But he said that task is “easier said than done” and will require much closer relationships with suppliers to secure unique offerings. Neil Sanders, managing director at GlobalData Retail, said he applauds the strategic shift. For example, Bed Bath & Beyond was the first to bring items like the air fryer and the single-serve coffee maker to its customers, she said. Sirhal said the retailer wants to get back to being a place where shoppers find innovative items. It burned through $325 million of cash in the quarter. It said it expects a 26% decline in comparable sales for its fiscal second quarter. Time is of the essence for the company heading into the critical holiday shopping season. “We must get back to our rightful place as the home-category destination, and our goal is to achieve this by leading with the products and brands our customers want.”Īs of May, the retailer operated a total of 955 stores, including 769 Bed Bath & Beyond stores, 135 buybuy Baby stores and 51 stores under the names Harmon, Harmon Face Values or Face Values. “There’s still an incredible degree of love for Bed Bath & Beyond,” Mara Sirhal, the newly named brand president of Bed Bath & Beyond, told industry analysts Wednesday. That reverses a strategy embraced by its former CEO Mark Tritton, who was ousted in June after less than three years at the helm. Mired in a prolonged sales slump, the company also announced it will revert to its original strategy of focusing on national brands, instead of pushing its own store labels.
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