It’s Time for New Year’s Resolutions!

The Holiday Season is over, and hopefully you had a banner month in December and a good 2016. Now it’s time to do it all over again! Every year brings new challenges and opportunities, so it’s time to take stock of how you did l..

The Holiday Season is over, and hopefully you had a banner month in December and a good 2016. Now it’s time to do it all over again! Every year brings new challenges and opportunities, so it’s time to take stock of how you did last year and to consider what went right and what went wrong.

 You probably have lower levels of fast-selling merchandise, but are still over-inventoried on product that just didn’t sell last year, or in previous years. It may well be time to consider selling off aged and underperforming inventory to get a smart head start on 2017. Review your aging report in your point of sale system and try to get a clear picture of what needs to be done.

Next, consider how you did in marketing and branding your store last year. Did you take a strategic look at the business and position it for the future? If not, is that something you should prioritize as you begin the new year? The business isn’t getting any easier, but the opportunity to grab market share is always there, especially when some of your competitors are calling it quits and closing their doors.

 Despite the apparent growth of online shopping, most savvy consumers still want to buy jewelry from a knowledgeable professional they can meet in person, talk to in confidence, and rely on to be there for them long into the future. I’m tired of hearing about the demise of the independent jeweler. Most of my clients have powerful businesses that they continuously restore, refine, and reinvent to stay relevant in today’s modern age.

The most important thing you can do in this new year is to formulate a game plan to grow your business and your profitability. Our goal in the strategic sale event business is to keep you in business and to help pave a new road to the future that is lined with profit. When we say we’re the retail jeweler’s strategic partner, we mean it. It would be our honor and pleasure to help you make the resolutions necessary to plan your future in the new calendar year. Please give us a call.

Sincerely,

Jeff Gordon

The Sophisticated Approach

The biggest dilemma for upscale retail jewelers is how to conduct a major sale event without tarnishing their solid image in the community. I probably understand this better than most because that is exactly how I feel about my ow..

The biggest dilemma for upscale retail jewelers is how to conduct a major sale event without tarnishing their solid image in the community. I probably understand this better than most because that is exactly how I feel about my own business. I would never do anything to denigrate the brand I have worked so hard to build over many, many years, nor would I ever ask my clients to do so.

 That’s why I feel so strongly that an upscale retail jeweler must dignify every event by offering a totally professional approach to the opportunity. Whether it’s a strategic store closing, a move to a new location, an inventory reduction, or an ownership transition and retirement, it must be handled with the utmost care and a discriminating touch. That’s what we call “The Sophisticated Approach” at The Gordon Company.

Every event we conduct is carefully scrutinized and managed to ensure protection of the fine jeweler’s quality image. Anything less than this can lead to a long-term drop in sales due to a loss of image and a severe lack of trust by the consuming public. Think of it as a slow erosion of your quality brand, one that is difficult to pinpoint and even more challenging to re-build.

We conduct very few going out of business sales because our primary job is to help jewelers stay in business by creating events that raise cash, reduce aged and under-performing merchandise, substantially increase email and direct mail lists, and position a store for the next generation. So when you think it’s time to reignite your business with a strategic sale event, think of the company that focuses on “the sophisticated approach” to such events, and you can’t go wrong.

Sincerely,

Jeff Gordon

The DNA of a Sale Event

We are often asked about the goals of our Sale Events. Jewelers want to know how much aged inventory they can expect to sell. Great question, but a lot depends on the type of Sale Event that is conducted.

In a Going Out of Business ..

We are often asked about the goals of our Sale Events. Jewelers want to know how much aged inventory they can expect to sell. Great question, but a lot depends on the type of Sale Event that is conducted.

In a Going Out of Business (GOB) sale, we would expect to dispose of the vast majority (80-90%) of all owned inventory. A jeweler’s main goal is to convert his significant capital investment into cash. The same may be true for many Retirement Sales, depending on whether the store will continue operation under new management. Other types of sales, such as a Store Closing or Store Relocation, will have varying goals, depending on the wishes of ownership.

