Bed Bath & Beyond announced the closing of 40 of its stores and may close more stores if it cannot negotiate more favorable lease terms with its landlords.
“Most of these planned closures are for Bed Bath & Beyond stores,” said Robyn D’Elia, CFO and Treasurer in its fourth quarter earnings call.
D’Elia said the company expects to open approximately 15 new stores in fiscal 2019.
Bed Bath & Beyond is currently testing Next Generation Lab stores, which include a variety of in-store experiences and visual merchandising, resulting in front-end optimization that supports better customer experience across its digital channels.
“We believe these initiatives lay the foundation for long-term revenue growth in the low-single-digit percentage range,” said Steve Temares, CEO of Bed Bath & Beyond.
In 2018, the company initiated 21 next-generation lab stores, which the company is testing new and different assortments and visual merchandising to re-imagine the in-store experience.
Some of these lab stores included scarcity product, a greater emphasis on home décor, food and beverage and health and beauty care. The lab stores provided improved sight lines, collection displays, cross-merchandising, lifestyle merchandising, queue…