National Jeweler Hall of Fame 2008 - (Page 7)

MULTI-STORE INDEPENDENT Hyde Park hones instinct for brands By Joseph Dobrian 1970s craze for Western-style jewelry may have struck the spark for many a jeweler’s career. But few who entered the industry via turquoise and silver have been as enterprising as Michael Pollak, chief executive officer of Hyde Park Jewelers. From a simple start selling the popular baubles on the University of Denver campus, Pollak has built a threestore guild operation—with more jewelry stores to come. He met his business partner, Steven Rosdal, in 1972 at the university. Pollak had been preparing for a career in medicine, and Rosdal was trading turquoise and silver jewelry at nearby Indian reservations. Sensing a ripe market, Pollak began hawking Rosdal’s merchandise to fellow college students, and in 1975, the two established the Turquoise Trading Co. in Albuquerque, N.M. In 1976, they returned to Denver and opened their first DENVER—The retail operation: a 1,000square-foot boutique that specialized in moderately priced contemporary jewelry and giftware. Rosdal retired a little less than two years ago, but continues to consult and works with Hyde Park’s Diamonds in the Rough Foundation, which raises $100,000 annually for various children’s causes. “Neither of us had jewelers in our families, so we learned as we went along,” Pollak says. “It took a good 10 years before the business started to look the way it looks today. Right from the beginning, it was important to take risks and differentiate ourselves from our competitors, and one of our main initiatives was to work with designers to help them establish their brands.” Natural selection Early on, the jewelers learned the importance of branding—selectively. “We don’t just grab whatever brand’s available,” Pollak says. “We want diamond event brands that will in November. The bring a predictable company also parrevenue and a corticipates in off-site rect demographic.” specialty events, Today, Hyde particularly autoMichael Pollak, inset, whose Park Jewelers sells jewelry empire is growing motive festivals in items priced as steadily, started out by Phoenix and in high as $500,000 selling jewelry on his college Denver, showcasand operates three campus. Now, Hyde Park ing watches that stores: the 10,000- Jewelers’ flagship store in have ties to car Denver spans 10,000 square square-foot Denver feet, and the jeweler has manufacturers: flagship, a 10-year- additional locations in Jaeger-LeCoultre old operation in Phoenix and Las Vegas. with Aston-Martin; Las Vegas and a TAG Heuer with four-year-old store in Phoenix, Mercedes-Benz; Girardwhich is now undergoing an Perregaux with BMW; and expansion that will triple its Breitling with Bentley. This, square footage. Hyde Park also Pollak says, works well with will operate two new branded Hyde Park’s strategy of costores that will open in Las branding with its suppliers. Vegas next year: one bearing Pollak is also one of the jewthe Roberto Coin name; the elry industry’s early adapters other, the name of a top watch of new technology. Most manufacturer. recently, he developed an Pollak says branding contin- online rewards program, partues to be the cornerstone of his nering with other retailers to operation’s success. Hyde Park offer points—redeemable on Jewelers’ main store hosts jewelry purchases at Hyde three two-day events every Park—for online purchases of year: a bridal event in April, a non-jewelry luxury items. watch fair in October and a HYDE PARK >page 8 www.nationaljewelernetwork.com 20th Annual Retailer Hall of Fame 2008 I National Jeweler I 7 http://www.nationaljewelernetwork.com

Table of Contents for the Digital Edition of National Jeweler Hall of Fame 2008

National Jeweler Hall of Fame 2008
Contents
Alfredo Molina
Michael Pollak
H. Marvin Beasley
Past Inductees

National Jeweler Hall of Fame 2008

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