Frederic Goodman Jewelers

Upper Montclair & Summit, NJ

GOING OUT OF BUSINESS EVENT

 

Rowland D. Goodman established his jewelry store in Newark, New Jersey in 1932. Goodman’s guiding principles of treating customers with loyalty and respect became hallmarks of his service to the community. This led to opening more stores in New Jersey and New York City and fostered prosperity for the firm.

As the jewelry business evolved, Rowland was joined by two generations of Goodmans, and the business became a classic American Dream a highly successful family business. After serving the region for all those decades, the family decided to close its doors and contracted with The Gordon Company to conduct its Going Out of Business Sale.

“We selected The Gordon Company based on their reputation in the business. We were so glad we did.” -Gary Goodman

Sale Event Details

The Goodmans had two stores in New Jersey in the cities of Montclair and Summit. Both stores needed to be completely liquidated of owned inventory simultaneously, which necessitated a clearly thoughtout strategy and a highly coordinated effort. It was decided to conduct the sale during the holiday season for maximum value to the owners, and the sale event was very successful.

“We could never have done our sale without The Gordon Company and their dedication to the process. Their attention to detail and vast experience was truly appreciated.” – Gail Goodman

Sales Results Were Outstanding:

• Projected sales for the event were exceeded by over 31%
• Actual gross margin on client goods of 26% greatly exceeded the projected figure of 4%
• Actual owned inventory sales during the event were 221% over the same projected figure
• Total sales for the event period were 2.74 times greater than the me period in the prior year
• Controlling the discount on client goods allowed the Goodmans to retain much more cash than expected
• Over 20% of the customers during the sale were new customers to the stores

“From our pre-meetings to the marketing plan to the impact on our staff to the financial goal we exceeded, none of this could have been achieved without the help, support, and careful guidance of The Gordon Company. We couldn’t be more appreciative.” -Gary Goodman