In an Inventory Liquidation Sale, the goal is usually only to get rid of aged inventory, which might comprise 30-60% of a jeweler’s merchandise. A retailer certainly doesn’t want to discount heavily on his most current, saleable inventory. So when we project how much merchandise will move in an Inventory Liquidation Sale, the percentage depends on how much inventory a jeweler has, how much of it is aged, and how much of it he may want to sell at some level of discount in order to generate cash.

Our goal in every Sale Event is to sell all of the inventory that our client wants to sell. Frankly, we have a moral obligation to do that and we take this very seriously. We don’t own any inventory, so we have no incentive to sell augment merchandise. Our only interest is to help every client maximize his return on investment and run the most successful sale possible.

In most cases we exceed our projections and sell more of a client’s inventory than anticipated. This is not only ethically correct, it is financially most favorable to the retailer. The more we sell of the jeweler’s inventory, the more cash he will receive because the client gets all of the money, less our minimal commission. It’s really that simple.

If we can help you learn more about a Sale Event that might fit your needs, please let us know. Our goal is your goal, and we look forward to serving you.

View this brief video testimonial here.

Sincerely,

Jeff Gordon

What Kind of Sale Should You Run?

Running a sale in your store is a big deal. A very big deal. If you’re sold on doing a sale, you need to be very sure about the kind of sale you want to run. Conducting a quick one hour or even a one day sale can lift your sales fo..

Running a sale in your store is a big deal. A very big deal. If you’re sold on doing a sale, you need to be very sure about the kind of sale you want to run. Conducting a quick one hour or even a one day sale can lift your sales for the day or even the month, but you may be missing a much bigger opportunity that you haven’t considered.

Every jeweler has a problem with aged and underperforming inventory. The key is what to do with unwanted merchandise that is taking up space in your store, tying up precious capital, and keeping you from having the cash flow you need to reorder fast-moving merchandise.

Conducting a sale is a great option to improve your financial condition, but the kind of sale you run in your store is the most important decision you will make because having a sale is a privilege you must not abuse. If you overdo it, you run the risk of alienating your client base as well as those who might shop your store for a one-of-a-kind deal.

At The Gordon Company, we recommend a multi-week sale – often up to nine weeks – with very careful planning and a very sophisticated approach designed to protect your brand name and image. Why have a sale that does $50,000 for the day when you can have a well-orchestrated multi-week sale that generates 10 to 20 times that amount, creates tremendous excitement, extracts the majority of your dated inventory, and helps you eliminate debt? It also adds significantly to your mailing list and your ongoing customer base by attracting hundreds of new clients to your store who buy from you for the very first time. A one-day sale simply can’t do this.

Having a sale is an attractive option, but only if you conduct the right kind of sale with professionals who know what they’re doing. Give us a call if you’re considering a sale. We’d be pleased to advise you on steps you can take to reduce unwanted merchandise, maximize your return on investment, or accomplish any other financial goals you may have.

Click here for this month’s must see video!

Sincerely,

Jeff Gordon

We Help You Stay in the Game

The Jewelers Board of Trade recently reported an increased number of store and business closings for the first quarter of 2018 over the same period last year. In total, 241 retailers ceased operations in just the first three months..

The Jewelers Board of Trade recently reported an increased number of store and business closings for the first quarter of 2018 over the same period last year. In total, 241 retailers ceased operations in just the first three months. Many jewelers have reached retirement age and have chosen to shutter doors. But this also represents an opportunity to gain market share in your community if your competition is calling it quits.

In a recent presentation at the AGS Conclave in Nashville, Harold Dupuy of Stuller, Inc. presented a powerful message on the state of the jewelry industry. In it he stated that there will continue to be more and more store closings in the years ahead. But he also pointed out that in the case of fine jewelry, people shop for information online yet still prefer to make their purchases in a brick and mortar store from a trusted jeweler.

