Mednikow Jewelers

Memphis, Tennessee

INVENTORY REDUCTION & CASH RAISING EVENT

 

Jacob H. Mednikow founded the store in his name in Memphis in 1891. Five generations later, Bob Mednikow and his son, Jay, grew the company significantly and began expansion. When the newly built Atlanta store experienced a severe downturn in 2008, the Mednikows decided to close the store. They chose The Gordon Company to conduct a fully integrated sales event to maximize results while protecting the Mednikow name because they eventually wanted to reopen the business. The sale event was enormously successful financially and disposed of all aged and unwanted inventory.

When the economy bounced back, the Mednikows reopened in the Atlanta market in 2013 with tremendous traffic, incredible sales, and their coveted reputation. With stores now in Atlanta, Nashville, and East Memphis, it was time to run another sale event, this time in Memphis. The results were again outstanding, and the Mednikows’ continued belief in The Gordon Company paid off handsomely.

“Having worked with The Gordon Company several years earlier, I knew they were well-qualified to conduct another sale event for me. In the years between our last engagement, they had refined their methods to the point that I cannot imagine entrusting my brand to any other sales consultants.” – Jay Mednikow

The Gordon Company Assignment Was Three-Fold:

• Sell the preponderance of the store’s aged inventory to generate cash to pay down bank debt
• Protect the stellar brand name of the store throughout the sale event and beyond
• Build a more up-to-date and expanded customer base

“I knew we had to eliminate a lot of dated and underperforming inventory, and we did. But I wasn’t counting on the kind of traffic and new customers I would generate from the sale while also protecting my brand name and image.” – Jay Mednikow

The Results

• Of the total sales, over 87% were the client’s original inventory
• The event generated over three times the sales compared to the same period the year before
• 27% of the customers who made purchases, over 500, were entirely new to the store and would be added to the client’s customer base for future ongoing sales and marketing

Here was Jay’s concern: “What if I throw a party and no one comes? Until the party starts, the host is never sure. Well, the ‘party’ orchestrated for us by The Gordon Company exceeded all expectations. In our first three days, the guests arrived steadily, and I knew I had made the right choice for a consultant…..again!!”

But Jay continued, “Ironically, I was disappointed by the slower traffic at the beginning of the second week of our event until I looked at the projections and realized they were spot on. There is a science to this kind of sales event, and The Gordon Company is a master of the science. The store was mobbed by the weekend, and there was no need to worry again.”