The Dust Bowl Cowboy The Dust Bowl Cowboy
Back in the 80s I remember reading in Forbes magazine that the wealthiest town in America was Bakersfield, California. Seriously? Turns our during the dust bowl days of the Great Depression, Okies and thousands other starving mid western farmers headed west for find a future. Many settled in Bakersfield, the southern San Joaquin valley’s largest little hamlet. Those Okies became farmers, oilmen and yes country music stars. Buck Owens became California’s official redneck and the Bakersfield sound became known the world over. By the mid 80s, Bakersfield had more millionaires per capita than any other town in America. No Joke.
Today, Bakersfield is struggling like most of California with a very tough economy. A year or so ago, with foreclosures exploding and jobs drying up it looked to many like the dust bowl days were coming back. For Carl Saenger, president of the American Jewelry Company it was a wake up call. The swift drop in sales in 2008-2009 made him take a long look at the company’s business model. For over 20 years the American Jewelry Company occupied the entire 5th floor penthouse of an office condo building just west of Downtown Bakersfield. Serving Bakersfield’s most affluent families from those reclusive, luxury digs was a great natural fit. It was purely the carriage trade and Bakersfield gentry liked “taking the ride to the 5th floor” for some serious jewelry pampering. But as Bakersfield’s most affluent suburbs sprawled west, Carl found he was becoming farther and farther away from most of Bakersfield’s “new money”. Over the last 10 years, as a member of our jewelers group, Carl was building a whole new base of clients as his trademark radio commercials brought in hundreds of new diamond and bridal customers. To make matters tougher, Carl’s landlord, who lives in the building restricts his hours to Monday through Friday only. Carl knew it was time to move his cheese…and the store.
After two years of hard work, Carl closed of an out parcel in an upscale center, in the heart of Bakersfield’s western suburbs . This alone is an almost impossible task. Carl’s timing was perfect because the downturn created the rare opportunity to actually buy prime commercial land. The developer was stretched thin and needed the cash. Carl pounced. Smart move. Now the center is full and Carl will have no landlord. If all continues to go as planned Carl will break ground next month on a beautiful 5000 square foot free standing store.
“Our company started here in Bakersfield way back in 1898. We have survived by changing and growing with each passing generation. Every twenty years or so you have to reinvent yourself!” Carl shared with me last week. ” Our new store is one of those huge game changers that will secure our position as the market leader for the next twenty years.” I guess you could say the old sheriff is now the new sheriff…and the dynasty continues.
“Radio and Freshley Media has also been a game changer” Carl explained, ” It was a bold move and seemed risky. We are a very conservative company. But, I just knew in my gut it was the right thing to do. Today we dominate the market and have new bridal customers almost daily. Radio also got us through the downturn and gave us the momentum to make this move. We had the cash-flow to seize the moment. That simply would not have happened if we hadn’t been bold!”
Well cowboy, this is your moment! 2012 will be another historic year in the long legacy of The American Jewelry Company.