THE oldest jeweller in Scotland has announced a £500,000-plus extension of its retail space as it gears up to ride out the recession.
Laing the Jeweller, which was launched in Edinburgh in 1840, has opened a new "Laing Boutique" store next door to its existing Frederick Street shop.
The new store features the country's biggest quality watch gallery as well as additional features
to improve the shopping experience of customers, including a cappuccino bar and a champagne bar.
It also has Europe's first in-store Ti Sento Silver touch screen, which allows customers to design their own charm bracelets.
The expansion comes at a time when many stores are having to cut costs following the consumer spending slowdown.
Owner Michael Laing, who has been with the company for 30 years, said: "I've been in business a long time and you learn that you do not react to waves, you react to tides. It is not six months ahead that you build a strategy for, it's ten years ahead. That is why we have done this.
"I believe that having a watch gallery and the boutique store gives us a different offering. There's not much new in the high street these days apart from 'to let' boards so what we have done is getting a lot of attention because it is something new.
"Next year, the economy may be tough but people will still fall in love so they won't stop getting engaged. They will still want to go out and spoil themselves sometimes as well."
Mr Laing said that the company is potentially benefiting from the slowdown in the property sector.
He said that those who may have been spending money on a new property and its decoration or refurbishment now have money available that they can spend on luxuries like jewellery.
Customers have also told them that, because of the decline in the value of the pound, it is no longer economical to go shopping to destinations like New York and they are instead spending at home.
And some even see buying jewellery as a safe investment. Mr Laing said: "Diamonds don't go down in value. There is a security in having diamonds and precious metals, which is good in the world we're living in."
Laing was able to expand after securing lending from Clydesdale Bank. Adrian Innes, senior partner at its Edinburgh Financial Solutions Centre, said: "We are confident that we can help Laing achieve their goals and future objectives."
Mr Laing added that he is confident that, despite spending in a difficult economy, it will help secure the company's future. He said: "We are a family business and we are dedicated to getting the business right. We spend that much because we're not here today, gone tomorrow.
"Whenever a herd runs in one direction there's one thing sure and that is that they are wrong. They were wrong last year when everyone was buying up premises and they will be wrong now."
LOOKING FOR THE MIDDLE MARKETLAING the Jeweller said those who would have previously spent a five-figure sum on jewellery are now looking towards the middle part of the market.
The company said that it sells silver jewellery for between £50 and £300 but said the vast majority of purchases are between £75 and £300.
Diamond prices range from £300-£5000 but the majority of sales are £200-£1500.
And the Laings Boutique aims to take advantage of the middle segment of the market: jewellery and watches that are "chic and funky" but also affordable and suitable to wear with either a suit or jeans.
Owner David Laing said: "There is an over-supply of every type of product so you have got to stand out to win. We wanted to do something creative and recognise that not everyone wants to spend £10,000."
The full article contains 653 words and appears in Edinburgh Evening News newspaper.
