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Business Review 2006 from
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'Over 106 years we've learned a thing or two'
Jeffrey Chinn
managing director, Hettich Jewellers
In 1900 we opened our doors for the first time when my great grandfather acquired our business from a Mr J Collinette. How times have changed since then.
We have seen booms and busts, two world wars and we even survived the Occupation.
We have enjoyed Jersey's flourishing economy and our fortunes have evolved in keeping with those of the Island and the developed world at large.
However, we haven't always known good times. For example, when we were open throughout the Occupation, there really was very little business to be done. By the end of those gruelling years our stock was reduced to just two silver hatpins!
Luckily a little bit of hardship never really hurt anyone and living through the Occupation and the hard times post-war instilled in us a culture that takes nothing for granted and has enabled us to understand what things are really worth.
Like many long lived family jewellery businesses, we take a relatively conservative approach and hold very traditional views on how business should be conducted. This is appropriate in our trade for several reasons. While the jewellery trade requires high levels of investment, it is a most rewarding and enjoyable occupation. A large amount of what we do is based entirely on trust. This in turn leads to strong and long-lasting relationships with our customers and suppliers alike. Quite simply, it is a lovely business to be in.
We have been trading for so long and seen so many customers and suppliers that I wonder if the walls of our shop had ears, what stories would they be able to tell? It is wonderful to have such a history and it gives us a substantial foundation for the business that we enjoy today and for the business that we look forward to in the future.
Changes
And what of the changes that we have seen? In earlier days the economy in Jersey was based on farming and tourism and there wasn't the great wealth that one sees today. One look at our cashbook from those days shows you that life and consumerism didn't have much sparkle.
The development of the finance industry marked the change for us and we all know how important it has become. Consequently, in Jersey there has been strong growth in the desire for, and acquisition of, very high quality merchandise. We have been very much part of this and are proud to represent some very famous watch brands and jewellery companies of international appeal. Our business now involves goods of a high value which we sell in low volumes but which we try to deliver with a high quality of service.
Of course, it might be argued that this is all obvious but it is not as easy as all that. Our customers are very mobile nowadays and we have become accustomed to operating in a very competitive market, where everybody is a well informed consumer who is offered massive choice.
Not only do we face challenge and competition locally, nationally and internationally but we also have the rapid development of internet shopping. There is no doubt that the internet has had a dramatic affect on retailing and has changed peoples' buying habits.
However, when buying something special that may well involve a lot of money, there is no substitute for dealing with somebody face to face who can give you professional service and advice and can present you with a stock of real goods and that's what we like to do. We are the final link in the chain and we never forget that.
While we may be traditional and conservative, we have a culture of evolution rather than revolution. After all, many of the things we sell last for many generations and don't go out of fashion. Over 106 years we have learned a thing or two, but we are not complacent. Time is always changing and we always hope to change with it.
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