Lester Lampert’s Iconic Relocation
Chicago, IL
STRATEGIC STORE RELOCATION EVENT
When a high-end retail jewelry store has never conducted a sale in its 96-year history, there is a natural tendency to question the decision to do so. But Lester Lampert, an iconic brand in the greater Chicago area, believed that The Gordon Company should hold such an event and lauded their performance and results.
In Lester Lampert’s words, “We learned that it is possible to maintain our upscale image and trust with our existing clients while conducting such a sales event. It was something I was never in favor of because I thought it would undermine our philosophy and luxury brand name. But it did nothing of the kind, mainly because of the superb handling of the sale by The Gordon Company. They knew how best to lead and manage the event and did so with great care and precision.”
“The sale was conducted beautifully and professionally by our Gordon Company representative. He was a perfect fit for us and embraced our business philosophy and style. He was intelligent, knowledgeable, and interacted with and motivated our staff every day. Each phase of the sale went smoothly, and we were always kept well-informed and had final approval on all aspects of the event.” – David Lampert
The Gordon Company Assignment and Execution Plan:
- Conduct the sale event with the utmost integrity and protect the luxury image of Lester Lampert
- Dispose of old inventory and bring in additional quality products to supplement the needs of the merchandising mix
- Create a pricing policy for owned and augmented merchandise that would complement the stated goals of the company
- Increase cash flow to support the design and development of new branded merchandise
- Implement a strategic plan to ensure the sale of big-ticket items, which were typical for the store and necessary in order to reach the targeted sales goals
“The Gordon Company’s marketing and advertising of the sale worked extremely well, and we now have a much better idea of the plan to use to attain the best return on investment for our business in the future.” – David Lampert
The Results Were Remarkable
- Over the two-month period of the sale, total sales increased 218% over the same time period in the previous year
- Projected sales of owned inventory (already a very big number) exceeded by 64%
- Importantly, nearly three-fourths of all owned inventory was sold during the event period
- Ticket sales totaled 501, with new customers representing 26% of all tickets, or 132 new individuals
“We were able to eliminate most of our old merchandise and make money doing it, instead of melting products down and taking a substantial loss.” – Lester Lampert
