There’s no denying, we love a good deal. Discounts and freebies are kind of our jam. Bed Bath & Beyond has been the go-to place for sales in every area of your home. From their Kitchen essentials sale that boasted must-have appliances for under $20 to their spring sale of some of the best patio deals we’ve ever seen — Bed Bath & Beyond always came through with solid prices. Which is why we’re so sad to hear that Bed Bath & Beyond will be cutting back on their famous coupons. Here’s what you need to know.
On Wednesday, Bed, Bath & Beyond hosted its first investor day to showcase their plans to boost profits in an increasingly competitive home retailer arena. According to CNBC, Chief Merchandising Officer Joe Hartsig discussed an “overreliance on the coupon” during a virtual meeting on Wednesday. Bed Bath & Beyond said it has studied 405 million shoppers’ baskets and found that 40% of their promotions were ineffective. In an effort to be more competitive in pricing with its competitors, the company plans to scale back from the deals that they are known for.
Bed Bath & Beyond has certainly made a name for themselves with their coupons. The great deals handed out have encouraged customers to continue purchasing from the company over the years.
With COVID-19, Bed Bath & Beyond has seen 1.4 million new customers this year, according to CNBC. This is most likely due to the extended amount of time people have spent in their homes and have gone to the home retailer in search of new decor and cleaning supplies.
They have also reportedly seen a drop in the consumer demographic, the average customer being around six years younger than previously noted. Being that this demographic is 20% less likely to use coupons, they are further inclined to cut back on their coupons.
But fear not, for the coupons still live — somewhat. CNBC reports that Chief Executive Officer, said that coupons can still be viewed as “a strategic advantage” and that they will “leverage [them] as a true strength.”
This strategy is sure to disappoint the people who love those famous coupons, but Bed Bath & Beyond’s plan is still under development and we’re sure they’ll continue to make changes in the future.
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