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Unformatted text preview: Running head: HALLSTEAD JEWELERS 1 Hallstead Jewelers Daniel Romero Richard Schultz Marie Shankland Christine Sutton Florida Institute of Technology Running head: HALLSTEAD JEWELERS 2 Hallstead Jewelers I know that Hallstead Jewelers was founded 83 years ago by your grandfather and he grew the store from a modest startup to one of the largest jewelry and gift stores in the United States. He also nurtured the reputation that any gift from Hallstead had an extra cache attached to it, as Hallsteads was known for having the best. Your father took over store operations when your grandfather passed just as you two did in 2002 when your father passed. Since I have been the accountant for the business for quite some time I know that since 1999 sales have become stagnate and profits have been slipping. I also know that the main shopping area has shifted two blocks west but Hallsteads had remained at its original location. After hiring a consultant, you were told that Hallsteads needed more space and a fresh new look and with expansion being impossible at your original location you decided in 2005 to move the store closer to the popular shopping areas. With this move you expanded the store by 50% and made changes in product offerings that had more sales potential. This move has resulted in a five-year lease as well as extensive and expensive renovations and build-outs. During the year it took to complete the move and renovations the industry started showing major changes toward internet based jewelry sales. Now you fear that you are missing something and want to figure out what has happened to your family business. You have put together some questions for me to analyze to help you make sense of what has happened and to make changes to the current company model so that...
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This note was uploaded on 05/15/2011 for the course BUS 3650 taught by Professor Collins during the Spring '11 term at FIT.
- Spring '11