Case History: Business Analysis & Retail Promotion
Fine Jewelry & Gemstones:
Stafford Jewelers
When retail ownership is transitioning or partnerships dissolving, a promotional sale and comprehensive analysis will help set the new owner on solid footing.
Situation
Generations of families owned Padgett’s Jewelers. The business had been sold to one of its longest-standing employees who remained involved in the business for over 50 years. When the owner decided to retire, Padgett’s was to be acquired by another new owner, Stafford Jewelers, who had bold new ideas for taking the business to a new level and a keen focus on incorporating custom-designed jewelry into the new business model.
Objective
The objective was focused and direct; promptly sell as much inventory as possible over a 5-week period to raise cash for the current owner’s retirement, eliminating stale inventory and creating space for Stafford Jewelers’ designs and updated merchandise. Also, Stafford Jewelers wanted to generate a client list driven from the sale, be trained on managing metrics in order to maximize efficiencies, run the new operation from a monitored break-even position, and engineer profit as the first line of expense. The new owner also had goals and ideas for designing a new corporate logo with fully collateralized imaging and branding for his business.
Results
Gross sales 6.3x greater the sales from the same period the previous year
Opening day sales 3.89x the total sales for the entire month preceding the event
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Current and new customers for updated customer database development
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New profitability analysis and inventory control system implemented
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New corporate imaging and branding program executed