How a jeweler boosted sales while relocating his store.
Jim Morgan’s new store location wasn’t peforming well despite an influx of capital,
and now funds for holiday inventory were scarce.
Morgan Jewelers [Newman, GA]
Jim Morgan, owner of Morgan Jewelers in Newnan, Georgia, contacted Silverman Consultants to assist with a relocation. The company, which has been in business for 40 years with an annual volume of $900,000, moved into a new open air mall in 2007, but had found that there was little foot traffic near the end of the mall where they were located.
Silverman was asked to assist in running a promotion for the store’s move to a better location near the center of the mall. However, due to having invested a great deal of capital in the new location, Morgan Jewelers did not have enough funds to purchase fresh inventory for the 2009 holiday season.
After reviewing the store’s sales budget, Silverman and Morgan decided to run a promotion without the additional expense of a supervisor. The team at Silverman agreed to this based on their past relationship with Morgan, and supplied much of the needed merchandise on a consignment basis in order to free up capital.
Silverman also assisted in formulating marketing ideas to generate traffic and sales volume. The result was a successful relocation event that led to substantial increases in sales volume and a profitable holiday season.
Silverman continues to assist the client with merchandise needs, and Morgan Jewelers started 2010 very strong.