Ellen Lacy, co-owner of Lacy & Co., El Paso, Texas, says she has a talent for recognizing jewelry that is very beautiful and she seeks out “one-of-a-kind things that are gorgeous and unique” to satisfy her discriminating clientele. “We have the means to offer a wonderful collection that cannot be shopped anywhere else,” she says, a significant advantage when competing with such giants as Neiman Marcus.
Lacy says she thinks many retailers have become so caught up with brand names that they fail to recognize really unique and finely made pieces when they see them. She makes it a point to thoroughly scout trade shows to search out special items for her store. She attends all the major venues — Basel, JCK Las Vegas, Couture, Luxury. In addition to these special purchases, Lacy & Co. carries such brands as Mikimoto, Carrera y Carrera, Aaron Basha, Gurhan, David Yurman, John Hardy, Roberto Coin and Marco Bicego.
The retailer’s store, located in a strip mall in El Paso, is substantial in size — about 6,000 square feet. Merchandise includes diamond and gemstone jewelry, brand-name watches from Breitling, Omega, Chopard, Corum and Jaeger-LeCoultre and selected gifts.
“We’ve been in this location for 17 years so we don’t have a multigenerational clientele,” Lacy says. Today, this retailer caters to a wide range of upscale shoppers, both local and foreign. She estimates about 35 percent to 40 percent of her customers are well-to-do shoppers from neighboring Mexico; the balance are local Texans, mostly business owners and executives looking for high-end items.
Born to the BusinessLacy was born into the jewelry business. In 1946, her parents, who were not professional jewelers, bought a jewelry store in Del Rio, Texas. They learned on the job through Gemological Institute of America (GIA) courses. Their clientele included well-to-do customers in their mid- to late-40s who were ready to start spending more for their jewelry. Lacy learned on the job, too, selecting silver patterns for her parents and acquiring knowledge about the world of fine jewelry and gemstones.
Lacy’s first husband worked in her family’s store while she took time out to raise their two children. After the couple divorced, Ellen worked full time in the store. When she married Charles Lacy, the couple moved to Abilene, where they opened a second store. At first, Ellen and her husband traveled between the two stores to run the business but, in 1993, decided to close both stores and open a single unit in El Paso. Although the official company name — and the name of Ellen’s parents’ store — is Wood Jewelers LLC, the couple named the store Lacy & Co. because Charles’ family name is familiar to the residents of the area.
Big and BoldBeing located in Texas, which, after all, is “big” country, means, Lacy notes, that her clients prefer big, bold jewelry. Diamonds and diamond jewelry are important but colored gemstone pieces are the biggest part of Lacy & Co.’s jewelry business. In fact, a shopper’s first impression when entering the store is the riot of color in the showcases. “When people come into the store, they are struck by spectacular color,” Lacy says. “The image stays in their minds.”
Even though jewelry with brilliant color is a signature of Lacy & Co., diamonds and diamond jewelry contribute substantial revenue, an estimated 37 percent of annual sales. The Lacys demand stones of top quality and never use lower than 3 on the American Gem Society (AGS) cut grade scale, most often 0, 1 and 2, she says. The color range extends from D to I, with clarities of SI1, and occasionally SI2, but with no inclusions. The cut grade makes a big difference, says Lacy. “That is the critical part of buying diamonds. It’s what makes them pretty.”
In addition to its roster of well-to-do mature customers, Lacy & Co. has recently begun courting a younger shopper with a larger selection of engagement rings. “We never really went after this market before,” says Lacy. But since the retailer began running ads for engagement rings, enlarged its selection and expanded its price range, the category has experienced “nice growth.” Successful brands include Hearts on Fire, Michael M and Memoire.
Both Ellen and Charles are longtime members of AGS, and have served on that organization’s board in numerous capacities. Charles, a registered jeweler, served on the AGS Laboratories Board of Managers for ten years and was chairman of the board from 2002 until 2005. Ellen, a certified gemologist appraiser, was president of AGS in 2001 and 2002. In 2009, AGS honored the couple with the Robert M. Shipley Award, which is given annually in recognition of “outstanding service to the society, contributions to the science of gemology and for exemplifying the high purposes, objectives and ideals of the society in the member’s community.”
The store is staffed by experienced sales personnel, many of whom are AGS titleholders. Ellen credits her experienced salespeople with building their business. “I have good sales people who go after their customers and maintain a personal connection with them,” she says. Services include diamond upgrades and appraisals, but these are primarily reserved for existing customers.
Over the years, Ellen and Charles Lacy have cemented a solid bond with their customers, who trust them to supply jewelry that is distinct and of top quality. “They buy whatever we tell them to buy,” she says. “Our customers understand they are getting something unique and they have confidence in us.”
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Article from the Rapaport Magazine - June 2010. To subscribe click here.