Bed Bath & Beyond Is Cutting Back on Its Iconic Coupons.
If you’re big into Bed Bath & Beyond coupons, you might want to sit down for this one: The retailer is cutting back on how many coupons it sends shoppers. Fear not: The company isn't getting rid of them completely, but you may not have one handy every time you want to upgrade your dinnerware or buy new bath towels.
Bed Bath & Beyond is known for its coupons, whether they’re received in the mail or through email, and it wants to start using them in a more strategic way. “Today, we have an overreliance on the coupon,” Bed Bath & Beyond’s chief merchandising officer Joe Hartsig said in a virtual meeting with investors, CNBC reports.
In a study that stretched across 405 million shoppers’ baskets and 285,000 Bed Bath & Beyond products, the retailer found that 40 percent of its promotions were ineffective or simply unnecessary, according to the outlet.
The retailer has also seen 1.4 million new customers this year (mainly because of the coronavirus pandemic–you know, everyone buying up cleaning supplies and redecorating their homes). The company shared that those new customers are an average of six years younger than their main customer base and are 20 percent less likely to use a coupon, the outlet reports.
The cut back on coupons comes after Bed Bath & Beyond has closed more than 200 stores and laid off more than 2,500 employees as part of its financial restructuring plan because of the global pandemic this year.
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