PriceSmart's transition from a self-developed pricing and promotion process to Relex’s is a significant step toward automating a time-consuming task.
PriceSmart Inc., the largest operator of membership warehouse clubs in Central America, the Caribbean and Colombia, is expanding its use of unified supply chain and retail planning offerings provided by Relex Solutions.
Last September, PriceSmart began implementing Relex for advanced forecasting, replenishment and promotion planning in its clubs. Soon after that process began, the retailer also sought a solution to unify and enhance its pricing and promotion strategies and chose a recently launched solution from Relex.
[Read more: “Relex Solutions Broadens Its Supply Chain Capabilities”]
The company’s transition from a self-developed process to Relex’s is a significant step toward automating a time-consuming task. Using Relex, PriceSmart will also be able to improve the management of fluctuations in pricing based on currency changes in the various countries where they operate clubs.
“The integration of Relex unified forecasting, replenishment, pricing, and promotion planning technology is an exciting step in our continued emphasis and work on enhancing our back-office productivity and process efficiency for our teams,” said PriceSmart Chief Transformation Officer David Price. “It moves us beyond the limitations of our old processes, providing us with real-time data integration, enhanced visibility, and control over our pricing strategies. We are particularly excited about the improved accuracy and consistency this technology brings, aiming to align our pricing and promotional activities seamlessly. This is a strategic step towards continuing to improve how we deliver on our mission to enhance member value and offer a curated high-quality experience in each region in which we operate.”
“At Relex, we understand the critical role of pricing and promotion alignment in today’s dynamic retail environment,” noted Keith Adams, SVP of North America at Atlanta-based Relex. “Our collaboration with PriceSmart showcases how our technology can transform retail operations, offering a unified approach to pricing and promotion planning. This advancement is crucial in helping PriceSmart manage the entire pricing lifecycle more effectively, from initial pricing to promotions. We’re proud to support PriceSmart in this new phase of merchandising excellence, enhancing their efficiency and customer experience.”
Relex also works with such retailers as Dollar Tree and Family Dollar, Rite Aid, and Sprouts Farmers Market.
San Diego-based PriceSmart owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling merchandise and services to PriceSmart members. The company operates 53 warehouse clubs in 13 countries: 10 in Colombia, eight in Costa Rica, seven in Panama, six in Guatemala, five in the Dominican Republic, four in Trinidad, three in Honduras and El Salvador, two in Nicaragua and Jamaica, and one each in Aruba, Barbados and the United States Virgin Islands. Additionally, PriceSmart plans to open a warehouse club in Santa Ana, El Salvador, in February 2024.