Frederic Goodman Jewelers

Brockton, ΜΑ

INVENTORY REDUCTION & CASH RAISING EVENT

 

Romm Diamonds is the Boston MetroSouth’s oldest family jeweler. Founded by Alexander Romm in 1900 on Center Street in Brockton, MA, he came from a European family with roots in the jewelry industry going back to the year 1700. A third generation jeweler, Alexander Romm Rysman, took charge in 1986 and in 1993 moved to a splendid new location at 1280 Belmont Street, adjacent to Route 24.

After many successful years of operation, Alexander saw inventory build to levels that required a significant sale event to monetize aged and underperforming merchandise and to prepare for a well-managed future by re-merchandising the store for what today’s customer wanted.

“I was trained by my father and uncle who entered the jewelry business after World War II. Building inventory was always viewed as good because it would gain value through inflation. Armed with my point of sale system and the knowledge gained about inventory turn and aged merchandise, it didn’t take me long to realize what an anchor old inventory was to my business.” – Alexander Romm Rysman

The Gordon Company Singular Focus:

• Quite simply, the main goal of this sale event was to liquidate as much aged inventory as possible to allow ownership to gain the cash needed to re-merchandise the store

“Thinking I could do it on my own, in the past I tried various ways of getting rid of unwanted inventory, but nothing I did made a dent. After selecting The Gordon Company, I was amazed at how well-organized and detailed they are in their preparations and execution. Their game plan went well beyond what I expected and I couldn’t be happier with the results achieved.” – Alexander Romm Rysman

Ending Results:

• The gross margin on owned inventory and augment merchandise exceeded projections.
• Sales during the event achieved a 2.66 times multiplier over the three-year average sales for the same time period even while selling aged merchandise.

“The success we achieved with The Gordon Company has added multiple values to my business. Not only did we succeed in selling so much aged inventory, we gained in foot traffic, added customers, and an increased mailing list. In addition, what I learned from Gordon Company management will serve me well for many years to come.” – Alexander Romm Rysman