Rock Shop Stores Are Now Able to Trust ‘with 99.9 Percent Certainty’ Their New Demand Forecasts
Hard Rock International operates retail shops, restaurants, cafes, hotels, and casinos in 74 countries featuring the world’s largest music & rock-and-roll memorabilia collection. The company was seeking to grow and optimize retail operations in their Rock Shop stores. It needed to improve demand and sales forecast accuracy, streamline operations and better manage inventory. Hard Rock’s retail challenge was unique because most of the merchandise is branded with city names (Hard Rock Chicago, Hard Rock Paris), making inventory management a particular challenge.
Hard Rock was looking for a partner that could help them overcome these challenges and chose to deploy Retalon’s Retail Predictive Analytics & AI platform.
“With other companies offering forecast solutions, there was a lot of user knowledge needed,” said Danny Leadbeater, Senior Director of Planning and Allocation at Hard Rock International. “With Retalon, we felt like we could trust with 99.9 percent certainty the forecasts they came up with.”
Retalon introduced world-class AI and predictive analytics technology to Hard Rock’s retail business. The system now generates a highly accurate demand forecast down to an individual product at a specific store. Using Retalon’s solutions for merchandise and assortment planning, purchasing, and inventory replenishment allow Hard Rock to more effectively manage and optimize their business. The software also offers improved visibility, proactive recommendations, greater automation and consistent workflow.
After integrating the system into their enterprise resource planning (ERP) software, Hard Rock has witnessed a tremendous difference in their bottom line, particularly their in-stock percentage. Hard Rock has been able to increase and consistently maintain their in-stock percentage to 97 percent with the help of Retalon, and they expect to get up to very close to 100 percent across all retail locations in over 74 countries.
“Our whole way of thinking has changed. Before, we would look at our business based on past history,” said Theresa Riha, Retail Buyer and Planner at Hard Rock International. “Now we’re able to be forward thinking. We’re a very seasonal business and we’re able to see what is going to happen with our business instead of just looking backwards.”
Retalon is working with major retailers across North America, Europe and the Caribbean and has pioneered predictive analytics and AI technology since 2002. Retalon is the first retail platform to offer end-to-end solutions for forecasting, planning, inventory optimization, price management, promotions and markdowns.
“We do our best to create and offer retailers world-class technology,” said Mark Krupnik, PhD, Retalon CEO, “but without a strong partnership with Hard Rock’s talented and progressive team these results wouldn’t be possible. This was a true collaboration of leading retail management & technology experts at Retalon and Hard Rock, and the results speak for themselves.”