Nearly a year to the day when Mark Tritton took over as Bed Bath & Beyond president & CEO, the home specialty retailer unveiled an aggressive plan that includes several initiatives designed to drive sales and further enhance the company’s omnichannel offerings.
Over the past year, Bed Bath & Beyond has seen much-needed changes that have included a reduction in store count, expansion of services such as curbside pickup and the shedding of brands such as Christmas Tree Shop and others from its retail portfolio.
“We have made tremendous progress this year,” said Tritton. “We will (continue to) build with a three-year growth strategy that further elevates the shopping experience and modernizes our operations. Our transformation is rooted in an omni-always, customer-inspired approach that will make it easy to feel at home with Bed Bath & Beyond.”
Among the big changes shoppers will see in the coming months will be a new product assortment. While Bed Bath & Beyond has a long history of featuring national brands, the retailer expects to launch more than 10 new owned-brands in key categories over the next 18 months.
The company will also work to increase the availability of opening price points and value-tier products, while also elevating the customer experience in destination rooms to provide ease and inspiration in-store and online.
Bed Bath & Beyond officials said the company will also look to build off the steps it has taken this year to enhance the customer shopping experience, a plan that was expedited when the COVID-19 pandemic forced people to change how they shop.
Moving forward, the company will create a more inspirational, omni-always digital and in-store shopping experience. This effort will build off the recent launch of Buy-Online-Pickup In-Store (BOPIS), Curbside Pickup and Same Day Delivery services that have helped convert more than 2 million customers to shop more than one channel this year.
Additionally, Bed Bath & Beyond also plans to invest in its stores. This includes spending approximately $250 million over the next three years across approximately 450 stores.