A keynote session at NRF’s Retail Converge discusses Bed Bath & Beyond’s new retail strategy, and how they transformed their business model to provide a consumer-centered philosophy.The company is in the midst of a massive turnaround initiative to become a leading omnichannel retailer. After announcing their three-year transformation plan last October, Bed Bath & Beyond has made numerous operational changes, including IT, supply chain, team members, culture and other factors. Because of these recent shifts, BBB’s culture has transformed to become an all-around more transparent company.
Previously, the customer was not not placed at the center of their selling strategies. By focusing on the data and insights in front of them, the company could better understand the customer’s journey and their interaction with BBB stores. Creating a singular, prioritized agenda was the turning point for the brand.
“For us, it was like, ‘BOPIS, BOPIS, BOPIS.’ We have to get that into play, and we have to integrate this omni-environment to be of service for ultimate ease and convenience,” said Mark Trittion, Chief Executive Officer at Bed Bath & Beyond.
BBB’s brick-and-mortar experience has become completely revised. Product assortment has been carefully curated and decreased by 20-30% to improve overall store messaging and presentation. Configuring their store layout with the consumer in mind has allowed them to focus on storytelling and simplicity to encourage the easiest movement possible.
Nearly 150 BBB stores will be renovated over the next few years, according to Tritton. These new store models will include repositioned inventory, with digital and physical improvements to provide the most convenience to consumers.
“Bringing it up to 21st century retailing. The customer feedback we’re getting from stores is just tremendous. Customers feel like we have more assortment, that it’s a fresher, more easy-to-shop environment, because the product breathes. And the price points and the brands are able to be expressed, rather than, ‘It’s just a sea of stuff,’” Tritton said.
Source: BBB Transforms – NRF
Photo Credit: BBB
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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.
