CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
EditorsFeb 17, 2016
What an Online Retailer Learns by Going Brick-and-Mortar
Editor-in-Chief Michelle Graff sits down with the founder of Stone & Strand to better understand what the e-tailer hopes to gain by opening a physical space.
Online retailer Stone & Strand just opened its first showroom, which is attached to its office space in New York City’s Tribeca neighborhood.
I haven’t had the chance yet to ride the Long Island Railroad to Blue Nile’s “webroom” at the Roosevelt Field Mall, but I am curious to learn more about online retailers’ goals in going off-line, so to speak.
So, last evening I hopped on the New York City subway and headed a (very short) distance uptown to sit down with Nadine McCarthy.
Nadine is the founder of Stone & Strand, a jewelry e-tailer that just opened its first physical location, a lovely, very New York City-esque showroom attached to their office in Manhattan’s Tribeca neighborhood.
The company recently relocated its office from SoHo to Tribeca expressly for the purpose of gaining more square footage and opening a store, of sorts.
Here’s why.
1) They can get to know their customers personally. This is the first, and most obvious, of the objectives but a very important one nonetheless. Who are these people buying jewelry on Stone & Strand? What are their interests and hobbies outside of online jewelry shopping? And, how can this inform what trends will appeal to them and, ultimately, what Stone & Strand should buy to sell to its customers?
As I’ve written on this blog before, the Internet will never become a full substitute for human interaction. People always will desire direct contact with other human beings and, perhaps, will crave it as technology becomes even more pervasive and we spend an increasing amount of time each day staring at a screen of some sort.
That is why we are witnessing this current evolution in retail, this blurring of the lines between online and off, and designer/brand and retailer. “The delineations,” Nadine observed, “are not as clear as they used to be,” and she’s right.
Brick-and-mortar retailers might bemoan the overhead costs of operating a store, but the face-to-face interaction with customers that it affords them is very important. It’s what online retailers are finding that they are missing by operating a virtual store.
2) They can test out ideas for potential future expansion. Nadine said the company does not have any plans to be a full-fledged brick-and-mortar retailer but, rather, will always just look at physical locations to support their core business, which is selling jewelry online.
Another shot inside the Stone & Strand showroom. Nadine said the team purchased the vintage prints in Paris.
Still, opening this current store will tell
them what their customers like, or don’t like, about the space, its layout, its hours, its selection, etc. This could work to inform potential future showrooms in the e-tailer’s key markets.
Right now, customers who come into the showroom can purchase a piece and walk out with it, as along as Stone & Strand has it in stock. But, if they opened more stores, would they all work this way, or would it be a buy-online-only model? Nadine said these are the kind of questions they are hoping this first space will help them answer.
(For everybody reading this article who is wondering about the sales tax impact of this online retailer opening a store, there is none. Stone & Strand already had to collect sales tax here in New York.)
3) They have a space for events that reflects the brand. There’s certainly no dearth of places to throw a great party in New York City but events are, number one, not cheap, and number two, might not exactly reflect one’s brand.
And that’s what Nadine says Stone & Strand likes about having its own space that’s open to the public—it gives them a place to hold events that are decorated exactly like they want it.
The space is on a beautiful cobblestone street in Tribeca and, incidentally, right down the block from both a Shinola store and the Gurhan Atelier. There are vintage fashion prints on the wall and also some modern shots from a well-known fashion photographer with whom Stone & Strand has struck up a partnership.
It’s not too stuffy or old-school, or too urban and hip. It simply says “Stone & Strand.”
Right now, customers who come into the showroom can purchase a piece and walk out with it, as along as Stone & Strand has it in stock. But, if they opened more stores, would they all work this way, or would it be a buy-online-only model? Nadine said these are the kind of questions they are hoping this first space will help them answer.
(For everybody reading this article who is wondering about the sales tax impact of this online retailer opening a store, there is none. Stone & Strand already had to collect sales tax here in New York.)
3) They have a space for events that reflects the brand. There’s certainly no dearth of places to throw a great party in New York City but events are, number one, not cheap, and number two, might not exactly reflect one’s brand.
And that’s what Nadine says Stone & Strand likes about having its own space that’s open to the public—it gives them a place to hold events that are decorated exactly like they want it.
The space is on a beautiful cobblestone street in Tribeca and, incidentally, right down the block from both a Shinola store and the Gurhan Atelier. There are vintage fashion prints on the wall and also some modern shots from a well-known fashion photographer with whom Stone & Strand has struck up a partnership.
It’s not too stuffy or old-school, or too urban and hip. It simply says “Stone & Strand.”
More on Editors
The Latest
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
