Indiana-based Ricker’s Convenience Stores recently collaborated with Kalibrate, a provider of strategy and technology services to the global fuel and convenience retail industry, to optimize its 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.”