USA: Tesco Partners with Retek to Expand Non-Food Business; Largest U.K. Retailer Selects Retek Trade Management System for Global Sourcing Initiative
Retek Inc. (Nasdaq: RETK - news) announced today that Tesco, Britain's largest retailer, has selected Retek as a strategic partner to support its expanding non-food business. Tesco will use Retek's Trade Management System to support its worldwide sourcing activities.Retek's Trade Management System is the premier global import management solution for the retail marketplace. The system manages the costing, Customs formalities, letter of credit, and transportation functions required for the tracking, importation and compliance of foreign sourced goods. Retek Trade Management will facilitate the global sourcing process and help Tesco's buyers determine the best suppliers to meet their requirements on a worldwide basis. Users around the world will be able to review product requirements, work collaboratively, and manage quotes from a host of suppliers around the globe."Partnering with a retail leader like Tesco is an ideal match for Retek," said Retek president, Gordon Masson. "Tesco has a well-earned heritage of delivering value and quality while meeting changing customer needs through service and innovation. Retek has the family of solutions, the global trading network, and the experience and vision around multi-channel, customer-focused retailing to help Tesco achieve its growth in the non-food arena and its full participation in the World Wide Retail Exchange, in which it is a founding member. This partnership promises to be a great win for both companies."
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