On the heels of announcing its restructuring plan in February in order to simplify operations and cut costs, Bed Bath & Beyond has accelerated its digital-first, omni-always transformation as it battles the changing face of retail due in part to the COVID-19 pandemic.
Kohl’s raced to national prominence on a clever proposition— take outlet-type bargains to the people, opening stores designed to compete with mid-tier and department store retailers in strip malls, closer to the homes of consumers it wanted to make customers.
With a changing assortment of products but a steady focus on food, commodities and seasonal products at sharp prices, Ocean State Job Lot is a great place to bargain hunt for outdoor, pool and garden products, gourmet food items and inexpensive everyday needs and household goods such as kitchen gadgets, cookware, storage items and rugs.
The coronavirus pandemic gave home centers/home improvement retailers an essential retailer designation in the U.S., and Lowe’s benefited from that status, substantially growing its store traffic, market share and sales as consumers looked to the retailer for their do-it-yourself and home improvement needs.
Bob Maricich has a long history in the furnishings business including a stint as president and CEO of Century Furniture. Prior to that, he was president of American Drew and American of Martinsville after holding senior positions at companies such as Flexsteel and Texaco. He took over Internationals Market Centers leadership in 2008.
Mark Tritton became Bed Bath & Beyond’s new president and CEO late last year and immediately faced the challenge of extending a turnaround strategy initiated by the board of directors but under the influence of new executives he brought on board soon after arriving.