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In an age dominated by online shopping and an increasing disconnection in the retail experience, Polacheck’s Jewelers distinguishes itself as a unique shopping destination. Located in Calabasas, this luxury store transcends the conventional retail model by turning into a weekend retreat for affluent patrons. Here, clients explore exquisite brands like Rolex, Patek Philippe, and Cartier, while enjoying delightful treats and engaging in conversation with knowledgeable staff.
Owner Brent Polacheck emphasizes the importance of connection, stating, “I’ve turned all my clients into friends. It’s vital for me to know who is investing in our business because we hope to share 10, 20, or even 30 years together.”
The legacy of Polacheck’s began 101 years ago when Ben Tipp opened a modest diamond shop in Seattle. The store relocated to Los Angeles in 1949, evolving into one of the leading luxury retailers in the nation. Currently, Polacheck represents the fourth generation at the helm of this family enterprise.
With an opulent bridal case showcasing ten-carat diamonds and timepieces priced beyond $2 million, Polacheck’s is tailored for a select clientele. However, its strength lies in fostering enduring relationships and crafting unforgettable experiences, offering significant takeaways for entrepreneurs across various sectors.
During a guest appearance on the One Day with Jon Bier podcast, Polacheck articulated key strategies for establishing a resilient luxury retail business amid the competitive landscape shaped by online giants like Amazon.
Create an experience worth returning to
Unlike many luxury retailers that present a generic and detached atmosphere, Polacheck’s cultivates a sense of community. The store transforms on weekends into a vibrant social space, complete with refreshments and sushi.
“If you’re going to spend your money, wouldn’t you prefer a fantastic environment?” Polacheck poses.
Central to this approach is the emphasis on personalized service and memorable interactions. From hiring knowledgeable staff to creating an inviting environment for families, the aim is to make every customer feel genuinely valued.
Build lasting relationships, not transactions
For Polacheck, business transcends typical sales; it is about cultivating relationships. He engages clients by taking them out to lunch, organizing collector dinners, and even arranging trips to Geneva for auctions with loyal customers. When approached about gift purchases, his team proactively sends photos and manages the gift-wrapping, streamlining the process for clients. This attentive service goes beyond simple transactions, as Polacheck deliberately focuses on potential long-term customers within a local 15-20 mile radius, striving to build a community rather than catering to transient buyers.
Stay alert to changing markets
In the realm of luxury retail, adaptability is crucial. Polacheck underscores the importance of being proactive and seizing opportunities ahead of competitors. Upon learning that another dealer was interested in a location in the Topanga area, he quickly secured the spot and is now developing a 3,500-square-foot Rolex boutique—one of the few in the country. Simultaneously, he is refurbishing the flagship store and planning a new location for Patek Philippe.
Choose your customers wisely
In managing thousands of orders with limited inventory, Polacheck exercises careful consideration in customer selection.
“Selling a unit just to sell a unit makes no sense nowadays,” he remarks.
His strategy involves prioritizing clients within a local radius who show promise for a sustained relationship, rather than facilitating sales to distant buyers who might focus on quick flips for profit. This philosophy might mean missing out on some immediate sales from resellers, yet the pursuit of finding the right long-term customers proves invaluable.
Polacheck’s is on the path of growth, with plans for new locations, including a forthcoming independent Rolex boutique in Topanga. As Polacheck prepares the next generation, including his daughter who is gaining experience at another jewelry store in Vermont, he is also witnessing the children of his longtime clients becoming new customers.
“Many of my clients are introducing their children to our store—that’s a sign that we’re doing something right,” Polacheck observes.
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