When Mark Tritton fell into the role of Chief Executive Officer at Bed Bath & Beyond about a year ago, he made it his mission to adapt a turnaround plan for the home furnishings retailer.
So far, there’s been clear evidence that his retail initiatives have been successful. One of his most recent efforts to simplify their portfolio includes selling the 800-store Christmas Tree Shops chain along with its distribution center. This deal is expected to generate a hefty profit for Bed, Bath and Beyond.
“Today’s announcement builds on the purposeful steps we have made throughout the year to simplify our portfolio, unlock capital and create clear strategic focus to accelerate our plans to build our authority in the Home, Baby, Beauty and Wellness markets. Customers are responding well to the introduction of our new omni-always services, and we will continue to invest in our digital-first experience with a customer-inspired assortment that makes it easy to feel at home with Bed Bath & Beyond,” said Tritton.
The retailer has established a five-pillar strategy under Tritton’s leadership, with a clear focus on product, price, promise, place and people with a concentration on omni-always and creating a differentiated shopping experience in their stores.
These strategies have showcased Bed Bath and Beyond’s efforts to connect with Gen Z and Millennial consumers. The retailer has shifted significantly to adapt their strategies to fit the needs of this market, knowing that most consumers have higher expectations, and expect an omnichannel presence.
Digital and delivery experiences have become a priority for the retailer, but they also have invested in crafting a compelling in-store experience. To do this they have created clear value for consumers with their price points, brands, and communications initiatives throughout locations. The goal of this has been to ultimately connect and engage consumers – creating lifetime loyalty.
Omnichannel has quickly become the preferred shopping method among consumers and this has only strengthened with the current pandemic. When Tritton stepped into the role he knew he needed to adapt this as a priority, while also crafting a culture that attracts excellence.
With omnichannel at the forefront, Tritton has been able to adapt many other resolutions to rework the company, including a new executive team, a financial restructuring plan, and a steady deal-flow.
With their most-recent financial results, it seems that Tritton’s work is paying off. Bed Bath and Beyond has noted a 6% gain in same-store sales in their second quarter, which is its first since 2016. The focus on digital has brought in a significant gain to help offset the decline in sales from the current pandemic.
Source: BBB CEO Turnaround – Retail Wire, BBB Five Pillars – Retail Wire
Photo Credit: BBB CEO Turnaround – Retail Wire
About Bed Bath & Beyond
Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of domestic merchandise and home furnishings. The Company also provides a variety of textile products, amenities and other goods to institutional customers in the hospitality, cruise line, healthcare and other industries. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.