Kalibrate and Ricker’s collaborate to optimize company’s retail merchandise pricing strategy
CLEVELAND, OH (January 26, 2017)– Kalibrate, the provider of strategy and technology services to the global fuel and convenience retail industry, announced today the results of a successful collaboration with Indiana-based Ricker’s Convenience Stores to optimize the company’s retail merchandise pricing strategy. With a strategic objective to increase gross profits at targeted revenue objectives in its 56 convenience retail locations, Ricker’s tapped Kalibrate’s new Merchandise Pricing and Promotion solution to identify opportunities for increased profitability.
Over the course of the implementation, Kalibrate used Rickers’ own data to build historical consumer demand models for its stores. Kalibrate then developed an opportunity assessment for each merchandise category, zeroing in on individual products and subcategories where price adjustments could drive gross profits by either increasing gross margins or sales. The findings were immediately actionable and resulted in a significant increase in gross profit dollars. "Kalibrate has helped us transform our mountain of merchandise and promotional big data into retail price changes that have yielded measurable gross profit increases," said Quinn Ricker, CEO of Ricker’s.
“We are thrilled that Ricker’s has selected our new Merchandise Pricing and Promotion solution to increase profitability of inside store sales. This has been a rewarding collaboration in which Ricker’s has achieved increased profits and Kalibrate has defined the solution to meet the specific needs of convenience store operators,” said Bob Stein president and CEO of Kalibrate. “We are now ready to roll out the new Merchandise Pricing and Promotion solution to our global client base and the convenience store industry at large. The addition of this new solution to our product portfolio now allows fuel and convenience retailers to manage and optimize revenue and gross profit for the total site, fuel and convenience store.”
Headquartered in Anderson, Ricker’s mission is to be the upscale convenience store of choice in Indiana. Ricker’s was founded in 1970 by Jay and Nancy Ricker in Middletown, Indiana. Ten years later, they purchased the company’s first convenience store. Since its inception, Ricker’s has grown to include more than 56 high-end convenience stores, which employ more than 800 Hoosiers. Ricker’s prides itself on clean stores, a friendly environment and staff, and its famous “RickerPop” fountain drinks. For more information, visit rickersrewards.com.
For over 20 years, Kalibrate (LSE: KLBT) has advised fuel and convenience retailers worldwide on how to be best-in-class operators in the fast changing marketplace. Kalibrate provides strategic expertise and technology solutions in fuel pricing, location planning, merchandise promotions and global market intelligence. These solutions have been deployed in over 70 countries with hundreds of clients of all sizes, including oil companies, convenience stores and supermarkets. Kalibrate is headquartered in Manchester, United Kingdom and Cleveland, Ohio, with support operations in Florham Park, New Jersey; Tulsa, Oklahoma; Mumbai, India; Cape Town, South Africa; Melbourne, Australia; Shanghai, China; Tokyo, Japan; Singapore and Rio de Janeiro, Brazil. For more information, visit kalibrate.com.