A thermoplastic elastomer compound has a high strain recovery rate and a high strain fixity rate to provide shape memory, preferably manageable shape memory. The thermoplastic elastomer compound includes a maleated styrenic block copolymer and polycaprolactone to achieve the shape memory. Shape modes of articles made from the thermoplastic elastomer compound can be altered by at least one thermo-mechanical event to cause deformation of the compound from a first shape to a second shape with retention of the compound in the second shape for any reasonable time interval.