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STRATEGIC STORE CLOSING EVENT
HAMILTON JEWELERS
––– Princeton, New Jersey –––
Hamilton Jewelers was founded in Trenton, New Jersey in 1912. Irving Siegel, a former errand boy for a similar store, purchased the firm in 1927 for $15,750, payable in notes to the former owners. “Mr. Irving,” as he was known, stocked the simplest of items such as silver dresser sets and cigarette lighters to finer goods ranging from diamonds to pocket watches, all in a small storefront on South Broad Street. Together with his wife, Alice, they built a modest business working every day through the depression to establish themselves in the community. Today, Hamilton Jewelers is a prestigious firm run by the Siegel family, which sells the finest in high-quality diamonds and jewelry, and notable Swiss watch brands.
The Gordon Company Assignment & Scope of Work:
Hamilton Jewelers decided to close the Lawrenceville, NJ location to focus their business on the nearby flagship store in Princeton, NJ.
The Gordon Company was retained to assist Hamilton management to:
• Help close the Lawrenceville store and transition customers to the Princeton location
• Liquidate more than $3 million of excess inventory and maximize the recovery value
• Mitigate the potential adverse impact of the sale on the coveted Hamilton brand
• Recommend an incremental pricing strategy to maximize cash flow from the sale
• Design and develop a customized marketing and advertising strategy for the store closing
• Manage, analyze, and control the sale in order to react quickly to possible market changes
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