Alvin Goldfarb Jeweler – Store Closing Sale
Alvin Goldfarb Jeweler was a multi-generational, family-owned luxury jewelry business founded by Alvin Goldfarb in 1980 in Bellevue, Washington. Its roots stretched back to 1879, when Alvin’s great-great-grandparents opened a general store in Seattle that evolved into Friedlander and Sons, a family jewelry business managed across generations. Alvin’s father also worked in jewelry for more than two decades before Alvin established his own store. By the time his son, Steven Goldfarb, became president in 1996, the company had become a cornerstone of fine jewelry in the Pacific Northwest, known for quality, integrity, and community involvement.
Time to Retire
After enjoying a fabulous career in the business, Steven Goldfarb knew it was time to retire and close the store, but he insisted on doing it right. After all, he had dedicated a lifetime to his business and to his community and wanted to uphold the integrity that had been a hallmark of his multi-generational family. In preparing for its closing, Steven turned to The Gordon Company to ensure the process was managed with both dignity and strong financial results.
“I knew The Gordon Company would run a successful sale that would uphold the vision and reputation of my company. What I didn’t realize was just how successful the financial results would be.”
-Steven Goldfarb
The Financial Results
The 61-day sale, held from July 22 through September 20, was projected to generate $8 million in sales, close to a year’s worth of business. The final results significantly exceeded expectations. Total sales reached $14 million, well above the original projection. Weekly flash sales demonstrated steady momentum, with multiple million-dollar sales periods and a peak of nearly $ 4 million in one week, and nearly 2 million on the first day alone. By the close of the event, more than 95% of original inventory was sold, and augment inventory contributed substantially to overall margin.
“Our sales supervisor could not have been better. She fit in with my team perfectly and the sale would not have been nearly as effective without her.”
-Steven Goldfarb
In Summary
This case illustrates how a family business with nearly 150 years of history can close its doors on a high note through careful planning and professional execution. The Gordon Company’s sophisticated approach allowed Alvin Goldfarb Jeweler to not only surpass its financial goals but also honor its legacy of quality, integrity, and community commitment. By blending generational heritage with disciplined sale management, the closing event became a celebration of the Goldfarb family’s contributions to the Seattle region while delivering a record-breaking $14 million in sales.
“We did well over a year’s worth of business in only two months. The overall success of our event was completely attributable to our staff’s hard work and The Gordon Company’s know-how in advertising, marketing, management, and sales execution.”
-Steven Goldfarb
