Loehmann’s Uses Oracle® Retail Application to Deliver Best Selection
Loehmann’s, the only national upscale, off-price specialty retailer, is successfully using Oracle(r) Retail Price Optimization to provide customers with fresher merchandise in-season and boost profitability, Oracle announced today. Since implementing the Oracle Retail application, Loehmann’s has seen significant return on its investment by increasing gross margin dollars.
Loehmann’s has been using the Oracle Retail application for more than a year at its more than 60 store locations across 17 states. The solution helps the retailer improve its merchandising processes by gaining earlier visibility into underperforming merchandise. This allows the company to take quicker action and increase inventory turnover to help provide customers with the best selections and value from season to season.
“As we continue to grow our business, markdown optimization is critical,” said Robert Glass, President and Chief Operating Officer of Loehmann’s Inc. “The Oracle Retail solution is an important part of our strategy and has contributed to making our business more profitable.”
Oracle Retail Price Optimization analyzes consumer demand, inventory levels, store performance and other factors to predict when a retailer should markdown prices and by how much. Merchants use the tool to set price points and issue markdowns that will help to achieve the best possible margins while selling through inventory before the end of the season or product lifecycle.
“Loehmann’s has been tremendously successful in using our software to generate insight and provide value to its customers,” said Duncan Angove, General Manager and Senior Vice President, Oracle Retail. “We are focused on creating a positive financial impact on our customers’ businesses and Loehmann’s use of Oracle Retail Price Optimization provides further evidence that we are delivering.”
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