This includes a reduction in force across corporate and supply chain as well as store closures. We are right-sizing our cost structure and store fleet to reflect our current volumes and more streamlined objectives. We command a special presence in the home and baby market and we intend to fulfill our opportunity to be the category retailer of choice. In a short period of time, we have made significant changes and instituted the appropriate enablers across our entire enterprise to regain our dominance as a shopping destination for our customers as they seek their favorite brands and products. What does that mean in practice? Gove goes on: We are embracing a straightforward, back-to-basics philosophy that focuses on serving our customers, driving growth and profitability and delivering business returns. Over to Interim CEO Sue Gove for a calorie-free mission statement:
What’s that you say? Where’s the digital thinking in all this? Well, that’s covered off two-thirds of the way down page 7 of the new strategy presentation, all six words of it:Įxpansion of digital offerings and services.
$500 million in new financing to buy time to put the house in order.The Chief Operating Officer role has been axed.Shifting away from Tritton’s emphasis on own brand products and back towards familiar third party offerings on the shelves of however many stores survive the cull.Closure of around 150 of its “lower producing” stores.So where to next? Some options were on show yesterday as the firm provided a strategy update, although it was far from a fully-formed new turnaround plan that was on offer. It’s a couple of years since we dubbed it Bed, Bath & Beyond Hope, but since then the turnaround plans of CEO Mark Tritton occasionally looked as though they might show signs of life.īut Tritton is gone, departing abruptly earlier this year with the firm turning in hefty Q1 losses accompanied by a sharp fall in revenues. Of all the omni-channel retail transformation sagas that diginomica has tracked across the years, without doubt the most frustrating must surely be that of Bed, Bath & Beyond.
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