News June 5, 2020

Australian Retail Icon Lowes Selects MRI ProLease to Manage National Lease Portfolio

By MRI

Lowes Manhattan, an Australian and family owned clothing retailer have selected MRI Software’s ProLease solution to manage the leases of their 200 stores nationwide. With upcoming IFRS 16 and AASB 16 financial regulations taking effect this year, Lowes needed a solution to help maintain compliance with the new lease accounting standards and simplify business critical calculations. MRI ProLease offers accounting modules that have been developed and tested in consultation with members of the FASB and IFRS boards, to help businesses thrive through these changes.

Jim Kondonis, Chief Financial Officer at Lowes Manhattan, said: “The comprehensive capitalisation schedules within MRI ProLease allow us to hand over our lease liability reports to our auditors with confidence, so we can focus our time on revenue generating projects. We believe MRI ProLease to be the most robust platform available for the changing needs of our business.”

Richard Exley, Sales Director ANZ at MRI Software, said: “We are thrilled to deliver MRI ProLease to such a recognisable Australian brand like Lowes Manhattan. We are excited to provide the lease compliance and accounting tools they require as we near the changes to financial regulations taking effect this year.”

As a proud Australian icon, Lowes continues to offer well-made clothing at affordable prices. The company has grown from humble beginnings in 1898 to over 200 stores nationwide whilst still being 100% Australia and family owned. Today, Lowes offers much more than just menswear, with many products both online or at a store near you.

MRI ProLease serves more than 800 clients across 40 industries, including real estate, retail, healthcare, government and education. Clients rely on MRI ProLease to easily track their real estate leases, equipment leases and workplace data, as well for compliance with the new lease accounting standards AASB 16 and IFRS 16. MRI ProLease is a solution offered by MRI Software, a global leader in real estate software solutions that provides innovative technology and services for real estate owners, operators, occupiers, and investors.

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