Loblaw Companies Limited is the largest Canadian food retailer, encompassing corporate and franchise supermarkets operating under 22 regional and market segment banners, as well as pharmacies, banking, and apparel. With more than 2,300 locations covering over 65 million square feet of real estate, Loblaw operates more than 45 brands, including three of Canada’s top consumer brands in President’s Choice®, noname®, and Life Brand®.
Loblaw required a solution that could address the complex needs of their diverse real estate portfolio. They needed a solution to develop and administer strategic and capital plans, oversee the store development pipeline, and track and manage all the information needed to identify, evaluate, approve, build, and open locations – effectively linking their real estate strategy with their store development execution.
When they were introduced to Tango, they had already engaged with another vendor. However, they soon realized the completeness of Tango’s vision. They also recognized that a partner who has a deep understanding of their industry would enable them to get up and running quickly, and ensure speed-to-value that is second-to-none.
What impressed Loblaw most about Tango’s solution was that it was developed to address the unique challenges that retailers face when planning and executing their real estate and store development strategy. Loblaw said that the solution exactly mirrors the way a typical retail real estate process should flow, and directly aligns with processes out-of-the-box, requiring no complicated and expensive customizations.
With Tango’s full suite of solutions, Loblaw saw the opportunity to adopt modules over time, starting first with Program & Project Management, then on to Site Selection, and next came Lease Administration & Accounting. Loblaw leverages Tango’s lease solution to manage all their lease administration and run all their rent processing, with $1 billion in rent going through the system on an annual basis.
Loblaw was an early adopter of Tango’s Lease Administration & Accounting solution, and has been a crucial partner in the evolution of the product. Partnership was a key consideration in their decision to select Tango. They see real value in the intellectual investment they have put into Tango’s solution, and serve as a key member of Tango’s Customer Advisory Council and continue to help influence the company’s product roadmap.
Loblaw embraced Tango’s clear vision for the industry as well as the expertise and know-how to execute on that vision. Tango’s integrated approach – which takes real estate strategy and integrates it with store development execution so that strategy actively informs execution and also adapts in real-time to changing conditions – makes Store Lifecycle Management intelligent, and really sets Tango apart from the competitors.
The FASB ASC 842 deadline for private companies is fast approaching, but there is still time to ensure compliance if you focus on the right things.
Don’t be left out in the lease compliance cold and register for our webinar today.