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Regional independent Fairway Market plans to deploy a price optimization solution to enhance the base pricing of products in its stores.
The grocer will work with Roseville, Calif.-based Revionics on the solution. "There were several reasons we selected Revionics' Price Optimization," said Kevin McDonnell, chief merchandising officer for Fairway Market. "It is robust and easy to use, and we believe Revionics will truly partner with us to achieve our strategic, operational and financial objectives."
Fairway Market's current size and future growth plans require a price management and optimization system to manage the growth across all products and categories. As part of its strategic growth plan, Fairway has defined its category roles and Key Value Items (KVIs), which Revionics will help monitor, manage, and optimize.
Fairway expects price optimizationto enable it to better serve customers at all retail locations, and improve the profitability of its grocery stores. Fairway will also use the Web-based solution to manage pricing for perishable products.
Initially, Fairway's objective is to properly define the category roles and automate its price maintenance. Price optimization tailored for each store will be the final step.
New York-based Fairway operates nine stores in the New York Tri-state area.