When no one bought you the self-driving vacuum [ArtMarie/E+ via Getty Images]
Sold out: Rachel Ray cooking set… Bed Bath & Beyond was a draw during the holidays as shoppers wrapped up Ring doorbells and weighted blankets. Despite that, BBB’s sales fell 28% last quarter, and its loss quadrupled to $280M as it tackled supply and labor bottlenecks. BBB closed 170 stores, and even temporarily axed its iconic discount catalog (tragic).
Chateau wedding < Maldives honeymoon… BBB is famous for fitted dorm sheets, but it’s also a wedding-gift destination. For years BBB dominated the registry biz, as guests splurged on crystal wine glasses and Dysons. To make up for Covid postponements, a record 2M+ couples plan to get married in the US this year. But the timing couldn’t be worse for BBB:
Life milestones create sales momentum… but so do routines. BBB is no longer #1 for your big day, but it’s making strides in other areas of your life. Its BuyBuyBaby franchise saw double-digit growth last quarter as parents stocked on onesies and strollers. Meanwhile, the $29/year Beyond+ loyalty program added nearly 500K members, suggesting shoppers are turning to BBB for more routine purchases — from shampoo to face towels. Beyond’s partnership with grocery chain Kroger also suggests it’s trying to cash in on routines.