Bed Bath & Beyond will spend around $250m on store remodelling over the next three year. Credit: JJBers via flickr.

Omni-channel retailer Bed Bath & Beyond has revealed that the company is on track to close 200 stores by next year.

The move is part of the company’s strategy to right-size its store network and expected to generate annualised EBITDA savings of nearly $100m.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The retailer plans to invest more on omni-always digital and in-store shopping experience building on the recent launch of Buy-Online-Pickup In-Store (BOPIS), Curbside Pickup and Same Day Delivery services.

Under this overall store optimisation programme, Bed Bath & Beyond also plans to invest to streamline shopping experience including around $250m across approximately 450 stores.

Additionally, the company expects to grow its physical footprint with additional stores in new markets as part of its strategy to build authority in the Baby market. It plans to increase sales in the market by 50% to approximately $1.5bn by fiscal 2023.

Bed Bath & Beyond president and CEO Mark Tritton said: “We have made tremendous progress this year to strengthen our financial position, focus our portfolio in core Home, Baby, Beauty & Wellness markets, rebuild our executive team, and launch a series of omnichannel services to win back customers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We will build on these strong foundations with a three-year growth strategy that further elevates the shopping experience, modernises our operations, and unlocks sales growth, margin expansion, increased cash flow and strong and sustainable total shareholder return.”

In addition to store remodelling, Bed Bath & Beyond plans to launch a $225m accelerated share repurchase.

Earlier this month, Bed Bath & Beyond entered into agreements to divest some of its non-core assets.