Lasker Jewelers is a traditional store in the best sense of the word and serves its customers with affection, professionalism and a touch of whimsy. An example of that whimsy was the November announcement of its 2010 Snow Promotion, in which the jeweler offered its customers the chance to get their holiday jewelry purchases free — if the weather cooperated.
According to vice president Nicole Lasker, if this northwestern Wisconsin city received more than five inches of snow in the 12-hour period between noon and midnight on New Year’s Eve, as measured by WeatherWatch at the Eau Claire airport, the payments for all jewelry purchases bought between November 26 and December 24 would be 100 percent refunded. It is an inducement that could make a reluctant fiancée pop the question early! The retailer takes out an insurance policy to protect itself against a big payout in the event the snow hits the five-inch marker. This was the second year Lasker’s sponsored the promotion and, although no refunds were given in either year, Nicole says the promotion was successful in building traffic “and we might do it again next year.”
In the Beginning
Lasker’s is a third-generation retailer — Nicole is the third generation —well known in its hometown. The business was founded in 1928 by Max Lasker, when he and his brother settled in the area after their arrival in the United States. That store, in a downtown location for several decades, was relocated to the current freestanding building — a spacious 3,000 square feet near a high-traffic shopping mall — in the late 1990s.
After Max’s death in 1963, his son Charles took over the company, aided by his aunt, Geraldine Klein, legendary in the local area for her sense of personal style. In 1973, Charles saw an opportunity and bought a second store from the Blickle family in Rochester, Minnesota, located just across the street from the renowned Mayo Clinic. Today, both stores bear the Lasker name. The Rochester store, located an hour and a half away, is smaller than the Eau Claire store, but attracts visitors coming to the clinic, as well as local professionals. It is managed by Bob Church, who has been with the firm since 1973. The Eau Claire branch is run by Charles and his daughter Nicole.
Both stores offer a wide selection of jewelry, watches and gifts and a variety of services, including restyling, custom design and repairs. Diamonds are an important part of the mix. “We still make keystone on diamonds,” says Nicole, referring to the industry standard of setting retail prices at twice wholesale. She attributes this to the company’s two expert diamond buyers and the company’s strong relationships with suppliers.
Picky About Diamonds
Nicole says certs aren’t pushed on customers, but are nevertheless available with most of the larger diamonds. The majority come from Gemological Institute of America (GIA), American Gem Society (AGS) and Gem Certification and Assurance Lab (GCAL). “We’re picky with grading,” she says. In terms of brands, diamonds from Hearts on Fire and Hearts and Arrows are sold but, in general, the retailer’s own “Lasker-brand” diamonds bring in the majority of the business, especially in engagement rings.
Best-selling diamonds for engagement rings are generally G to H color and SI clarity, although larger diamonds can go to K to L and VS or SI. The most popular size for the center stone is .75 carats and retails can range from $500 up to $70,000. Most sales come from first-time brides, but the retailer also has its share of remarriages and upgrades.
The local mall gives the retailer competition, but Nicole says her staff uses a combination of friendliness and professionalism in serving customers. “We warm people up and break down barriers,” she says. More than ten staff members have been trained by GIA and there are two graduate gemologists on staff. The clientele covers a wide swath, from minimum-wage workers to wealthy doctors and professionals. Local industries include farming, manufacturing and medicine, in addition to colleges and a branch of the University of Wisconsin. In some cases, the clients, like the Lasker family, span three generations.
The Basics
In addition to engagement rings, the majority of the diamond jewelry sold is fairly basic in style, such as stud earrings, solitaire rings and diamond pendants. Pavé and other bolder fashion treatments don’t appeal to the Midwestern taste. “Lasker specializes in having something for everyone,” says Nicole. It includes collections from designers such as Tom Kruskal, Ed Levin, Alex Sepkus and Murphy Design, as well as popular-priced brands such as Pandora and Metalsmiths. Lasker’s does offer some custom designs, but does not do the actual work on site, instead using an outside manufacturer to create and produce the finished piece.
Generally speaking, Lasker’s doesn’t devote a lot of time to trunk shows or other in-store activities, but does stage one yearly event that brings in a lot of traffic. It’s a two-day jewelry restyling event. Lasker’s invites clients to come in with their old, broken or unworn jewelry and loose gemstones. A guest vendor who represents a number of lines turns the unworn pieces into new, wearable jewelry.
Like many retailers, Lasker’s cut back on advertising expenditures a couple of years ago when economic conditions started weakening, but the retailer regularly uses local media to promote its name. “We do lots of radio and billboards, which are pretty affordable in this area,” she says. As for the December Snow Promotion, it was so successful in 2009 in generating sales that the retailer decided to bring it back. Although it’s always a long shot that the city actually receives five inches of snow on that date, according to the Farmer’s Almanac, it’s still a possibility.
“Actually, I was hoping it would happen,” says Nicole. “The insurance was already paid, and it would have made a lot of people very happy.”
Article from the Rapaport Magazine - January 2011. To subscribe click here.