Harold Stevens Diamond & Jewelry Studio

San Diego, CA

RETIREMENT & GOING OUT OF BUSINESS EVENT

Harold Krasner began his journey in the jewelry industry along with his wife, Joy, in downtown San Diego in 1979. A second-generation jeweler, Harold was born and raised in South Africa, so diamonds were part of his passion and his DNA. His initial business was as a manufacturing jeweler and diamond importer, but he later branched out to become an upscale retail jeweler offering fine diamonds, popular brands, and exquisite jewelry to the local community. After four decades of hard work and service to the industry and the public, it was time to retire and monetize his extensive inventory of quality merchandise.

“When we decided not to renew our lease and call it quits, we interviewed specialists in the store closing space and selected The Gordon Company as the best firm for us. Their experience with high-end upscale jewelers swayed our decision, and they did not disappoint.” –Harold Krasner

The Gordon Company Marketing Plan

Historically, the majority of advertising spend for Harold Krasner was in the online, digital area, so the traditional use of Gordon Company tactics – significant print and unique promotional materials – was yet untested by Harold’s store. This said, the marketing plan was enormously successful, driving unprecedented traffic to the store and yielding new customers who had never been to Harold Krasner. Most importantly, The Gordon Company’s marketing plan produced amazing financial results.

“In the first 10 days of our sale, we added 34 new customers who purchased over $121,000 in jewelry. I almost couldn’t believe the incredible start we had to the sale event.” –Joy Krasner

An Interesting Challenge

Unlike most jewelry stores, Harold Krasner was located in a non-traditional setting, on the ground floor of a high-rise office building in downtown San Diego. An additional complication was that there was no entrance to the store from the outside street. Customers had to enter the office building lobby, and then enter the store. The Gordon Company plan was able to accommodate this challenge and exceed all projections in spite of it.

Sale Results Were Outstanding

Total sales for the event exceeded projections by over 16%
Gross margin on client goods exceeded 40%, a remarkable figure
Actual owned inventory sales exceeded projected figures by more than 10%
Total sales for the 69-day event period were 4.69 times greater than the same period in the prior year
Sales during the event period exceeded total sales in any one of the previous four years
The number of transactions during the sale period exceeded the same time period during the previous year by over six times
New customers were a huge part of the success of the sale event. 260 new customers were recorded with sales that represented 33% of total sales
The average transaction price for existing customers was $2,703, but the average transaction price for new customers was $4,038

“My goal was to monetize the majority of my existing inventory. Not only did we achieve that goal, but the margins we achieved exceeded my wildest dreams. I am so thankful for The Gordon Company and their expert team of professionals.” –Harold Krasner