Frank Michael Jewelers gets a new look, inspiring owner to start a new venture
Frank Michael Beltrame, owner of Frank Michael Jewelers in the Loop, considered doing what many other stores and restaurants have done — leave the city.
The pandemic changed the way many work, and as some businesses moved out of the area and foot traffic dwindled, it seemed like a reasonable excuse to move his store to the suburbs. But Beltrame, 47, said he remembered billionaire Warren Buffett's saying to "be fearful when others are greedy, and be greedy when others are fearful.”
“Even though the foot traffic isn’t like it was, I’ve been here 16 years and people know where I’m at,” Beltrame said.
He opted to renew his lease at 175 W. Jackson Blvd. for another five years while also taking advantage of a discounted rent price. The building has had its ups and downs. In 2023, a court-appointed receiver selected real estate firm JLL to market the building for sale after owner Brookfield Asset Management defaulted on its $258 million loan, Crain's Chicago Business reported. However, the property has recently seen positive activity, including a new sublease from digital textbook company RedShelf.
“I’ve traveled extensively all around the world and can say that we live in one of the best cities in the world," Beltrame said. "Yes, I could fold up and go to the suburbs or another city but the ease of getting around, our food scene, our symphony orchestra, our museums, are all second to none. I love Chicago. I love everything about it. Do we have our issues like every other city? Of course.”
After signing the lease agreement in September, he started renovations on his 700-square-foot store, which finished early this month. He plans to have a grand re-opening in February, in time for Valentine's Day.
Beltrame installed a marble floor, bought new display cases and added custom-designed chairs — creating a space with a ritzy black-and-silver color theme. He wouldn't disclose how much he spent, but said he was able to save money by doing the design work and dealing with the contractors directly.
He said the remodel signifies a rebirth that goes along with his decision to focus on the custom end of the business. It also made him realize that interior design requires the same eye for detail as jewelry design. He's now planning to start another business — providing interior design services for retailers.
Beltrame said the pandemic provided him an opportunity to focus more on custom-design work — something the graduate of Gem City College in Quincy and the Gemological Institute of America in Carlsbad, California, feels is vital to distinguishing his shop from other jewelry stores.
“It’s all about individuality which is being lost with chain stores and the Internet,” Beltrame said.
He said 70% of his business is now focused on custom-designed pieces. For example, he was able to refashion a client’s grandmother’s pin into a new piece for their granddaughter.
“The grandmother’s pin had no real monetary value but to her it was priceless. I took it and incorporated it into a new pin. She loved it and started crying when she saw it,” Beltrame said. “That’s why I love doing custom items. All I need is 20 minutes to sit down with you, and I can come up with something unique to you.”
Sometimes his pieces aren’t even for people. He recently made a charm for a dog collar. “Now, no other dog in the world has that. That’s what I’m trying to get back to,” he said.
Prices of custom pieces can vary from a couple hundred dollars, like the pin he made for his customer's granddaughter, to several thousands.
“I made another pin for a gentleman that was just a sterling silver symbol for $250. Then, I made a big diamond cat pin that was $60,000,” Beltrame said. “I come up with the initial design and drawing. I’m no [Vincent] van Gogh, but I draw it the best I can. Then, I sit down with my computer guy and we are able to develop a 3-D image that I can give my customer so they can see exactly what they’ll get.”
Beltrame says he looks forward to continuing to build his custom design jewelry business and despite the negatives other businesses cite as reasons for leaving Chicago, he thinks there’s a lot of opportunity.
“When people see all these negatives, I see positivity and potential,” he said. “It wasn’t so long ago that Chicago was in the running to host the Olympics ... which is a pretty big deal — we didn’t stray very far away from that. So, we aren’t going to fold our hands and put our heads down.”