At the Gordon Company, we can certainly help you go out of business with a dynamic closing sale event. But we also encourage jewelers to stay in if they have the will, determination, and ability to cope with the changes taking place in the jewelry-buying landscape. So if you have the will, we’ll show you the way.

Our expertise is in inventory reduction sales and anything related to strategic store closings, moving and relocation, retirement and business transition, and cash raising opportunities. We help you monetize aged and under-performing merchandise to get you in better shape financially and to set you on a course for better business in the future.

If any of this makes sense or peaks your interest, take a moment to give us a call to learn more. We love to share our knowledge, experience and expertise, so please don’t hesitate to contact us. We make it our business to help you stay in business.

We look forward to hearing from you!

View this brief video testimonial here.

 LAS VEGAS JEWELRY SHOWS ANNOUNCEMENT: 

You can come see us at LUX LOBBY 1 during LUXURY and JCK (by LUXURY Registration at top of rear escalator) We will be a sponsor at COUTURE (located in the Lafite Ballroom lounge area) And exhibiting at CBG (Caesar’s Palace May 29-31) To set-up a confidential meeting on or off-site meeting before, during or after the show, contact: Ira Bergman 917.861.9607 Barry Lustig 917.586.1984 or Jeff Gordon 305.216.7500

Sincerely,

Jeff Gordon

Time to Make Your Year!

You and your staff have worked hard all year, but no month is as important as this one. You’re already stocked up and ready for the holiday selling season. Here are three critical reminders:

1) Be Motivated Every Day! Your motivatio..

You and your staff have worked hard all year, but no month is as important as this one. You’re already stocked up and ready for the holiday selling season. Here are three critical reminders:

1) Be Motivated Every Day! Your motivation as an owner or manager feeds into the motivation of your staff. It is critical that you be “up” every day and encourage your staff to sell and service customers. Let the busy work go for now. The most important thing that happens in a store is the sale. Make your time count.

2) Get the Rest You Need! I know. You’re saying, “Who has time for rest in December?” The holiday season is a grind, but you need reasonable rest to be motivated each day and to endure the longer hours that come with the season. Adequate sleep is critical, so make sure you get as much of it as you can.

3) Enjoy the Season! You’ve been waiting all year for the traffic and activity you’ll have this month, so delight in it. The average jewelry store will generate over 20% of total annual sales in December, so there is no reason not to enjoy this tremendous time of year.

Do these three things and here’s to a great holiday selling season!

Sincerely,

Jeff Gordon

Staying In or Going Out

By now you’ve read that nearly 900 jewelry businesses shut their doors in 2017. These included 706 retailers, 109 wholesalers, and 71 manufacturers. Another 151 companies either merged or consolidated and there were 29 companies th..

By now you’ve read that nearly 900 jewelry businesses shut their doors in 2017. These included 706 retailers, 109 wholesalers, and 71 manufacturers. Another 151 companies either merged or consolidated and there were 29 companies that filed for bankruptcy. Although these figures represent a large decrease from 2016, it still says a lot about the state of the industry.

But what does it say to you? Are you in the mood to stay in or go out?

One of the most frequent questions we get in our consultations with fine jewelers is what the future of the jewelry industry is going to look like. Is this the beginning of the end for independent retail jewelers? Will synthetic diamonds overtake natural diamonds like cultured pearls replaced natural pearls? How do I attract and retain the loyalty of the Millennial Generation? Is bricks and clicks really the way to go? Will the Internet continue to take market share at its current pace? Will margins continue to shrink in other categories like they have in diamonds?

These are all legitimate questions that demand an answer for those jewelers who are passing the torch to a younger generation while still dependent on a retirement income from the business. The majority of businesses that are closing today are doing so because many jewelers are reaching retirement age and there is no “next generation” to take over. It’s a natural process, and people must do what they need to do. At the same time, when jewelers decide to shutter their doors in your community, what are you doing to capture the market share that they have left behind?

