Merry Richards Jewelers
Glenview, IL
STRATEGIC STORE CLOSING EVENT
Merry Richards is a fine, family-owned, independent jewelry retailer founded in 1985 on Chicago’s historic “Jewelers Row.” Over the years, the firm expanded from its original Wabash Avenue store into Oak Brook Terrace and Glenview in the Chicago area. Specializing in the high-end, Merry Richards carries a wide selection of custom designer jewelry and watches to cater to its upscale clientele.
Merry and Richard Cheng personally travel to the major diamond cutting centers around the world and meticulously select only the finest cut diamonds for their customers. Their insistence on providing exceptional quality is what has inspired their lifetime commitment to excellence.
“The Gordon Company came to us highly recommended, but I didn’t realize just how professional they would be. There is a stigma in doing a major sales event, but not with The Gordon Company. They were superb in every way.” – Merry Cheng
The Gordon Company Assignment:
Faced with a declining market in the Glenview area, the family decided to conduct a strategic store closing event. The goal was to close the Glenview store over the holiday selling season and to liquidate the vast majority of aged and under-performing merchandise from both stores. But it would have to be done without affecting the fine name and reputation of their flagship Oak Brook store and without the use of their Oak Brook mailing list. The Gordon Company goals were very specific:
- Monetize the client’s unwanted inventory with the greatest return on investment possible
- Protect the family’s coveted brand name and reputation in the greater Chicago area
- Assist management with a successful sales event that would meet the firm’s strategic objectives
- Provide a supervisory team that would work seamlessly and with synergy in concert with the company’s long-term staff
- Create a dynamic marketing and advertising campaign that would draw customers from the greater Chicago area
“The Gordon Company marketing plan was very different than what we would have ever conceived on our own. Their direct mail program was outstanding, and the billboard truck was innovative and highly successful in drawing customers to the store.” – Richard Cheng
The Accomplishments:
- Total projected sales, as well as projected gross margins on the client’s goods, were exceeded
- Actual owned inventory sales during the event were 127% of the projected amount
- Sales for the 60-day period were nearly 3.3 times greater than for the same holiday period the previous year
- Over 40% of the customers who purchased were new to the company
“Initially we were skeptical about reaching the lofty goals that The Gordon Company had set, but we were pleasantly surprised. It was equally amazing how they predicted weekly sales numbers with such uncanny accuracy. Thank you Gordon Company!” – Merry Cheng
