Bed Bath & Beyond has been staging a turnaround for years now, but the recently announced plan provides greater clarity into those prospects.
As part of the plan, the company will launch more private labels — something investors criticized as lacking in the past — with the goal of tripling its penetration in that arena over the next three years. Owned brands are something CEO Mark Tritton has extensive experience in. Tritton joined the company just under a year ago from Target where he was chief merchant and oversaw the launch of more than 30 private labels.
The home goods retailer also announced plans to revamp its loyalty program, including cutting back on its iconic coupons to provide a clearer price-value proposition, executives said on a call Wednesday. Looking forward, the retailer wants to use the program to incentivize customers to not only shop across multiple categories but also across different banners and channels. To help with the latter, Bed Bath & Beyond is pushing forward with its omnichannel approach and aims to build on the recent launch of store fulfillment options.Retail Dive