I can’t tell you what to do, but I can suggest a host of options that are available. At The Gordon Company, we are here to help you navigate the challenges ahead with recommendations that will help you go out with financial freedom or stay in to compete for the added market share left by your competitors. The choice is yours, and we are here to help.

If you need a second opinion or an outline of options at your disposal, please let us know. Our goal in business and in life is to help fine jewelers achieve the results they desire. We look forward to serving you.

View this brief video testimonial here.

Sincerely,

Jeff Gordon

Retirement Business Transition

With so many retail jewelry stores owned by Baby Boomers, it isn’t surprising that many jewelers are involved, or at least considering, some form of business transition. While such transition may be to the next generation within a ..

With so many retail jewelry stores owned by Baby Boomers, it isn’t surprising that many jewelers are involved, or at least considering, some form of business transition. While such transition may be to the next generation within a family, more and more we see retirement transitions of many different kinds: management buy-outs, sales of empty stores with or without a firm’s intellectual property (store name, goodwill, mailing lists, etc.), or simply just a store closing with retirement when a jeweler is done. Most jewelers want to know what their options are and what will bring them the greatest monetary return for what is often a life-long investment of time and energy in the business.

Because most jewelers have a considerable amount of their personal wealth tied up in inventory – much of which is aged and underperforming – a thoughtful, comprehensive strategy needs to be developed and implemented to maximize a jeweler’s return on investment. Many times this means raising a significant amount of cash through a serious and well-thought-out plan to significantly reduce or eliminate merchandise.

But sometimes it isn’t a business transition or retirement that is desired. Every jeweler suffers from the unfortunate accumulation of unproductive inventory, so it is necessary at least once a decade to clean house and monetize aged product. This is vitally important in order to ensure proper cash flow and redeem a reasonable return on investment of merchandise purchased, in many cases, years before. This also allows jewelers to operate more effectively with their Point of Sale systems by lowering needed levels of inventory in today’s changing marketplace.

The most important element in all of this is to identify your goals as an upscale jeweler and business person, and to develop a plan to execute on those goals with the greatest possible assurance of success. Some jewelers try to formulate a plan to do it on their own, but our experience over many years has convinced us that the greatest net return for jewelers can only be realized through the use of outside counsel and the professional support that comes with it. This is exactly what we do at The Gordon Company, and if we can help you in any way, give us a call and we’ll provide a free, no obligation consultation.

Sincerely,

Jeff Gordon

Over-Inventoried?

As an upscale retail jeweler, your biggest problem is a lack of liquidity due to excessive amounts of aged and under-performing merchandise. Nothing cripples your business more than dead inventory coupled with an inability to pay y..

As an upscale retail jeweler, your biggest problem is a lack of liquidity due to excessive amounts of aged and under-performing merchandise. Nothing cripples your business more than dead inventory coupled with an inability to pay your suppliers and relieve debt. Large initial supplier buy-ins contribute to this, but that’s only the start of the problem. Inevitably, most products will grow old in your store and accumulate over time. We know it. You know it. And it’s time to do something about it.

Traffic Down?

Your inventory is way up, but your traffic is way down. People are buying more online today, including jewelry. Mall traffic is off across North America, and malls are beginning to shift to destinations for unique eating and lifestyle experiences, not merely places to go to shop. A wave change is taking place, but you aren’t riding the wave. So what should you do?

Would you like your store to look like this again?

We Have The Solution

The answer lies in a well-orchestrated, professionally-run sale event that eliminates unwanted merchandise, creates needed cash flow, cancels out debt, creates abundant traffic, and gives you a fresh start with a significantly increased customer mailing list. Executed properly, this works without tarnishing your coveted store name and brand image, something that is paramount to every jewelry retailer.

The Gordon Company is the industry leader in store sale events for upscale retail jewelers and we would love to assist you. Our goal is to help jewelers stay in business, not to take them out.

 Visit us at both LUXURY and The JCK Show: LUX Lobby 1

 At COUTURE, we are a sponsor and will be attending.

