THE RETAIL EQUATION ANNOUNCES ADDITION OF THE LIMITED TO CLIENT ROSTER
IRVINE, Calif. (June 23, 2008) —The Retail Equation, the industry leader in retail transaction optimization solutions, announced it has entered into an agreement with The Limited – a recent spin-off of Limited Brands Inc. – to provide return authorization solutions to the company’s 240+ locations. Due to the outstanding success of The Retail Equation’s Verify-1® technology in longstanding client Limited Brands’ many divisions, The Limited anticipates continued and sustained financial benefits related to entering into its own independent agreement with The Retail Equation.
“The relationship between The Limited and The Retail Equation has proven to be of significant benefit to our stores’ bottom lines,” said Tracey French, director of loss prevention for The Limited. “In fact, we’ve seen a return rate reduction of more than 13 percent – which has translated into significant savings for our company. We are confident that our continued reliance on Verify-1 technology will yield further profitable impacts, and are encouraged to start this new business venture with the protection the program offers.”
The Retail Equation’s Verify-1 software system is designed to identify return fraud and abuse, a $15.5 billion per year problem in the United States. As part of the Verify-1 service, The Retail Equation is contracted by retailers to gather their return information, store it securely, and analyze the data to develop and follow return policies for those retailers.
“The Limited’s commitment to customers and shareholders alike is evident in their approach to creating a great experience for consumers, while aggressively managing the bottom line,” said Mark Hammond, chairman and CEO of The Retail Equation. “We are pleased to be working with The Limited, especially since the decision was made with such a heavy emphasis on our previous track-record of success with Limited Brands entities, amidst a time of intense corporate change for the brand.”
The Retail Equation’s Verify-1, Receipt Verification® and Return Rewards® systems can be found in retail stores throughout the United States. Verify-1 and Receipt Verification return authorization solutions identify fraud and abuse at the point of return or exchange, while the company’s Return Rewards is an intelligent system designed to provide incentive to the customer to continue shopping in the store once a return transaction is complete.
About The Limited
Based in Columbus, Ohio, The Limited offers apparel with vibrant, feminine, refined style for the modern fashion-forward woman. The Limited currently operates over 240 stores.
About the Retail Equation
The Retail Equation, headquartered in Irvine, Calif., is the industry leader in retail transaction optimization solutions. The company’s applications use statistical modeling and analytics to predict consumer behavior, and its software-as-a-service delivery enables retailers to achieve significant and measurable return-on-investment. The Return Rewards™ solution creates significant incremental sales at the return counter, while also building customer loyalty. Both Verify-1® and Receipt Verification™ prevent fraudulent and abusive returns, reducing return rates and saving millions of dollars annually for retailers.