We chose the Accruent solution because it was able to meet the needs of multiple departments and create synergies between those teams. Accruent also listens to us and helps us stay ahead of rent reduction, FASB compliance, and other key retail initiatives."— Kimberly Williams, Director of Lease Administration
Genesco lacked an organization-wide system for tracking and controlling lease management and accounting, as well as managing new store build projects and site selection documents. The lack of visibility caused disconnects among departments including Legal, Real Estate, Construction, Finance, and Lease Accounting. These information silos made for inefficient lease negotiations, contract approvals, and construction processes.
As a predominately mall-based retailer, our lease agreements typically are built off of a pro rata share of a mall. Lucernex easily handles these extra layers of complexity while improving the thoroughness of our lease audits to ensure we capture the highest rent savings possible."
Genesco implemented the Lucernex product suite to create a single information source, accessible across departments. The Company uses Lease Administration & Accounting capabilities to manage rent obligations and ensure FASB compliance for more than 3,500 real estate and equipment leases. Project Management capabilities enable centralized document access for new store construction projects, and use of Market Planning & Site Selection is streamlining the site selection approval process.
With Lucernex, we’ve improved our processes for identifying underperforming equipment assets or poor lease contract terms, allowing us to negotiate better renewals and lower overall costs. We’ve identified $15,000 in printing equipment lease savings alone."— Kimberly Williams, Director of Lease Administration
As a result of using Lucernex, Genesco has synergized workflows across departments, creating comprehensive end-to-end processes while improving collaboration throughout the store lifecycle. The company has maximized profitability through more efficient evaluation of potential risks and liabilities, and reduced risk of lease contract overpayment and missed deadlines.
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