Chicago has become one of the most competitive watch markets in the United States with the likes of Razny Jewelers, C D Peacock, Marshall Pierce and Burdeen’s in a race that is raising standards and delighting customers.
The latest landmark showroom to open in the city is a new Burdeen’s flagship on Oak Street that has IWC and Panerai boutiques bookending a multibrand showroom offering fine jewelry, pre-owned watches and the latest collections from Omega, Breitling, Tudor, Ulysse Nardin, Grand Seiko, Glashütte Original, Wilbur, Ressence, Vincenterra, Edouard Koehn, Baume & Mercier and Norqain.
WatchPro’s Rob Corder caught up with Burdeen’s co-owner, Matt Burdeen, to find out how he plans to stand out in an increasingly crowded market.
WatchPro: It has been a few years since we last got an in-depth update on how business has been. Can you give us an update on trading up to, during and since the pandemic?
MATT BURDEEN: This is a question we get asked all the time, I think it summarizes a few years of why entrepreneurs have a business addiction! Everything always seems so clear in retrospect, instead of giving you that perspective, I’ll tell you how it felt in the moment.
Up to the pandemic we felt like we had a pretty solid hold on our business. We had just opened our first Richemont Boutiques in the middle of 2019, and we had rather conservative expectations of performance, as we were one of the first to do so.
Pre-Owned was growing and starting to get recognition from the big groups as an important part of the primary business. The economy was in good shape, with low interest rates and business was growing at a steady pace.
When the pandemic hit we didn’t know what to expect. I remember sitting in in my office with Josh when we had been ordered to close our doors. At that moment we decided that everyone in our company would continue to get paid as long as we could, even if it meant not paying ourselves a salary.
We had no expectations of sales and lots of expenses with the new boutique. It was a very scary few months.
But we started to see that clients’ appetites were stronger than ever, and every sale felt like a home run. Then we had the riots in Chicago, our stores were looted and we felt defeat.
It was our client relationships and demand that helped to lift us up, along with the great partners we have in Richemont and other brands. Our partners saw that our team was working so hard; I’m so thankful for our staff, both sales and support who did backflips during this time to make sure that we would remain successful.
As the unrest cooled, we were left with amazing demand, which was very exciting. We shifted all of our energy into sales and supporting those sales, after a few months we realized we were living in “the good old days” and identified that this is not sustainable.
The challenge then became how do we make sure we have inventory to support the demand, but not go too deep into product that we knew we would eventually be upside down on. At the end, when the run was over, I think we did a pretty good job with that. Seemingly like many retailers, we used the proceeds from “the good old days” to invest in our business and create a spectacular brand environment, one that we hope will continue to sustain our business and our brand.
WatchPro: With the new Oak Street store open, can you give us an overview of what stores you now have in the Greater Chicago area and what jewelry and watch brands they represent?
MATT BURDEEN: We have maintained our HQ in the suburbs just north of Chicago in the same town my parents started the business in over 45 years ago. This is where we have our jewelry and watchmaking studios, and our corporate offices.
That store is a multibrand featuring Breitling, Panerai, IWC, Ulysse Nardin, Grand Seiko, Bulgari, Jaeger-LeCoultre, Omega, Norqain, and Ressence. We have a large selection of our own jewelry, both modern and estate.
Byoung & Co. is our first remote location, a store we opened 10 years ago with a partner, John Young. It’s located inside one of the largest luxury car dealerships in the USA: Gold Coast Bentley in Chicago. We have a more esoteric selection of curated watches and high-end jewelry there.
11e Walton is our Waldorf Astoria hotel location. We are resetting it now with three boutiques that will be open in about six weeks for Jaeger-LeCoultre, Piaget watches and jewelry, and Roger Dubuis.
909n Michigan Avenue is our Vacheron Constantin boutique, and it is connected to a Burdeens boutique that represents a highly curated selection of jewelry and pre-owned timepieces.
120e Oak is our newest location and downtown flagship. Anchored by townhouse style IWC and Panerai boutiques, the center is a multibrand featuring Omega, Breitling, Tudor, Ulysse Nardin, Grand Seiko, Glashütte Original, Wilbur, Ressence, Vincenterra, Edouard Koehn, Baume & Mercier, Norqain, and a few more independent brands that will come aboard this year.
We also have a beautiful selection of jewelry including Roberto Coin. The entire second floor is devoted to an incredibly elevated display of pre-owned timepieces. The largest collection we have ever presented.
WatchPro: What was your thinking behind the new Oak Street store? Right time, right place? A flagship that represents how far Burdeens has come? A chance to showcase some amazing brands that reinforce each others’ strengths?
MATT BURDEEN: We identified a need for a multibrand store in Chicago with enough space for brands to properly present the experience they are looking to provide their clients. It was also time to provide Panerai and IWC with boutiques that are representative of the size and quality of the Chicago market. With the synergy these brands can provide, along with a presentation of pre-owned that’s on par with any of our other brand boutiques, we felt we would create a Midwest destination.
WatchPro: How would you describe the new flagship: strategically, emotionally and through facts and figures?
MATT BURDEEN: Facts and figures we don’t share.
WatchPro: Burdeen’s appears to have a deep relationship with Richemont’s Specialist Watchmaker Maison. Does it concern you that Richemont appears determined to cut out retailers in order to sell direct to consumers?
MATT BURDEEN: We feel Richemont has been a fantastic partner to us. They have kept all of their promises to us and continue to help support and grow our business. Business is always evolving and changing. We continue to invest and try to be the best partners we can, hopefully brands see the value in our loyalty and tenacity.
WatchPro: Richemont is bringing its TimeVallee concept to the United States this year. What do you make of that?
MATT BURDEEN: A good friend of mine is opening one. I think there is a place for it in select markets. It’s a great turn-key product for multibrand.
WatchPro: Would you be interested in opening a TimeVallee as a franchisee?
MATT BURDEEN: In the right market, for sure.
WatchPro: How does Oak Street compare these days to Michigan Avenue? How do they complement each other?
MATT BURDEEN: Oak street is where all of Chicago’s luxury brands have converged. The investment into retail is astounding on Oak. It gives us a lot of confidence about the future.
WatchPro: Competition between major watch and jewelry retailers in Chicago appears to be driving more and more investment. How is this changing the landscape for both retailers and watch punters in the city?
MATT BURDEEN: I think it’s super healthy. We operate a very different business than the Rolex dealers in Chicago but we maintain a close relationship with them. I think a rising tide raises all boats and I am thrilled to see their investment.
The days of complacency are over, retail needs to be elevated, or clients will just shop online. We need to give them a reason, besides product, to visit us. In our model we have identified that our people are our best asset, we will continue to invest heavily in them.
WatchPro: What are you working on next that you can talk about?
MATT BURDEEN: Opening our Waldorf boutiques for Jaeger-LeCoultre, Piaget, and Roger Dubois in 6 weeks!