After closing down around 120 stores last year followed by a not-so-good Q3 performance early this year, Bed Bath & Beyond is increasing the pace of its revamping efforts.
The US fashion retailer plans to come up with 3 new private-label brands that will be in time for the back-to-school season – by mid-July.
With the launch of these 3 new brands, the total number of private brands unveiled by the retailer has touched 6 in last 5 months.
The effort to build an exquisite collection of private brands is being seen as CEO Mark Tritton’s turnaround strategy.
Over the next 3 years, Mark aims to increase the part of sales coming from private-label items by 3 times.
Another aspect of this business strategy is that the retailer is now keen to attract youngsters with more stylish options.
Mark, while talking to media, said that this was a period of transition where the retailer was exiting old products and getting ready to put in new ones.
It is important to note here that private-label brands have been major sales driver at Target, where Mark previously worked as Chief Merchandising Officer. And Mark is ensuring it happens here as well.
Founded in 1971, Bed Bath & Beyond operates many stores in the US, Canada and Mexico. As of 27 February 2021, the retailer operated 1,020 stores worldwide down from 1,500 stores a year earlier.
In 2020, Bed Bath & Beyond registered net sales of approximately US $ 9.23 billion, down from US $ 11.16 billion registered in 2019. It was US $ 12.03 billion in 2018.