SimplexDiam, well-known for its closeout business, has introduced a consulting division that now offers retailers an à la carte menu for building, running, and advertising promotional events.
For retailers of fine jewelry who want to hold an anniversary sale, retirement sale, or an event simply to unload stale inventory, Darren Fries, director of SimplexDiam’s 9-month-old division, has a few tricks up his sleeve. Having helped retailers run these events for the past 23 years, he creates the advertising, adds well-priced inventory from SimplexDiam to fill in any holes, and assigns a consultant to physically remain at the store leading up to, and for the duration of, the event. “Prior to each event, I build projections based on the history of each business and the type of event it is. I can determine how much volume we can produce as well as inventory and profit margin expectations,” says Fries, adding that he has an 85 to 90 percent accuracy rate. “If they like what they see, we coordinate an event.”