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Peter Feigenbaum
Talent Leader & Director, Other Professionals
Peter Feigenbaum has more than 30 years of experience in retail performance improvement, turnaround, and restructuring services across a wide variety of companies and industries.
Holly Ollier
COO & Senior Director, Other Professionals
Holly Ollier has a 30 plus year proven track record delivering revenue growth and profit improvement for employers and clients.
William Snyder
Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
- Created revised purchasing plan
- Developed a bricks and clicks segment strategy
- Inventory management improvement plan
The client is an omnichannel mall retailer with several hundred stores across North America. Several years of declining sales led to 300+ stores closings while the online business grew to approximately 1/3 of the sales. The CR3 team took four weeks to complete an assessment and issue a report to management. Utilizing a revised purchasing plan, the client successfully met sales goals for the season. CR3 followed up with a segment analysis which revealed a potential strategic plan for a bricks and clicks strategy that had not been previously explored, developed a detailed plan around the improvement of inventory management, and oversaw pursuit of these plans.
The Situation
- Omnichannel mall retailer with several hundred stores across North America - specializes in personalized gifts and engraving
- Several years of declining sales led to 300+ store closings, though online business was robust and had grown to approximately 1/3 of the sales
- Major consulting firm assisted in a complete restructuring of operations and the balance sheet, yet one year after the restructuring, the downward trend had not been reversed and in some areas had accelerated
The Work
- Financial Advisor
- Performed assessment of liquidity, current year business plan, evaluated store, merchandise and promotional initiatives, inventory productivity, marketing efficiency and segment profitability
- Completed four-week assessment and issued a report to management which contained findings, conclusions, recommendations and milestones
- Client went on to implement most of the recommendations with the approval of the Board of Directors
The Results
- Utilizing the revised purchasing plan, client successfully met sales goals for the season
- CR3 followed up with a segment analysis which revealed a potential strategic plan for a bricks and clicks strategy that had not been previously explored
- CR3 developed a detailed plan around the improvement of inventory management and oversaw pursuit of the plan
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