How a jeweler boosted sales while relocating his store.
Jim Morgan’s new store location wasn’t peforming well despite an influx of capital,
and now funds for holiday inventory were scarce. Read more below…
Analyzing the options
At times, a realistic evaluation of your business reveals that the current location is not ideal. While there are several options for addressing this, the following offers a case study on a decision to actually move the business to another location.
Jim Morgan, owner of Morgan Jewelers in Newnan, Georgia, contacted Jewelry Advisors Group to assist with their relocation. The company, which has been in business for 40 years moved into a new open air mall in 2007, but found that there was little foot traffic near the end of the mall where they were located. Silverman was asked to assist in running a promotion for the store’s move to a better location near the center of the mall. However, having invested a great deal of capital in the new location, Morgan Jewelers did not have enough funds to purchase fresh inventory for the 2009 holiday season.
After reviewing the store’s sales budget, Silverman and Morgan decided to run a promotion without the additional expense of an on-site supervisor. Silverman agreed to this based upon its our past relationship with the client and supplied much of the needed merchandise on a consignment basis in order to free up capital. We also assisted in formulating marketing ideas to generate traffic and sales volume. The result was a successful relocation event that led to substantial increases in sales volume and a profitable holiday season. Silverman continues to assist the client with merchandise needs, and Morgan Jewelers started 2010 very strong.
At Silverman, we work hard to evaluate the unique nature of each jewelry store and its market, and we have the expertise to explore all the options. If you’d like to evaluate your business and your next move, we’re ready to help.
Offering a leacy in sales strategies to jewelrs since 1945. TM