Hamilton Jewelers

Princeton, New Jersey

STRATEGIC STORE CLOSING EVENT

Hamilton Jewelers was founded in Trenton, New Jersey, in 1912. Irving Siegel, a former errand boy for a similar store, purchased the firm in 1927 for $15,750, payable in notes to the former owners. “Mr. Irving,” as he was known, stocked the simplest of items, such as silver dresser sets and cigarette lighters, to finer goods ranging from diamonds to pocket watches, all in a small storefront on South Broad Street. Together with his wife, Alice, they built a modest business working every day through the depression to establish themselves in the community. Today, Hamilton Jewelers is a prestigious firm run by the Siegel family, which sells the finest in high-quality diamonds and jewelry, as well as notable Swiss watch brands.

The Gordon Company Assignment & Scope of Work:

Hamilton Jewelers decided to close the Lawrenceville, NJ location to focus their business on the nearby flagship store in Princeton, NJ. The Gordon Company was retained to assist Hamilton management to:

Help close the Lawrenceville store and transition customers to the Princeton location
Liquidate more than $3 million of excess inventory and maximize the recovery value
Mitigate the potential adverse impact of the sale on the coveted Hamilton brand
Recommend an incremental pricing strategy to maximize cash flow from the sale
Design and develop a customized marketing and advertising strategy for the store closing
Manage, analyze, and control the sale in order to react quickly to possible market changes
Effectively manage issues related to marketing agreements with designer and Swiss watch brands
Prepare comparative analytic reports on budget to actual, discounts and margins

The Gordon Company Accomplishments:

Provided productive, supplemental merchandise to fit perfectly with the Hamilton brand
Exceeded original sales projections and surpassed inventory liquidation goals without negatively affecting sales in nearby Hamilton non-sale stores
Expanded the company’s customer base, and increased the direct mail and email lists

SPECIAL UPDATE

Due to the success of the sale, many of the Lawrenceville customers now shop at the Princeton store. This includes a number of new customers who had never before shopped at a Hamilton store.

“Because we did not want to tarnish the reputation of our Princeton store when closing the Lawrenceville location, we chose The Gordon Company to guide us through the process. They knew exactly how to approach the situation and carry out the event without affecting the business of our other store. We could not be happier with the results.“ -Hank Siegel