 Also see our JCK Show presentation on Sunday, June 4th at 11am.

Nothing is more important than creating a healthy financial position for your ongoing business needs. We look forward to serving you.

 P.S. If you would like a confidential onsite or off-site meeting before, during, or after the upcoming jewelry shows, please contact our president, Ira Bergman, at 917.861.9607 or me, Jeff Gordon, at 305.216.7500.

Click here for this month’s must see video!

Sincerely,

Jeff Gordon

Marketing to the Affluent

If you receive my monthly messages, you already know you are in the upper echelon of independent retail jewelers. You worked very hard to get there, and as importantly, you want to stay there. But are you marketing effectively to t..

If you receive my monthly messages, you already know you are in the upper echelon of independent retail jewelers. You worked very hard to get there, and as importantly, you want to stay there. But are you marketing effectively to the upper echelon of consumers in your region? And have those same consumers changed their attitude about purchasing high-end jewelry?

A lot is made of whether people with significant amounts of disposable income want to flaunt it as conspicuously as in decades past. The Great Recession of 2008 had a major impact on consumer attitudes and caused people to rein in on spending for items of extravagance. But nearly a decade later, what has changed, if anything, from the challenges that all businesses faced coming out of the recession? Not that much. To be sure, luxury isn’t dead. But consumer attitudes have remained somewhat cautious and the idea of flaunting jewelry is part of that caution.

At The Gordon Company, our primary target audience is you, the upscale jeweler. We want to do everything we can to help you stay in business, and to thrive doing so. When I read that most affluent consumers have continued to suppress their conspicuous consumption, I see a direct correlation in the massive build-up of aged and under-performing inventory in our top clients. With the banks pulling credit lines from our trade – almost like we’ve been targeted – the need for liquidity in business has never been greater.

The resistance to doing a major sale event for most upscale jewelers like you is the worry about tarnishing your great brand name. That’s exactly why we take a sophisticated approach to customizing every promotional event. You market to the affluent, and so do we. If you need to dispose of unwanted merchandise – and I suspect you do – and want to raise cash, reduce debt, increase your mailing list, and start a new 12-month cycle fresh, then we have the answer.

Give us a call for a free, confidential, no obligation consultation. It is our pleasure to work with the affluent in our industry, just like you.

Click here for this month’s must see video!

Sincerely,

Jeff Gordon

It’s December Time to Make Your Year

If you’re like most upscale jewelers, you’ll do about 20% of your annual sales in December. This calls for pulling out all the stops and focusing on why you’ve been working so hard in 2017.

You’ve already done a lot of the heavy lif..

If you’re like most upscale jewelers, you’ll do about 20% of your annual sales in December. This calls for pulling out all the stops and focusing on why you’ve been working so hard in 2017.

You’ve already done a lot of the heavy lifting. Your Christmas brochure or mailer is out, you’ve stocked the showcases with what you need to have a banner month, and you have your staff in place and ready to sell.

Instead of dreading the long days and nights with less sleep than normal, you should be excited about what is about to take place in your store: triple the business than what you might do in a normal month!

Yet despite all the preparation you have done, the single most important thing that will foster a strong Christmas selling season is YOU! You are the glue that holds the store together. You need to be “upbeat” every day in the store. You need to motivate and encourage your staff to peak selling performance. And you need to lead by example because everyone keys off of your attitude and personal commitment.

At The Gordon Company, we often say that every day during one of our sale events is like the Christmas Season. The store is bustling with customers and the activity level is off the chart. So be glad that December is here and you can do business like no other time of the year.

Here’s wishing you the best selling season ever, and prosperous happy new year to come!

Sincerely,

Jeff Gordon

Is Bigger Really Better?

As an upscale jeweler, you know us as the professionals who help you run a unique, one-time sale event to dispose of your aged and underperforming inventory. And we do a great job at that. But I think few jewelers realize that we a..

