USA: Tesco Partners with Retek to Expand Non-Food Business; Largest U.K. Retailer Selects Retek Trade Management System for Global Sourcing Initiative
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."
About Retek Inc.
Retek Inc. is the world's dominant provider of retail business solutions. The company operates retail.com (http://www.retail.com), the retail industry's leading e-commerce platform for business-to-business collaboration. Through retail.com and Retek's operational and predictive retail intelligence software, Retek delivers improved decision-making capabilities and operational efficiencies throughout the entire supply chain, spanning both the B2B and B2C realms. Retek customers include AnnTaylor, Brooks Brothers, BHS, Selfridges, Family Dollar Stores, Kohl's Department Stores, Eckerd Corp., The Home Shopping Network, New Look, Edgar's, Sonae, Littlewoods and Fogdog Sports.
For more information, visit Retek's web site at http://www.retek.com or call 877-362-2532. Retek can be contacted in Europe at +44 171 872 5795.
With nearly 700 stores, 80-year-old Tesco is one of Britain's premier food retailers and is the United Kingdom's leading on-line grocery site. Outside the U.K., Tesco has 41 stores in Hungary, 32 in Poland, 13 in the Czech Republic and Slovakia, 76 in the Republic of Ireland and one in France. The company owes its success to its emphasis on meeting changing customer needs through service and innovation, while maintaining its commitment to value and quality.
Retek and retail.com are trademarks of Retek Inc. Other names may be trademarks of their respective owners.
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors are described from time to time in the company's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.
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