Bed Bath & Beyond Inc.’s ( BBBY Quick Quote BBBY - Free Report) strategic moves including efforts to expand digitally and store-rationalization endeavors appear fruitful. Management in collaboration with DoorDash is expanding the company’s same-day delivery services across the United States and Canada. Its strategic transformation plan is also worth a mention. The company is on track to extend its Owned Brands, which will help it cater to consumer needs across segments including bed, bath, kitchen and home decor. Driven by these efforts, the currently Zacks Rank #3 (Hold) company has gained 7.8% in the past three months against the industry’s 13.1% decline. Latest Developments
Bed Bath & Beyond recently announced its new national partnership with
Casper Sleep Inc. ( CSPR Quick Quote CSPR - Free Report) to offer consumers the latter’s premium and innovative sleep offerings. Customers can now avail of the industry-leading sleep offerings at the company’s website and via mobile app as well as in select Bed Bath & Beyond stores. Image Source: Zacks Investment Research
According to this partnership, Casper will introduce its one-of-a-kind branded shop in shop at the retailer’s flagship store in the New York City. This newly designed store is scheduled to reopen on Jul 22 following a substantial upgrade to modernize guests’ shopping experience.
Apart from this flagship outlet, the company’s store in the city's Tribeca neighborhood and in Bridgewater, NJ, will enable shoppers experience Casper in-person. In the future months, these products will be available at many more company’s locations across the United States. Casper products also have the option of Buy Online & Pickup in Store or home delivery alongside in-store purchasing. Casper’s sleep offerings will include the Casper Cooling Collection, which is the latest line of innovative cooling products. These are built on the brand's advanced technological solutions to reduce nighttime overheating. Prior to this pact with Casper, management informed that courtesy of its new strategic U.S. alliance with Roadie, the company almost doubled the number of zip codes qualifying for Same Day Delivery. Roadie is a crowdsourced delivery platform with strength of more than 200,000 verified drivers across the country. This partnership will take Bed Bath & Beyond and buybuy BABY’s total number of zip codes qualifying for Same Day Delivery to approximately 16,000. Management also announced that starting Jul 15, customers of Bed Bath & Beyond and buybuy BABY can pick up Buy Online Pickup Curbside orders from any store even before the store opens for the day. Thus, the company is quite focused on becoming a digital-first, omni-always entity. Bed Bath & Beyond also unveiled the third brand from the line of Owned Brands called Squared Away earlier this month. Squared Away mainly includes storage, organization and laundry care solutions for home, apartment or dorm room. This along with two other brands, namely Our Table and Wild Sage are launched ahead of the back-to-college season to make the most of the period. Wrapping Up
Bed Bath & Beyond is optimistic about carrying on with the solid momentum, aided by normalized back-to-school season, pent-up customer demand and a strong progress in its multi-year transformation plan. The company is also likely to continue delivering a robust online show on solid gains from its Buy-Online-Pick-Up-In-Store and Curbside Pickup services.
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