Tailored Brands Selects Tango Store Lifecycle Management Solution to Support Growth and Compliance
September 25, 2017
Tailored Brands Selects Tango’s Strategic Store Lifecycle Management Solution to Support Growth and Compliance
Irving, Texas (September 25, 2017) – Tailored Brands, Inc. (NYSE: TLRD), a recognized leader in men’s tailored apparel operating over 1,400 locations in the U.S. and Canada, has selected Tango’s Strategic Store Lifecycle Management Solution to facilitate all aspects of their real estate strategy and store development activities needed to support growth of the company’s iconic brands, including Men’s Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G. Tailored Brands has licensed Tango’s Market Planning & Site Selection, Program & Project Management, Lease Administration and Facilities Maintenance products.
“While leveraging technology to manage our real estate and store development processes is not new to Tailored Brands, existing tools were not meeting our requirements and we wanted to explore the next generation of solutions,” explains Rajesh Chhablani, SVP Real Estate, Store Design & Construction at Tailored Brands. “We required a solution that covered the strategic elements of real estate planning and supported the execution of our plan. We also sought a partner with deep industry knowledge and experience, and a user friendly, innovative product. Not only did Tango meet all of these requirements, they could also get us up and running faster and more cost-effectively.”
An important consideration for Tailored Brands was ensuring compliance with the new lease standards put forth by FASB. Tango’s lease accounting software is unique in the marketplace, in that unlike other solutions that will require retrofitting to ensure compliance, Tango’s lease accounting functionality was developed with compliance as part of the foundation.
“Being selected by a sophisticated company like Tailored Brands, who was an early adopter of store lifecycle management solutions more than 10 years ago, further demonstrates that the Tango platform is the next generation of strategic store lifecycle management,” says Pranav Tyagi, Tango’s President & CEO. “Taking a step beyond the functionality we built into our software, we sought independent verification from a top accounting firm that the lease accounting calculations in our solution are consistent with FASB Accounting Standards and International Accounting Standards Board requirements. We are the only company in the market that has successfully done so, which is an important distinction.”
Tango’s Total Solution is unique in an industry that typically offers software which only addresses a portion of the real estate lifecycle. Companies like Tailored Brands see the value in a single solution that crosses all the departments involved in real estate strategy and store development execution, facilitates smarter decision making and avoids the information silos which inevitably occur with disjointed solutions.
About Tailored Brands
Tailored Brands, Inc. is a leading authority on helping men dress for work, special occasions and everyday life. We serve our customers through an expansive omni-channel network that includes over 1,400 locations in the U.S. and Canada as well as our branded e-commerce websites. Our brands include Men’s Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G. We also operate an international corporate apparel and workwear group consisting of Dimensions, Alexandra and Yaffy in the United Kingdom and Twin Hill in the United States.
Tango’s purpose-built retail solution unites customer and location predictive analytics with online GIS and store development execution into a single platform. The Tango team has worked with over 500 leading retail and restaurant companies, and brings that knowledge and those best practices to Strategic Store Lifecycle Management. Our cloud-based SaaS and mobile solutions are used across more than 140 countries by concepts ranging from a few dozen locations to large global brands with more than 40,000 stores. For more information, visit http://www.tangoanalytics.com.