After years of stalled sales and declining profits, the retailer is pulling back on coupons. Analysts say that could prove disastrous.
By Abha Bhattarai Abha Bhattarai Reporter covering the retail industry Email Bio Follow April 26 at 1:07 PM Mikki Madden doesn’t shop at Bed Bath & Beyond all that often. But she keeps a stash of hundreds of the retailer’s coupons, just in case.
But now, after years of stalled sales and declining profits, the New Jersey-based retailer is pulling back on coupons in a broad effort to turn around its business. The company is mailing out fewer promotions and is choosier about how those offers can be used. The coupon “program has evolved over time and will continue to evolve,” spokeswoman Jessica Jones said in an email.
Bed Bath & Beyond says it is addressing those concerns by creating new private-label brands, reorganizing stores and closing 40 under-performing locations. The company has also opened a number of “lab stores” that focus on home decor, food and drinks, and health and beauty care. On Friday, the trio doubled-down on its message, with the release of a 168-page document that takes aim at the company’s stores, merchandise and culture. They complain about redundant store displays -- in one visit, investors said they found “trash baskets in six different locations within the store” – as well as confusing pricing and a “stale” website. Other points of contention: The company’s Pinterest followers , its font choices and product mix .
That, analysts said, is crisis for the beleaguered chain: Shoppers who balk at the thought of buying something at Bed Bath & Beyond without a coupon.“When people Google ‘Bed Bath & Beyond,' an increasing number of searches have the word ‘coupon’ in them,” Matuszewski said. “People have been trained to look for them."
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