Retek Inc. Press Release
Largest U.K. Retailer Sees Benefits of Retek Partnership – on Time and Within Budget
Jun 05, 2001
Minneapolis — June 5, 2001 — Retek Inc. (NASDAQ:RETK), the leading provider of solutions that help the retail industry create, manage and fulfill consumer demand, today announced that Tesco, Britain`s largest retailer, has gone live with a Global Sourcing Solution from Retek. The initiative supports Tesco’s plans to dramatically expand the size of the company’s non-food business both in the U.K. and internationally to £3 billion a year by 2003.
Tesco required a solid IT infrastructure to support growth in the non-food sector. Through its partnership with Retek, Tesco implemented a proven and scalable solution within an aggressive four-month deadline.
Tesco needed a system that could improve accurate visibility of supply chain costs, service multiple countries and handle the associated currency issues and support all elements of the non-food sourcing business.
Retek’s Global Sourcing solution was installed and implemented in four months time, delivering significant functionality to the retailer. Using the Retek system, the retailer can identify all globally sourced products, capture aggregated global demand and identify potential suppliers and capture their bids for the order. The system can then automatically generate a purchase order. The solution also provides an accurate assessment of duty, regardless of country of origin, and gives the retailer visibility of estimated and actual landed costs.
“The project has been completed on time and within budget,” says Christine Cross, world non-food buying director at Tesco. “The accurate calculation of landed costs enables our sourcing team to select the best deal for Tesco and our customers. The project supports the strategic business initiative to develop the non-food element of Tesco’s business and we anticipate substantial savings through using Retek’s solution.”
“I am really delighted with the success at Tesco,” said Retek’s General Manager of EMEA, Gordon Masson. “The timescales were really tough but we won the business because we understood the retailer’s needs and were willing to work in partnership with Tesco to deliver on time and within budget. The success was down to teamwork. Retek’s staff worked in tandem with Tesco’s staff, both onsite at Tesco headquarters and also remotely at the Retek’s corporate facility in Minneapolis. Retek has substantially developed its grocery retailing functionality throughout 2000 and it’s great to see that the world’s largest grocers are starting to experience the benefits.”
About Tesco
With nearly 700 stores, 80 year-old Tesco is one of Britain`s premier food retailers and is the United Kingdom’s leading on-line grocery site. Outside the U.K., Tesco has 41 stores in Hungary, 32 in Poland, 13 in the Czech Republic and Slovakia, 76 in the Republic of Ireland and 1 in France. The company owes its success to its emphasis on meeting changing customer needs through service and innovation, while maintaining its commitment to value and quality.
About Retek Inc.
Retek Inc. is a leading provider of software solutions and services to the retail industry. Retek’s collaborative solutions help the retail industry create, manage and fulfill consumer demand. Many of the world’s leading retailers use Retek solutions, including A&P, Tesco, Best Buy, Family Dollar Stores, Eckerd Corp., Kohl’s Department Stores, and The Home Shopping Network. For more information, visit http://www.retek.com, or call 1-888-61-RETEK. Retek can be contacted in Europe at +44 20 7563 4646.
Trademarks
Retek and retail.com are trademarks of Retek Inc. Other names may be trademarks of their respective owners.
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors are described from time to time in the company`s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.
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