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Jewelry Auctions Help Move Old Merchandise
December 28, 2006
On a recent trip to a strip mall near my home, I observed a banner display advertising a three-day silent auction at Lester Martin Jewelers. I stopped into the store to find out more, and vice president, Martin Pearlmutter, told me the reasons for his auction: to move dated merchandise and to donate funds to a local school.
To accomplish his goals, Pearlmutter placed 270 pieces of old merchandise in store cases, pricing most items at the wholesale cost, give or take. He charged a $5 per-item fee just to bid, and those monies went directly to the school, in addition to 10% of total revenues from the event. Pearlmutter told JCK that if he “moved half of the merchandise at the opening bids,” he’d be happy. Advertising consisted of spots in a local, free shopper’s guide, lawn signs placed along nearby, heavily trafficked roads, post cards mailed to 7,000 homes, and nearly 800 emails.
Day-by-day bids were as follows: 36 bids on the first day, 71 bids on day two, and 125 items with bids on day three. After the auction ended, the jeweler made a $2,000 donation to the school. Pearlmutter said he’d consider trying the auction again, but perhaps with a different charity that hits a little closer to home. All in all, the buzz created from the event was good, helped ring up sales even after the auction ended, and “gave us a good November,” says Pearlmutter.
Shown in the photo from left to right is Martin Pearlmutter, vice president, and Lester Abramson, president, Lester Martin Jewelers, Flourtown, Pa.
Posted by Jennifer Heebner on December 28, 2006 | Comments (1)
