How Tailored Brands Gets the Most Out of Real Estate Assets
Tailored Brands, Inc. selected Tango’s Strategic Store Lifecycle Management Solution to facilitate all aspects of its 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, senior vice president, 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 such as 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.