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CHICAGO - Industry experts questioned Graff's judgment in 2004 when the luxury jeweler opened its largest U.S. location on upscale Oak Street here in a four-story, 8,000-square-foot limestone town house. "So many people told us it was a mistake," said Henri Barguirdjian, president and chief executive officer of Graff in America. "They said, 'People in the Midwest don't buy big jewelry.'"
Three years later, Barguirdjian said business has been "phenomenal" and exceeded sales projections. Shoppers have not shied away from paying seven figures for pieces, although he discovered that Midwesterners prefer higher-quality stones to the bigger-is-better mentality.
Competitors took note. Harry Winston on Nov. 17 plans to open one of its largest locations, a two-floor, 8,000-square-foot store complete with custom lacquer furniture and suede-upholstered walls, a few doors down from Graff. And David Yurman unveiled a 1,400-square-foot space farther west on Oak Street in September.
The retailers join Graff, Judith Ripka, Lester Lampert and Trabert & Hoeffer Jewels to create the Windy City's new luxury jeweler's row. Me&Ro, which sells...