The Company will elevate the customer experience to drive conversion, unlock omni-always services to inspire more customers to shop across channels, and transform to a digital first culture to acquire new customers. Leveraging our stores as a strategic asset in an omni-always Place growth strategy that delivers fast and convenient shopping for our digital-first customers.īed Bath & Beyond will continue to create a more inspirational, omni-always digital and in-store shopping experience, building on the recent launch of Buy-Online-Pickup In-Store (BOPIS), Curbside Pickup and Same Day Delivery services which have helped convert more than 2 million customers to shop more than one channel this year. In addition, the Company will continue to improve the communication of value across channels, including more compelling value at first glance for customers. The Company will use data and insights to build discipline into the use of promotions, to increase return on investment and remove ineffective promotional activity. Offering a clear and compelling Price-value proposition to increase relevance with customers while driving productivity and cost savings.īed Bath & Beyond will continue to improve its base price competitiveness across key categories while also addressing assortment gaps in value tiers, to help the Company compete better with mass retailers and attract new customers to the business. The Company is also moving away from its former de-centralized inventory management approach to create an omni-always, centralized ordering and replenishment system that is expected to ensure higher in-stock levels, increased sales and long-term productivity improvements. In addition, the Company is on track to deliver approximately $200 to $250 million in sourcing benefits over the next three years by reducing the number of suppliers and successfully negotiating with existing vendors. At the same time, the Company will create opportunities for market share growth by increasing the availability of opening price points and value-tier products, while also elevating the customer experience in destination rooms, to provide ease and inspiration in-store and online. Over the next 18 months, Bed Bath & Beyond expects to launch over 10 new owned brands in key destination categories with the goal of tripling the penetration of owned brands within its assortment over three years. In addition, the Company will develop an enterprise-wide strategy to unlock value across its core brands in the Home, Baby, Beauty & Wellness markets, including plans for a reinvented loyalty program to deepen its customer relationship and motivate increased shopping across categories, channels and banners.Ĭurating a differentiated Product assortment to capture market share.īy completely resetting its assortment, Bed Bath & Beyond will provide a more curated, inspirational and differentiated product collection across categories. As part of its strategic growth plans, Bed Bath & Beyond will launch a clear customer value proposition to deepen connections with five core customer segments: the nester the minimizer the juggler the innovator and the creative. The addition of 1.4 million new customers to the brand year to date highlights the Company's strong potential to attract, retain and drive spend across the Home category. With a large customer base of 37 million, one in 5 homes in the U.S., is a Bed Bath & Beyond home. During today's Investor Day meeting, the Company will discuss the key initiatives supporting its strategy, including the following:ĭelivering on our Promise to inspire customers to Unlock the Magic in Every Room. ![]() The Company's growth strategy will harness the power of data and insights to engage customers across its core portfolio in an enterprise-wide plan to accelerate its omnichannel transformation. In doing so, we will deepen our relevance and connection with customers by helping them unlock the magic in every room." Our transformation is rooted in an omni-always, customer-inspired approach that will make it easy to feel at home with Bed Bath & Beyond. We will build on these strong foundations with a three-year growth strategy that further elevates the shopping experience, modernizes our operations, and unlocks sales growth, margin expansion, increased cash flow and strong and sustainable total shareholder return. Mark Tritton, President and CEO, said, "We have made tremendous progress this year to strengthen our financial position, focus our portfolio in core Home, Baby, Beauty & Wellness markets, rebuild our executive team, and launch a series of omnichannel services to win back customers.
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