FinancialsMay 17, 2024
Richemont Appoints Van Cleef & Arpels’ Nicolas Bos as New CEOThe announcement coincided with its full-year results, with growth driven by its jewelry brands.
IndependentsApr 10, 2019
San Antonio’s Penaloza and Sons to Close After 61 Years
Paul, Alice and Phillip Penaloza plan to retire this year.
From left to right, Paul, Alice, Phillip and Charles Michael Penaloza outside Penaloza and Sons Inc. in Castle Hills, Texas, an enclave of San Antonio. Charles Penaloza opened the business in 1958 as a trade shop.
San Antonio—Penaloza and Sons Inc., a jewelry store that has been open for six decades, is in the process of shutting down so its owners can move on to the next stage of their lives—retirement.
Charles Penaloza, the son of a Mexican immigrant from Yucatan, opened Penaloza and Sons as a trade shop in 1958, fixing and making jewelry for other jewelers.
His son Phillip Penaloza joined the business in the 1970s, followed by Paul Penaloza in 1981.
Over the years, the store has served generations of local families as well as a few high-profile clients.
Penaloza and Sons Inc. made pieces for San Antonio native Carol Burnett, as well as the late Bob Hope and Debbie Reynolds, who bought a diamond bracelet for daughter Carrie Fisher while in town to perform at the Majestic Theatre, Phillip recalls.
When Charles died in 2002, Phillip and Paul, a certified gemologist, took over.
Phillip became the company’s chief designer, and other family members came on board as well. Paul’s wife, Alice Penaloza, a graduate gemologist, sells and appraises jewelry, while Phillip’s son Charles Michael Penaloza works as a bench jeweler.
(Penaloza and Sons is not to be confused with C. Aaron Penaloza Jewelers, another San Antonio jewelry store. Owner Charles Aaron Penaloza is Paul and Phillip’s brother. He opened his own store in 1990 after working at Penaloza and Sons.)
Now the time for Paul, Alice and Phillip to retire has come, and their to-do list mirrors that of many who are approaching retirement age: travel, spend more time with family and have more time to themselves.
RELATED CONTENT: There Is a Story Behind Every Store Closing“Paul and I have worked together and built a very strong business, and it’s been a pleasure making that happen,” Alice said in a news release about the store’s closing. “It’s just felt like this was the right time to close this chapter in our lives.”
Paul told National Jeweler Tuesday that when they knew it was time to step back, they initially tried to find a buyer for the business but couldn’t, and Charles Michael was not in a position
to acquire it on his own.
So they opted to close the store and sell everything—the jewelry as well as the building, furniture and fixtures.
But this might not be the end of their involvement in the jewelry business. Paul said they could continue as a smaller business, making one-off pieces for clients or creating and fixing jewelry for other jewelers, as the shop originally did when his father opened it in the late 1950s.
“It might evolve back to that,” he said. “We have no definite plans right now.”
The going-out-of-business sale at Penaloza and Sons started Friday, and items are marked down as much as 70 percent.
The store’s inventory consists mainly of 18-karat gold and platinum pieces as well as a selection of “rare and valuable” gemstones including unheated pink sapphire, alexandrite and garnet.
So they opted to close the store and sell everything—the jewelry as well as the building, furniture and fixtures.
But this might not be the end of their involvement in the jewelry business. Paul said they could continue as a smaller business, making one-off pieces for clients or creating and fixing jewelry for other jewelers, as the shop originally did when his father opened it in the late 1950s.
“It might evolve back to that,” he said. “We have no definite plans right now.”
The going-out-of-business sale at Penaloza and Sons started Friday, and items are marked down as much as 70 percent.
The store’s inventory consists mainly of 18-karat gold and platinum pieces as well as a selection of “rare and valuable” gemstones including unheated pink sapphire, alexandrite and garnet.
More on Independents
The Latest
FinancialsMay 17, 2024
Watches of Switzerland’s Fiscal-Year Sales Flat Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Recorded WebinarsMay 17, 2024
Watch: Preparing for Trade Show SuccessJewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
AuctionsMay 17, 2024
Piece of the Week: Cartier’s Ring-Tailed LemurThis little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Weekly QuizMay 16, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
AuctionsMay 16, 2024
Christie’s Holds 2 Sales Despite CyberattackThough its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
AuctionsMay 16, 2024
Sotheby’s Withdraws 101-Carat Yellow Diamond from AuctionDespite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
ColumnistsMay 16, 2024
The PR Adviser: What the Designer Should’ve DoneLilian Raji gives advice to designers on how to make the most of great publicity opportunities.
SourcingMay 16, 2024
Lucapa to Shed Stake in Lesotho Diamond Mine The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
ColumnistsMay 15, 2024
Squirrel Spotting: Why Retailers Struggle to Fire BrandsWhy do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
AuctionsMay 15, 2024
Red Diamond Breaks Records at Phillips GenevaThe “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Events & AwardsMay 15, 2024
See Who’s in JA’s 2024 ‘20 Under 40’ ClassThe annual list recognizes young professionals making an impact in jewelry retail.
FinancialsMay 15, 2024
Brilliant Earth’s Sales Fall Flat in Q1 While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
SourcingMay 14, 2024
Anglo American Confirms It Is Looking to Sell De Beers The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
MajorsMay 14, 2024
Platinum Born Taps ‘Born Leaders’ for New CampaignThe ad aims to position platinum jewelry as ideal for everyday wear.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
