At the company’s annual meeting on June 29, Bed Bath & Beyond executives emphasized the company’s commitment to develop omnichannel capacities to meet its goals of being the consumers’ expert advisor on the home as they go through their various life phases and “heart-felt” life events.
Steven Temares, the company’s CEO, said a point of emphasis recently is Bed Bath & Beyond’s next generation stores, which currently are rolling out to combine traffic building “scarcity,” or treasure hunt-oriented items and commodities as complements to a more efficient presentation of core products.
The next generation store initiative, which is developing under the direction of Barry Feld, who heads up the company’s Cost Plus World Market division, isn’t a singular format but an evolving concept, Temares pointed out.
Supervised by agile teams that include store and data specialists, the next generation initiative will manifest differently from Bed Bath & Beyond location to location based on the specific store unit and learnings emerging from existing applications of the concept. The next generation stores will include elements derived from other initiatives Bed Bath & Beyond has in development such as the expansion of home décor and seasonal product presentations.
Bed Bath & Beyond currently operates four next generation stores, plans to keep adding them this year and to have 20 running in the spring of 2019, Temares said.
Bed Bath & Beyond released its first quarter results June 28.