This Store is Smoking!

Perry’s Emporium is Smoking!

“Ten years ago we almost lost it all”, Alan Perry shared with me the other day, “ Our bookkeeper had failed to pay payroll taxes and it almost cost us the entire company. It was a true corporate disaster. We basically had to start over. It humbles you. It also teaches you…and believe me brother, I don’t make the same mistakes twice.” Today Alan Perry presides over one of the fastest growing fine jewelers in the country, Perry’s Emporium Fine Jewelers in Wilmington NC and a member of the Ideal marketing Group since fall of 2009. In the last twelve months ( through Oct., 2010) Perry’s Emporium is up over 31%. In November sales exploded up over 47% ! Alan’s team projects sales could top $1 million in December alone.

Best people, best practices

How did he do it? “ We started from scratch and learned the business all over again from the best minds in the industry” Alan explained. Alan started with his shop, hiring David Geller to put profit back in his repair department. Then Alan joined BIG ( Buyers International Group) and really learned from Abe Sherman how to drill down and manage inventory. “I track gross profit like a hawk today thanks to Abe” Alan continued, “ but probably the best thing I did was join our FIT Group. There are 10 other great jewelry stores in our group, from all over the country, and I learned so much…good and bad. If you just pick up the best ideas and really put them to work in your store you would be amazed at how fast you can improve.” One of those “Best Ideas” was Freshley Media. Several stores in Alan’s FIT Group had great success with us and Alan knew he needed an ad agency who really could produce results by building his Bridal and Diamond business. “ I had heard for years about you and how great your radio ads were. It has been explosive. The radio has been a key factor in our growth. Our loose diamond and bridal business increased over 62% in the first year alone! That’s amazing! You simply can’t find marketing talent of this caliber on a local level.” Alan concluded, “ You know what I tell other stores? Don’t be afraid or too pride full  to reach out to the best minds in the business. They want to build your business as badly as you do!”

Invest in retail growth

What makes Alan’s success so significant is that through his corporate near death experience, he learned that you have to continually invest in the future. Success is sweet but it can also be short lived if you are not smart about it. When the Gold Buying business exploded a couple of years ago, Alan was on top of it, becoming the largest buyer of gold and estate jewelry in Eastern North Carolina. His folksy, straight forward, down to earth TV ads brought people through the door in droves. But instead of squandering this new revenue stream, Alan has been building his retail fortress for the battles ahead. “ Hey, I know this gold train isn’t going to run forever. It’s huge for us, but at the end of the day, folks come to us to sell they’re gold because we are a fine jeweler and not a pawn shop or some sketchy dude in a hotel. It’s all about trust and really giving people their moneys worth” Alan passionately explains, “ Sellers today will be buyers tomorrow. That is why we continue to invest and build our retail side. One feeds the other!”

Hire well and train even better

True to his word, in the last 6 months, Alan has doubled the size of the store and tripled the size of his bridal department. In the last four years he has gone from a staff of 8 to a full time staff of 17 and he doesn’t scrimp on training. Alan’s staff training regimen includes HOFU and trainers like Brad Huisken and Shane Decker. “ We’ve gone from a local jeweler on the brink of death, to  a serious regional player. It’s been a lot of hard work, but it’s also been fun. I have a great team here.” Alan concludes, “I have truly, truly been blessed…now lets have a cigar!” “Yes shall we” I eagerly replied.