Kathy Corey recalls that on her first date with her husband Jeff, he announced that they would get married, have children and open a jewelry store. “It’s a true story,” insists Corey, who was then in her third year of nursing school. Today, the couple owns Day’s Jewelers, which has eight stores in Maine and New Hampshire.
Planning for the future has been a hallmark of Day’s. “Our mission is to build a company that stands the test of time. As a result, our strategy is based on the long term,” explains Corey, who is also vice president of merchandising and human resources. While quick to note that “profits are very important,” she considers them more a “measure of success.”
Got VOTS?
To ensure that all their decisions are aligned with their long-term strategy, the Coreys test them against four guiding principles, which they’ve summarized in the acronym VOTS: value, opportunity, trust and sentiment.
Value is the company’s promise to provide the best goods and services, but opportunity goes further. “Everyone should have the opportunity to own fine jewelry, which means offering a wide array of merchandise from the very affordable to the very high end,” says Corey. To extend that opportunity, she and her husband have established an in-house credit program.
Trust and transparency are at the heart of Day’s corporate culture. “We believe in being honest and open with our customers, our vendors and especially our staff,” Corey says.
The fourth criterion can’t be measured in dollars and cents. For Corey, “the true value of a piece of jewelry is not its price, but in the sentiment it holds for the person who wears it. Consequently, we treat every piece of jewelry like one that we would own ourselves.”
Ethical pledges
The couple’s forward thinking also comes through in their commitment to social, ethical and environmental responsibility. Corey serves on the board of directors at the Diamond Empowerment Fund (DEF), and Day’s Jewelers has been a member of the Responsible Jewellery Council (RJC) since 2007.
In 2003, Day’s created Diamonds for Peace to help people in need in local communities, as well as nationally and internationally, where diamonds are sourced. For every diamond it sells, the jeweler pledges $10 to support organizations that “make the world healthier, stronger, more accepting, smarter, and safer.”
Corey believes engaging in these activities makes one’s own organization stronger. “It becomes part of your culture and the values you share with your staff. They can look customers in the eye and say, this is what we do to show what we believe in.”
Getting the staff involved
Fostering an inclusive company culture has helped Day’s convey its brand message across its stores, Corey says. “It may be cliché, but maintaining the brand is all about the people. Each of our stores is managed by a team of three managers, and we empower them to make as many independent decisions as possible. And our younger managers help us keep in touch with new generations of customers.”
This approach has evidently had a positive effect: Day’s Jewelers has four times been named one of the best places to work in Maine, and recently received the Renys Large Business Award for family-owned businesses in the state.
But the future of the jewelry industry concerns Corey as well. “So many stores have closed because they don’t have a succession plan, or people are making other choices than staying in the family business or even considering jewelry as a career. We would like to challenge the industry to find ways to involve young people — working in your stores, teaching them a trade at the bench, or appraising. We’ve created internships and paired up with high schools to create a curriculum.”
Indeed, she stresses, “the resources and learning tools are out there. Let’s get our heads out of the sand and look at what’s happening, and then find ways to not only improve business within our four walls, but our industry as well. Let’s give young people a chance to fall in love with the jewelry business.”
daysjewelers.com
Image: Day’s Jewelers
store in Nashua, NH.Article from the Rapaport Magazine - September 2019. To subscribe click here.