Revionics and Nielsen integrate pricing data, technology
Roseville, Calif. – Revionics, Inc. and Nielsen Holdings, N.V., have signed a multi-year global strategic alliance agreement which will integrate Nielsen Pricing Insights with Revionics Life Cycle Price Optimization solutions. The alliance brings together Nielsen competitive market data with demand-based predictive analytics to help retailers quickly make data-driven pricing changes at enterprise scale to capitalize on competitive marketplace conditions.
The initial solution, which is immediately available, integrates Revionics Price Optimization and Nielsen Pricing Insights. This combined solution is designed to provide enhanced visibility into a retailer’s competitive pricing environment and Key Value Items (KVIs) at a local level. Through the alliance, Nielsen will provide Revionics with Nielsen Pricing Insights, which provides granular information to show specific price points that consumers are paying and the volume sold at those price points in the competitive marketplace.
Revionics Price Optimization integrates Nielsen Pricing Insights to weigh the importance of the individual prices along with other optimization engines and business rules. Revionics Price Optimization infused with Nielsen Pricing Insights aims to allow retailers to adapt to marketplace changes quickly and stay more competitive.
Additional solutions will be available in 2014.
D.C. Council upholds mayor’s veto of ‘living wage’ bill
Washington, D.C. — The D.C. Council failed on Tuesday to overturn Mayor Vincent Gray’s veto of the proposed “living wage” bill. According to Washington Business Journal, only seven of the required nine district councilors voted to override Gray’s veto of the Large Retailer Accountability Act.
National Retail Federation (NRF) senior VP for government relations David French issued the following statement:
"Plain and simple, the city council’s vote to sustain the mayor’s veto of the Large Retailer Accountability Act is a victory for D.C. jobs and the D.C. community. Just as important, today marks a clear defeat for the special interest groups that sought to advance a narrow political agenda without regard to the legislation’s impact on current and future D.C. residents. No industry, and certainly no company, should be singled out by union organizers. D.C. needs retail as much as retail needs D.C.”
Yesterday, D.C. District Council members introduced several proposed bills to raise the overall minimum wage for all employers in Washington, D.C., to hourly levels ranging from $10.25 to $12.50. The current hourly minimum wage in the district is $8.25.
The living wage bill, initially adopted in July 2013, would have required retailers with a minimum of 75,000 square feet of retail space in Washington, D.C., whose parent company earned at least $1 billion in annual revenues to pay a minimum hourly wage of $12.50, not including benefits. Retailers with collective bargaining agreements would not have been covered by the bill.
Toys “R” Us loss triples in Q2
Wayne, N.J. — Toys "R" U widened its loss in the second quarter on lower sales at its stores in the United States and Europe. The company reported a loss of $113 million, compared with a year-earlier loss of $36 million.
Net sales for the quarter, ended August 3, dropped 6.9% to $2.38 billion. Same-store sales declined 3.5% in the U.S. and 3.8% abroad. The retailer attributed the decline primarily to decreases in the juvenile and entertainment (which includes electronics, video game hardware and software) categories.
Interim CEO Antonio Urcelay said the retailer is “intensely focused” on finalizing plans for the holiday season to ensure it is well-positioned to compete.
“We believe that the initiatives we have recently announced in the U.S., including an enhanced Price Match Guarantee and a comprehensive suite of programs to encourage early buying, in combination with our expertise in the identification and ownership of the hottest toys, will strongly appeal to consumers as they develop their holiday shopping lists,” he said.