Story Highlight
– F.Hinds celebrates 170 years, expanding while others contract.
– Focus on exceptional customer service drives competitive edge.
– Strong high street presence enhances online business performance.
– Significant investment in staff training and development underway.
– Positive trends emerging in the sub-£500 watch market.
Full Story
The British high street has faced significant challenges over the last decade, with increasing operational expenses, changing consumer behaviours, and the rapid rise of e-commerce compelling many retailers to rethink their strategies. Major retail brands have vanished, shopping centres have seen declining visitor numbers, and numerous businesses have chosen to reduce their physical store presence in favour of online platforms.
However, F.Hinds, an independent family jeweller, stands out by taking a contrasting approach. As it marks 170 years in business, the company is not only reflecting on its historical roots but also reinforcing its relevance for today’s customers. Established in Paddington in 1856, F.Hinds has expanded to operate 132 Hinds and Chapelle stores across the UK, demonstrating a commitment to physical retail at a time when many others are scaling back.
“Our investment focuses on our people,” states Jeremy Hinds, the retail director of the company. “It’s about having a unique selling proposition. For us, that means offering exceptional customer service, which encourages customers to see us as experts in the field.”
This forward-looking strategy contrasts sharply with a sector that is often preoccupied with short-term financial results.
In response to a question about maintaining a physical store presence while others are downsizing, Hinds remarked, “Our performance has been robust over the past few years, particularly following the COVID pandemic, which has enabled us to invest continually in our store portfolio. Each time we open a new location, we receive positive feedback from the community.”
Maintaining a strong high street presence not only bolsters physical stores but also enhances online sales. “Even in smaller locations, being front of mind for customers significantly benefits our brand overall. We adopt a long-term perspective, free from the pressures of quarterly shareholder expectations, allowing us to reinforce our presence throughout the country,” Hinds added.
When it comes to decisions about expanding or relocating stores, Hinds explained the process: “Relocating stores is generally more straightforward as we already assess their performance. For instance, we successfully moved our Bradford store from a closing shopping centre to a busier area, having anticipated the expected changes.”
Entering into new markets requires careful consideration. F.Hinds recently opened stores in Chapel and Hull, evaluating foot traffic, competition, and customer demographics. The company continues to invest heavily in digital marketing, recognising that nearly all customers engage with some form of online content before making a purchase. The physical presence of their stores enhances the online experience, giving customers a local place for order collection, product inquiries, and browsing additional offerings.
Reflecting on the importance of their legacy, Hinds stated, “Our 170-year campaign is vital. It centres on instilling confidence in our customers.” This history has ingrained F.Hinds into the community, participating in significant life events like birthdays and weddings and nurturing trust that the company will continue to provide dependable service.
Hinds also addressed customer loyalty within the watch sector, explaining, “Absolutely. We see many customers returning to explore their favourite brands and discover new releases. Collaborations like Casio’s Mandalorian and Marvel-themed pieces have further captivated collectors.”
Moreover, he noted a continuing preference for traditional watches among consumers, stating, “While smartwatches serve a purpose, many of our customers favour mechanical or analogue watches for daily wear, reserving smartwatches for specific activities. There’s a growing desire to disconnect, making classic watches increasingly attractive.”
Hinds attributed much of F.Hinds’s success to its omnichannel approach, highlighting the value of their extensive after-sales service. “Expertise lies with brands in manufacturing, but retailers are crucial in providing ongoing support. Whether it’s adjusting straps, replacing batteries, or assisting with product operation, our knowledgeable staff are here to help.”
When asked about evolving customer expectations, he acknowledged that while many customers arrive well-informed, seeking specific models, the fundamental desires remain unchanged: value for money and visually appealing watches.
Attracting trained personnel has been a challenge across the retail sector. Hinds noted, “Fortunately, our staff turnover is low, likely due to the supportive environment we foster.” There are greater difficulties in filling part-time positions and adapting to the changes in apprenticeship funding which complicate career development.
Recent challenges have also included soaring precious metal prices. “This has forced us to balance maintaining our value proposition while offering a diverse range of products,” Hinds explained.
When considering successful retailers, Hinds identified investment in employees and a clear differentiation strategy as key traits. “Companies that develop their staff generally outperform their competition,” he said, citing Marks & Spencer as a benchmark for this approach.
As for F.Hinds’s future initiatives, Hinds confirmed that their 170-year campaign is a major focus, featuring in-store giveaways to express gratitude to customers. They also plan to enhance collaborations with brand partners, having recently introduced Aston Martin watches inspired by Formula One, and new collections within Chapelle, including offerings from Boss and Emporio Armani.
On the future potential of the sub-£500 watch market, Hinds observed, “Historically, this segment hasn’t thrived as much. Recent data from GfK, however, indicates a resurgence, providing an ideal context for market share growth.” Despite market fluctuations, he remains optimistic, stressing that consumers continue to seek quality timepieces for personal use or gifts.
