into it.”
And another thing that appears to be important to the firm is the loyalty of their staff. Out of the 40 who work there a number of people have celebrated milestones with the business including 20, 30 and 40 years in service.
Matthew said one jeweller retired and returned to work four times before eventually calling it a day. He said they also found their current stone setter and relocated him to Aberdeen 15 years ago. He still works at the business.
So a mix of the old and new keeps this business ticking over. Prospective brides might have to go elsewhere for something borrowed, something blue though.