Bed Bath & Beyond Closing 40 Stores to Open 15 Lab Storesdate_range
Today, Bed Bath & Beyond announced that they are going to close 40 stored in the United States of America. The company said that they would open 15 new experimental stores, in which they’ll test selling the food products along with home decor products. The company is opening next-generation lab stores to experiment with the combination of products from food and decor category. This is not the first time when the company is starting lab stores. Last year, Bed Bath & beyond started a few experimental stores, which are working pretty good.
According to CEO Steven Temares of Bed Bath & Beyond, the test stores set up by the company last year was able to achieve 2.2% more sales than regular stores. As the combination of food and decor products is working for Bed Bath & beyond, the company is willing to set up more such stores in the United States of America. In the experimental stores, the customers spent more amount on purchases than in the regular stores. And all of the numbers that Steven Temares shared are of about four weeks of operations. Within a month, the lab stores were able to achieve more sales than the regular stores.
Robyn D’Elia, chief financial officer and treasurer, explained the plans of closing the 40 stores and opening 15 more stores. According to Robyn, the company is planning to focus more on experimental stores and close underperforming stores to cut the expenses. Robyn also said that the company would increase the number of stores in the future if the landlords offer competitive rates of a lease for the new stores. The announcement was made during Wednesday’s earnings call of the company. Currently, Bed Bath & Beyond operate more than 1,000 stores all over the United States of America.