Rock Shop rolls right products to individual stores
Hard Rock International’s Rock Shop stores are optimizing a highly localized demand forecasting process.
Toronto-based Hard Rock operates Rock Shop specialty memorabilia stores in 74 countries. Since most merchandise is branded with the name of the city where the store is located, the company found inventory management particularly challenging.
Seeking to grow and optimize retail operations in its Rock Shop stores, Hard Rock needed to improve demand and sales forecast accuracy, streamline operations, and better manage inventory. The company chose to deploy Retalon’s retail predictive analytics & artificial intelligence (AI) platform.
The Rock Shop inventory management system now generates a highly accurate demand forecast down to an individual product at a specific store. Using Retalon’s solutions for merchandise and assortment planning, purchasing, and inventory replenishment allow Hard Rock to more effectively manage and optimize their business. The software also offers improved visibility, proactive recommendations, greater automation and consistent workflow.
After integrating the Retalon system into its enterprise resource planning (ERP) software, Hard Rock has been able to increase and consistently maintain in-stock percentage to 97%, and they expect to get up to very close to 100% across all retail locations globally. Rock Shop stores are now able to trust with 99.9% certainty their new demand forecasts.
“Our whole way of thinking has changed,” said Theresa Riha, retail buyer and planner at Hard Rock International. “Before, we would look at our business based on past history. Now we’re able to be forward thinking. We’re a very seasonal business and we’re able to see what is going to happen with our business instead of just looking backwards.”
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