As an upscale jeweler, you know us as the professionals who help you run a unique, one-time sale event to dispose of your aged and underperforming inventory. And we do a great job at that. But I think few jewelers realize that we are educators and counselors on how to operate your business more successfully long after we conduct a sale. We have an almost exclusive interest in helping you stay in business and thrive in the future.

The retailers who are suffering the most today are the department stores which have always tried to have the biggest footprint in a mall with the most inventory, the most employees, and a goal of keeping the customer shopping until they buy something. But as we all know, with the advent of the internet and mobile devices, retailing is changing rapidly. And this has most certainly spilled over to jewelry retailing.

In recent years we have seen a trend in upscale retailers to reduce store size and focus on quality over quantity, with select outside brands, custom one-of-a-kind pieces, and a strong “house” brand name and image. The idea, of course, is to re-invent the way you do retail, rather than retreat from it altogether. In other words, all jewelry retailers must find their niche, and quickly. So when we see our smartest upscale clients scaling back in size, creating greater selectivity, and focusing more on what they want to be to a new generation of refined jewelry consumers, we feel compelled to share it with you.

Bigger isn’t always better, and this has never been more evident to us than right now. So if you need advice on what to do next in your planning horizon, how to make a strategic change in business, or simply get a second opinion or assessment of your current situation, we would be pleased to help. Give us a call or drop us a line because we’re in business to keep you in business.

Click here for this month’s must see video!

Sincerely,

Jeff Gordon

Is Aged Inventory Weighing You Down?

Peter Smith, president of Vibhor, recently wrote an article that caught my attention. Titled “What If You Started Your Business Today?” it spoke to a lot of the issues retail jewelers face. But the part that stood out the most to m..

Peter Smith, president of Vibhor, recently wrote an article that caught my attention. Titled “What If You Started Your Business Today?” it spoke to a lot of the issues retail jewelers face. But the part that stood out the most to me was what Peter had to say about aged inventory being such a drain to every jeweler. Here are some excerpts from Peter’s message that are excellent reminders of what you must do to succeed in business today:

“You cannot afford to wait until the worst performing products in your store find a new home before fully implementing your strategy for your future. Your liquidation plan should be very aggressive and devoid of the emotions that sometimes makes it difficult to rid yourself of ‘old friends.’ There are, of course, other reasons why retailers struggle to rid themselves of old and/or non-performing inventory, including:

Not willing to take the loss from an aggressive liquidation through third parties

Ignoring the fact that your market has voted and that product isn’t getting any prettier

Not making the liquidation project a priority

Convincing yourself that you can wait it out until it sells through, and

Not wanting to disappoint vendors with whom you do business.”

I’m sure that what Peter wrote is not new to you, but it is something you should take very seriously. At The Gordon Company, our singular goal is to help you raise cash and meet your financial goals in a way that is best for you.

So lift the weight off your shoulders and contact us now to set an appointment for a free, confidential, no-obligation consultation. It just might be the best decision you make this year.

View this brief video testimonial here.

Sincerely,

Jeff Gordon

How is Jewelry Inventory like Cholesterol?

A jeweler’s inventory is a little like cholesterol. When jewelry ages and underperforms in your store, it causes a buildup that cripples your cash flow and keeps you from buying product you need at price points that are missing in ..

 jeweler’s inventory is a little like cholesterol. When jewelry ages and underperforms in your store, it causes a buildup that cripples your cash flow and keeps you from buying product you need at price points that are missing in your merchandise mix. Without a systematic method of purging jewelry items, this excess inventory can have a devastating impact on your business.

Most of us know that there is good cholesterol (HDL) and bad cholesterol (LDL). And we all know that if we have high blood cholesterol, we have a greater chance of getting coronary heart disease. To be healthy, we want to lower our bad cholesterol and increase our good cholesterol.

I’m no medical doctor, but I am a pretty good “doctor” of what ails your jewelry business. I know how good inventory contributes to great business and also how bad, dead, and aged inventory holds a business back, often to the point of constricting or even blocking profitability.

