Union-based retailer Bed Bath and Beyond announced on March 3 a major push into the home goods market in a bid to reverse years of lackluster sales by marketing to a younger crowd of shoppers.
Starting this year, the global chain will unveil eight new brands, six of them in the first half of 2021, as it tries to gain a stronger foothold in the $180 billion home goods market.
Company officials said they expect home goods sales to grow from 10% to 30% in the first three years.
Bed Bath & Beyond’s President and Chief Executive Officer Mark Triton told the Associated Press that the retail chain’s locations became far too cluttered, costing it patronage to Target, Macy’s and Walmart.
“We were over-assorted. It was a bit of a jumble,” Tritton reportedly told The AP.
Sales between November 2019 and November fell 5% year over year – according to earnings statements posted in January – and so Bed Bath & Beyond tapped Tritton from his role as Target’s chief merchandising officer.
The first brand the 450-store chain is launching will be Nestwell later this month, which will specialize in bed and bath goods collections. Then in April it plans to launch Haven, which offers “spa-inspired” organic cotton products, and Simply Essential, which will feature over 1,000 household products.