How a Pandemic Saved Bed Bath & Beyond
When most all of the United States was shut down in March of this year, we saw brick-and-mortar stores that were already struggling before the pandemic really begin to crumble, and one by one, a slew of major retailers announced they were in bankruptcy proceedings or entirely closing up shop.
For the past few months, we've been telling you about national stores either cutting back on the number of stores in operation or locking up their doors for good. The list has included the likes of Pier I Imports, Men’s Wearhouse, The Children's Place, and yes, Bed Bath & Beyond.
In early July, Bed Bath & Beyond had plans to close nearly 1,500 stores and CEO Mark Tritton announced in a press release that despite the bleak news, "We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet" and he certainly wasn't wrong!
In a surprising turn of events, Bed Bath & Beyond has not allowed the pandemic to drown it but has instead reached a hand out of the water and is holding tight to a lifebuoy, the American people. In a surprising turn of events, it would appear that Americans who spent months cooped up inside their homes realized maybe their space needed some sprucing up and turned to the retail giant for help.
In the sales quarter that ended in August, Bed, Bath, and Beyond reported that sales of housewares were up by 28 percent. Also, smart thinking by corporate heads meant that the brand utilized its online operation in a big way and that paid off as digital sales were up by 89 percent in the quarter.
There's a life lesson in all of this. We can allow something to knock us down, take us out, and steal from us, or we can strategize and fight back claiming what is ours. Bed Bath & Beyond fought back in what most saw as an impossible situation and they're winning.