Fairway Market has deployed Revionics Price Optimization solution for base pricing throughout all its nine existing stores, and plans to implement the solution in its future retail locations.
New York City-based Fairway Market is reportedly one of the nation’s highest grossing food retailers per square foot, serving more than 14 million shoppers per year. The supermarket/specialty food retailer currently operates nine locations in the tri-state New York area, including seven superstores and two super wine and spirit shops.
To accommodate current and future expansion, Fairway Market is using a price management and optimization system to manage 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.
“There were several reasons we selected Revionics’ Price Optimization over other retail pricing solutions,” said Kevin McDonnell, Chief Merchandising Officer, Fairway Market. “It is robust and easier to use than other price optimization products, and we believe Revionics will truly partner with us to achieve our strategic, operational and financial objectives.”
Revionics’ Price Optimization is a Software as a Service (SaaS) model, providing agility, fast time-to-value, and a palatable price tag for Fairway. The Revionics also will manage pricing for perishable products.
Initially, Fairway will use price optimization to properly define category roles and automate price maintenance. In the final phase of implementation, the retailer will use the solution to tailor pricing to individual stores.