Victoria Supermarkets and Revionics team toward price optimization
Austin, Texas — End-to-end merchandise optimization solution-provider Revionics announced a multi-year agreement with Victoria Supermarkets for its Price Optimization solution rollout.
Victoria Supermarkets operates 83 markets in Russia and is owned by the DIXY Group, one of Russia’s largest national retail operators in the food retail market.
Revionics’ solution will enable Victoria Supermarkets to adopt a shopper-centric approach to its pricing strategies and tactics. Leveraging predictive analytics and demand-based science, Victoria Supermarkets will now have a more robust view of shoppers and competitors to drive better fact-based price decisions and respond more quickly to dynamic marketplace conditions. Revionics’ SaaS-based solution was particular attractive to Victoria Supermarkets due to its ability to enable rapid time-to-value, lower total cost of ownership and on-demand scalability.
“Through a comprehensive industry search, we found that Revionics solution would help us adopt a smarter pricing strategy that would result in not only improving our customers’ shopping experience and our price image, but also help us obtain optimal profits and margins – it’s a win win for us,” said Irana Katsiyeva, marketing director for Victoria.
Changes to Supervalu’s board
Supervalu has elected Gerald Storch as chair of its board of directors. The appointment comes after Robert Miller, who has chaired the boar since March 2013, announced his resignation.
“We are thrilled to have Jerry Storch as our new non-executive chairman of the Supervalu board of directors. Jerry’s tremendous experience in food and specialty retailing makes him especially well qualified for this role,” said director Phil Francis. “At the same time, we are very grateful to Bob Miller, who is truly a giant in the retail grocery industry, for his service on the Supervalu board of directors. The board will continue to consult with Bob as a non-paid adviser to the board as we move forward, and we are both pleased and fortunate that Bob is willing to assist in this capacity.”
Storch is chairman and CEO of Storch Advisors, a senior management advisory and consulting firm that focuses primarily on retailing, e-commerce, consumer products and services and consumer financial services. From 2006-2013, Storch was chairman and CEO of Toys “R” Us, where he helped grow the company into a $13 billion global retailer, including expanding the company’s e-commerce business and overseeing several large-scale mergers and acquisitions.
Prior to his tenure at Toys “R” Us, Storch served as vice chairman of Target. During more than a decade with Target, Storch led the retailer’s e-commerce site, the Target grocery business and the Target financial services credit card business, and oversaw Marshall Field’s Department Stores. He currently serves as a member of the board of directors of Bristol Myers Squibb and Fanatics. He received a master of business administration from Harvard Business School, a juris doctor from Harvard Law School and holds a bachelor of arts from Harvard College.
Supervalu’s 11-person board includes seven members who are independent directors under the New York Stock Exchange listing standards.
Express has deeper-than-expected drop in holiday store traffic
When specialty retail apparel chain Express issued its fourth quarter guidance in early December 2013, it anticipated a promotional holiday season as well as a slowdown in traffic after the Thanksgiving week. What the company encountered, however, was a drop in traffic that was even deeper than expected because consumers waited until much closer to Christmas to shop.
In response to the deceleration in traffic, the operator of more than 625 stores has extended the duration of its promotions and deepened the discount being offered to keep inventories from building up. But January traffic to date has been weak, forcing the retailer to remain promotional for the remainder of the month.
The company is also revising its outlook for the fourth quarter ending Feb. 1. Comparable sales are expected to range from flat to an increase in the low single digit range. Net income is expected to fall in the range of $48 to $52 million, or $0.57 to $0.61 per diluted share. This compares to the company’s previous guidance of $56 to $60 million, or $0.66 to $0.71 per diluted share.
"We expect our inventory at the beginning of 2014 to reflect low to mid-single digit growth and to be more heavily weighted to spring product than at this time last year. Furthermore, we have significant open to buy dollars available for investment during the spring season," said chairman and CEO Michael Weiss.
The company plans to report fourth quarter results the week of March 9.