Levys Fine Jewelry
Birmingham, AL
INVENTORY REDUCTION SALE EVENT
Levys Fine Jewelry is a well-known and respected multi-generational fixture in downtown Birmingham, Alabama. As one of the biggest buyers of fine estate and period pieces in the Southeast, it had accumulated a unique inventory of incredible size, diversity, and interest. But it was faced with a daunting dilemma.
The principals were in their 99th year of existence and wanted to reduce inventory levels in preparation for their 100th Anniversary the following year. Levys always offered great every-day pricing to their clientele and had never before run a sale. How were they going to accomplish their objective while keeping true to their decades-long mantra of offering the very best pricing to their loyal clientele and to the community at large?
Strategy Formulation:
The principals were then introduced to The Gordon Company and found a company with a reputation for quality and integrity that matched theirs. The Gordon Company helped the Levy principals formulate a strategy that would accomplish three key goals:
- Reduce inventory levels by clearing out aged merchandise
- Prepare for their 100th Anniversary celebration events the next year
- Give back to their clients and the community with magnificent jewelry savings
The decision was made to have what they called, “The Sale of the Century” Event: The Only Sale in Their 99-Year History! Long-known for their downtown roots, friendly family service, and exquisite vintage jewelry, Levys planned to give back to the community in the only way the family felt they could, by offering a unique, one-time savings on top of their already low pricing on estate and modern fine jewelry.
“We have always prided ourselves in creating a family atmosphere in our store and we needed to keep that. The Gordon Company helped us maintain our stellar reputation throughout the sale, and we are very grateful for their help.“ -Charles Densburg, Managing Owner
Sales Results:
This was an unusual sale, not only because it was considerably shorter than a customary Gordon Company sale, but because it was conducted in the weeks immediately after Mother’s Day and concluded before Father’s Day. In fact, the sale was actually shortened a week earlier than originally projected because the numbers had already exceeded the sales goal.
- In only 35 sale days, the sales projection was exceeded by over 10%
- Actual dollar sales equaled half of the store’s average annual sales
- Total sales increased more than 3.84 times over the same period in the previous year
- A much higher gross margin was achieved than projected, increasing net cash retrieval for the client
- Nearly 500 new clients were added to their customer relationship management system
- In addition to about 48+ tickets being produced per day, 1,695 high-end pieces were sold in total during the sale, ultimately reducing inventory levels to the targeted number
“Our coveted jewels span the eras of Victorian, Edwardian, Art Nouveau, Art Deco, and Retro, making our merchandise second to none in the southeast. The Gordon Company supervisor who worked with us understood the uniqueness of our business and did an outstanding job.“ -Rhoda Denaburg Link, Co-owner