A high level of cholesterol usually has no immediate signs or symptoms that might alarm us. It’s there, but we really don’t feel it unless it manifests itself in some form of heart disease, often when it’s too late for us to do anything about it. And so it is with excess inventory until it becomes so high that it cripples our business and causes serious financial repercussions.

One tried and true method of coping with excess inventory is to run a sale event with professionals who know how to reduce aged inventory, maximize recovery value, and dramatically increase sales. And all this is done while building a customer base of 20-50% and protecting a store’s image, bringing peace of mind to owners and managers.

If this sounds too good to be true, it isn’t. Don’t wait to get a check-up. Just like with bad cholesterol, the build-up in bad inventory can cause significant problems to your business. Contact us. We have the solution.

Sincerely,

Jeff Gordon

Do You Use Professionals?

On occasion we hear comments from fine jewelers that go something like this: “I would never use a liquidator in my store. It would demean my image and the stellar brand name I’ve built over the years.”

OK, fair enough. But are profe..

On occasion we hear comments from fine jewelers that go something like this: “I would never use a liquidator in my store. It would demean my image and the stellar brand name I’ve built over the years.”

OK, fair enough. But are professionals like The Gordon Company truly “liquidators,” or are they business consultants, turnaround management experts, and sale event promotors? I would argue the latter.

A liquidator is a “stalking horse” that attempts to come in and sweep up your inventory for pennies on the dollar. We don’t do that. We don’t own any jewelry and all we want to do is help you dispose of your aged and unwanted inventory so you can monetize it at very respectable prices.

For this, we are considered the experts in our field. Each member of our team has decades of experience in the sale promotion business. That’s what we do and we do it extremely well. We’ve worked with the finest jewelers in North America and with our guidance they have kept their stellar reputations and coveted brand names unblemished.

So I would ask every jeweler another question. Do you use professionals in other areas of your business? Do you use an ad agency, PR company, or marketing firm to handle your advertising? Do you bring in a store or display professional to design a new location or handle your showcases? Do you use an attorney or CPA to review your contracts during lease negotiations or other changes in your business? I’m sure you do.

I believe strongly in using professionals in my own business who have expertise beyond my own capabilities in areas where I need help. I hope you do, too, because that’s how we get better at what we do. I would never tell you how to run your jewelry store. You’re a professional at that. But you likely aren’t a professional at inventory management and merchandise reduction, or you wouldn’t have dated and underperforming product burdening your cash flow and liquidity.

So let us help. Use a professional for what a professional is designed to do. The Gordon Company stands ready to help you eliminate your unwanted inventory and substantially improve your financial position.

View this brief video testimonial here.

Sincerely,

Jeff Gordon

Change Is In the Air

A recent article in National Jeweler referenced studies by The Knot and identified a drop in spending for both weddings and engagement rings last year. The Millennial’s focus on experience continues to buck tradition in ways that have many jewelers scratching their heads.

A recent article in National Jeweler referenced studies by The Knot and identified a drop in spending for both weddings and engagement rings last year. The Millennial’s focus on experience continues to buck tradition in ways that have many jewelers scratching their heads.

For instance, when’s the last time you attended a wedding in a church? Outdoor and destination weddings have become much more popular. It’s about the experience, even if it’s ridiculously inconvenient for those who have to travel to attend. It’s also part of the desire of Millennials to do something original, meaningful, and memorable – and post everything on Facebook and Instagram. I’m reminded of a friend who had to fly out of state and then drive two hours to attend a camp-out wedding and post-nuptial river-raft excursion. Certainly unique, but totally self-centered.

When it comes to engagement rings, the trend is most certainly on individuality, giving rise to more and more custom pieces. Young people want something different – something all their own. The use of colored gemstones is rising and, to the disappointment of many jewelers, so is the request for man-made diamonds as center stones.

But instead of criticizing, let’s analyze. What does all this mean to jewelers who have to adapt and change their focus in order to accommodate a whole new generation of buyers? What worked in the past may not work today, so what do you need to do to meet these changes head-on? Often it requires a paradigm shift.

