This Employee-Owned Jewelry Chain Is Deepening Its New England Roots

Day’s Jewelers has dedicated the last 111 years to becoming one of New England’s premier diamond retailers, anchoring itself primarily in Maine. It operates six stores across the state, along with its head office in Waterville, and has made inroads into neighboring New Hampshire with two stores in Manchester and Nashua.

The heritage business started as an unassuming pawn shop and auction center in Portland, Maine, in 1914. Jeff and Kathy Corey purchased it in 1988, and their son, Joe, rose through the ranks as store manager and vice president of operations to become company president in 2021. That year was a milestone in the company’s history — not least because that was when it entered an employee stock ownership plan (ESOP), making it an employee-owned business.

“Our history reflects years of resiliency and growth,” Joe Corey says. “Very few jewelers can say they are over 100 years old, not to mention an employee-owned organization.”

The transition to employee ownership was smooth, according to Corey, who points to a helpful “culture of transparency and autonomy” that was in place long before the paperwork was signed. “Ultimately the sale of the company to the employees hasn’t caused major changes in relation to our business operations, but we have focused on enhancing education with our employees so they better understand what the ESOP means to them.”

Location, location, location

Now, Day’s Jewelers is focusing on its next big step: a ninth store that’s due to open this fall at Tuscan Village in Salem, New Hampshire. This flagship boutique will capitalize on the destination status of Tuscan Village, which boasts 170 acres of mixed-use retail space and attracts more than 10,000 daily visitors, according to its website. It will also give Day’s a greater foothold in New Hampshire, allowing the company to “allocate a higher percent of market dollars” to the state and its small but mighty population.

“Tuscan Village offers some of the nation’s most premier retailers, a hotel, high-end condo units, and fine restaurants,” Corey notes. “This lifestyle center is the perfect fit.”

Day’s has been open-minded about aesthetics in developing its new flagship. The space will be “zoned” according to different customer profiles and shopping habits, putting natural-diamond collections in sunlit areas to enhance their pull. It will also incorporate areas for fashion brands, colored gemstones, and services. The only non-negotiable is the atmosphere, which Corey says must foster an “energetic yet relaxed vibe” that fits the friendly New England welcome the business has become known for offering — something guests can feel the moment they walk through the door.

Bridal boost

The new premises will also allow Day’s to double down on bridal jewelry, which has always been at the heart of the brand. The Salem location has been “designed with today’s modern couple in mind,” says Corey, adding that his team is “constantly evaluating new ways to engage with bridal guests” as part of the company’s broader business strategy and commitment to experimentation. Current best-sellers feature oval, pear and emerald-cut diamonds, which strike the right balance between timeless elegance and modernity, according to the Day’s Jewelers buying team.

The store does offer a smattering of laboratory-grown diamonds, largely on request, although Corey does not believe this portion of the market will dampen natural demand. In his view, “aspiration for a natural diamond will hold strong,” especially as consumer tastes mature.

Day’s will also focus on its broad range of services, such as restorations, watch repairs and appraisals, and expand its assortment of colored-gemstone jewelry, starting with new in-house designs.

“Whether someone is designing a custom engagement ring or choosing a finished piece, we’re focused on making the experience approachable, something people genuinely enjoy and a place they look forward to coming back to,” says Corey.

Regional aspirations

Although the doors have yet to open in Salem, Corey is adamant that there’s more to come.

“While the timeline and next location are still up in the air, we’re intentional about growth that aligns with our values and community-first mind-set,” he explains, adding that expansion across New England is absolutely part of the business’s long-term vision.

Much of this confidence stems from the 100% employee-owned business model, which ensures that the staff is collectively invested in growth and bolstering profit margins. This is what fuels the retailer’s ambitions to “bring the Day’s experience to new markets,” according to Corey, who likely has his sights set on the remaining four states of the New England region.

Main image: The Day’s Jewelers store in Nashua, New Hampshire. (Day’s Jewelers)