Bed Bath & Beyond overhauls strategy after closings, layoffs
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Bed, Bath & Beyond, forced to shutter stores and cut thousands of jobs as a result of the coronavirus pandemic, is mapping out a new strategy as it continues to try to "win back customers."
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The New Jersey-based company announced Wednesday that it would "deepen" its connections with five core customer segments as part of an overall "three-year growth strategy."
BED BATH & BEYOND INC.
BED BATH & BEYOND TO CLOSE OVER 200 STORES AMID CORONAVIRUS
In doing so, the company plans on fine-tuning its selection of products by offering a better assortment of low-priced merchandise while also improving its supply chain.
The struggling retailer is also further investing in its omnichannel shopping experience, wherein it plans to build on the recent launch of its Buy-Online-Pickup-In-Store (BOPIS), curbside pickup and same-day delivery services.
These options have become critical during the pandemic for retailers, with online sales continuing to climb as coronavirus and flu concerns keep more people out of stores.