One jeweler said it so well the other day. He became convinced that the direction of his business had to change, and when he reviewed his inventory, he found his merchandise to be totally out of sync with his new direction. He called us and asked what he could do. We held an inventory reduction sale event for him that cleaned out most of his aged and under-performing products, gave him a cash windfall that allowed him to buy new merchandise that fit with his new vision, and increased his mailing list by 30%.

If this is what you need to fit with your future vision, give us a call or drop us a line. We’d love to discuss the possibilities with you.

View this brief video testimonial here.

Sincerely,

Jeff Gordon

Building Your Brand Preserving Your Image

A brand is a promise, an expectation without compromise to the integrity of what you have built. A brand provides a specific belief in the minds of your customers. It’s the sum of the emotional and rational perceptions people have

A brand is a promise, an expectation without compromise to the integrity of what you have built. A brand provides a specific belief in the minds of your customers. It’s the sum of the emotional and rational perceptions people have about your products, your service, or your company. In jewelry, it’s all three. It’s what people expect from you. The brand never wavers. It guarantees a level of commitment that has your name on it.

Your brand isn’t a static creation that takes care of itself. It needs to be nurtured and developed, often requiring years to mature. And it must be maintained with extreme care and attention. For the upscale jeweler, nothing is more important than the brand you have built and the image you have created in your community. It took a long time to build that image, but it takes much less time to damage it.

So it is not surprising that we work especially hard to help our clients protect their brand and image in their community. We develop customized solutions for in-store sale events that respect the brand and image of every store. We create what we call “the sophisticated approach” to each event because nothing is more important than providing confidence and peace of mind to our clients.

Every jeweler has a story and that story creates a feeling of friendship and goodwill with customers. That feeling, that story, is what people believe about you. It’s what brings them in and keeps them coming back. We vow to protect that promise while delivering unmatched financial results for our clients.

If we can help you, it would be our honor and pleasure to do so.

Click here for this month’s must see video!

  Sincerely,

 Jeff Gordon

Are You Security-minded?

There have been a host of smash and grab incidents of late, and even more serious acts of violence in 2018. It begs the question of whether jewelers are as security conscious as they should be. Every year, fellow tradespeople are i..

There have been a host of smash and grab incidents of late, and even more serious acts of violence in 2018. It begs the question of whether jewelers are as security conscious as they should be. Every year, fellow tradespeople are injured or killed as a result of mistakes made during a robbery. Sometimes it is inescapable, but often it is a matter of being alert and ultra-conscious of your surroundings and any suspicious activity around you or your store.

Let’s face it, you come to work every day as a pattern of life and it is easy to think that your job is as normal as anyone else’s. But it isn’t. You are a jeweler working in an industry of very high-value products that can attract a criminal element unlike most any other trade. You need to have security on your mind all the time.

Here are some questions to ponder:

  • Do you vary your travel pattern to and from work on a regular basis?
  • Have you trained your staff on proper security procedures?
  • Do you review these procedures with them on a regular basis?
  • Are you a member of the Jewelers’ Security Alliance (JSA)?
  • If a member, do you review their recommendations and alerts as a normal course of action and share them with staff members?
  • Are you aware of incidents and criminal activities in other stores in your region?
  • Are you part of a network of other jewelers who can alert you to possible criminal activity nearby?
  • Do you carry a firearm or have one in your store? The JSA recommends against such use.
  • Are you aware of the very real dangers, especially upon opening and closing the store?
  • Would a buzz-in system or security presence be advisable?

These and many other security questions are worth considering. We are fortunate to work in a wonderful industry where we sell beautiful products to happy people on special occasions. But we also work in the face of potential danger every day. Mindfulness about security isn’t just a good idea. It’s vital to the health and well-being of your entire staff. Make security a priority for everyone—just as the jewelry at your store is precious to you, how much more precious is human life?

View this brief video testimonial here.

  Sincerely,

 Jeff Gordon