Page 20 - Demo

STRATEGIC STORE CLOSING EVENT
ALVIN GOLDFARB JEWELERS
––– Seattle, Washington –––
Alvin Goldfarb Jeweler is a fine retail store established in 1980 by the Goldfarb family. They started with one free-standing store in Bellevue, WA just across the bridge from Seattle. In 2005 the family opened
a second store in Seattle’s downtown district to leverage the Alvin Goldfarb brand and extend their market reach. The Goldfarb’s specialize in selling branded diamonds and jewelry, prestige-brand Swiss watches, designer jewelry lines, and gift items.
The company’s sales declined as a result of the Great Recession, and the decline was disproportionately higher in the Seattle store, where the Alvin Goldfarb name was less established. Sales growth slowly returned to the more well-known Bellevue location, while recovery remained elusive for the newer Seattle store. In effect, management was working twice as hard running two stores without achieving an equivalent return. Two years later, Steven Goldfarb, company president, made the difficult but economically necessary decision to consolidate the two businesses, and devote management’s time and company resources to growing the more successful Bellevue business.
“Quite a few friends in the jewelry business suggested
I do the store closing sale internally, but I decided to hire The Gordon Company, and I’m thrilled that I did. I could not have come close to the results they achieved, and the Seattle store closing sale results carried over to our Bellevue store, increasing sales by 10% during the
same period.”
– Steven Goldfarb
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