Summary Hallstead Jewelers - With expansion being...

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Over the past 83 years, Hallstead Jewelers grew from a modest startup to one of the largest jeweler and gift stores in the United States. Customers came from throughout the region to buy from extensive collections in each department. Any gift from Hallstead’s had an extra cache attached to it as they were known for having the best. Over the recent years the principal shopping areas shifted two blocks west but Hallstead’s remained at its original location relying upon reputation and selection to continue drawing customers. However, around 1999, sales became stagnate and profits started to slip. In 2002, the founder’s son died and the store was inherited by three siblings. Two of the siblings, Gretchen Reeves and Michaela Hurd, assumed management roles within the company and made several changes in an effort to revitalize the store back to its full glory. Hiring a consultant, they were told they needed more space and a fresh new look.
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Unformatted text preview: With expansion being impossible at their current location they decided to move the store’s location closer to the popular shopping areas, expanding it by 50% and made changes in product offerings that more sales potential. This move resulted in a five-year lease as well as extensive and expensive renovation and build-out. During the year it took to complete the Hallstead’s renovation the industry started showing major changes toward internet based jewelry sales. Tiffany & Company, a business with an origin much like Hallstead Jewelers, grew into an international powerhouse. At the same time, a start-up internet seller, Blue Nile, became the second largest diamond seller in the U.S. Now the sisters fear that they are missing something and want to figure out what has happened to their family business. The sisters have put some questions together for their accountant to analyze to help them make changes to their current company model....
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