"In 2020, we rebuilt and stabilized the foundations of our business while creating growth. Combined with our continued investment in the key national brands consumers know and love, this will create a platform for sustainable long-term growth and true authority in the Home market, while helping customers realize the potential to create a happier home in each and every room. Available only at Bed Bath & Beyond, our new range of Owned Brands will infuse purposeful innovation and affordable quality to drive gross margin and category dominance. Mark Tritton, President & CEO, said, "In the next six months, we will deliver the most significant transformation of our product assortment in a generation, by providing our customers with inspirational Owned Brands across every room in their homes. The sales penetration of Owned Brands is expected to grow from approximately 10% to approximately 30% within the first three years, and drive improvement in gross margin as a result of the Company's ability to strategically design to cost, source at scale and provide great everyday value. The Company expects its new Owned Brands to further enhance its authority in these key destination categories that have been driving growth throughout 2020. The Company will also launch its first cross-category, opening price point Owned Brand, with the first six new Owned Brand assortments launching ahead of the important Back to College and Holiday seasons.īed Bath & Beyond is number one in terms of consumer brand association in bed, bath and kitchen, as well as a leader in other home categories. These Owned Brands will connect with the core customer and category segments across bed, bath, kitchen/dining, storage/organization, and home décor, all key destination categories for the Bed Bath & Beyond banner that represent over 60% of its revenue. Marking another major step in its recently announced comprehensive growth strategy, the Company will launch thousands of new products available only at Bed Bath & Beyond to drive differentiation, preference, and authority in the $180 billion Home market. In a 2018 Morgan Stanley study, only 50% of Bed Bath and Beyond customers said that they shopped at the store because of its coupons, a lower number than in previous years.UNION, N.J., Ma/PRNewswire/ - Bed Bath & Beyond (Nasdaq: BBBY) today announced the biggest change in its product assortment in a generation, with plans to launch at least eight new Owned Brands in fiscal 2021, with six of these being launched sequentially in the first six months of the fiscal year. Customers don't seem to care that much about the coupons, anyway.
The store is preparing to use the same strategy as it gears up for the holiday season, its other major sales driver.īed Bath and Beyond executives have talked about ending the reliance on coupons since at least 2016, focusing instead on building loyalty to the Beyond+ membership program. The two million new customers who turned to Bed Bath and Beyond's website are younger than before and more interested in home decor Chief Brand Officer Cindy Davis told Business Insider earlier this month. Now the company's chief brand officer reveals how it plans to keep the momentum going. Read more: Bed Bath & Beyond had made a huge comeback amid the pandemic. With students across the country turning to online learning, the chain saw 89% growth in digital sales in Q2, thanks to a strategy of analyzing how remote schooling would impact customers' needs, and adjusting stores based on their proximity to schools. Ho/Los Angeles Times via Getty Imagesīed Bath and Beyond is faring unusually well during the pandemic.
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