Stein Mart picks Oracle retail solution to maintain Fresh Merchandise
07 Oct '05
3 min read
Retailer Looks to Improved In-Season Inventory Management and Regional Pricing to Achieve a Better Understanding of Customer Demand.
Oracle announced that Stein Mart has selected the Oracle Retail Price Optimization solution to enhance markdown decision- making throughout its more than 250 stores in the United States. This decision will further enhance Stein Mart's ability to maximize profitability by maintaining the freshest inventory possible in its stores, which offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains.
Stein Mart aims to provide everyday value for its customers and fresh assortments each time they shop. To enable the retailer to achieve this goal, the Oracle Retail Price Optimization solution will help increase the timeliness, predictability and efficiency of markdown decisions. Stein Mart will also use the Oracle solution to implement a regional pricing strategy to better understand customer demand of individual items, by location.
'Regional pricing presents a significant opportunity for them,' said Stein Mart President and CEO, Michael Fisher. 'The ability to make pricing decisions according to local customer preferences will enhance the shopping experience for their customers and contribute to their overall goals of improved store productivity.'
'Aligning merchandise decisions to demand and item-level performance will enablethem to keep their inventory current and provide fresh merchandise for their customers,' said Stein Mart Vice President of Planning and Allocation, Roseann McLean. 'This will also help them to better understand the impact of their pricing decisions on financial performance.'
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