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Bed Bath & Beyond Inc. Announces CEO Transition

bed bath and beyond art

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It plans to expand those vignettes from 70 stores to locations this year, and use them to showcase its six new in-house furnishing brands over the next two years. This sounds like an interesting way to widen its moat against Walmart. Unfortunately, Walmart just tossed a wrench into those plans by launching MoDRN, a private-label modern furniture collection of nearly types of products including sofas, tables, and dinnerware. Soohoo stated Walmart was focused on "creating this specialty shopping experience" in the first year, and that it was now "doubling down" on increasing its assortment of "high-quality, on-trend collections" of furniture and home furnishings. Soohoo noted that MoDRN was aimed at customers "who embrace a modern aesthetic," and that its Retro Glam, Refined Industrial, and Scandinavian Minimal collections feature higher-end products like velvet and leather upholstery, marble table tops, and exotic veneers. It also widens Walmart's moat against Amazon, which is aggressively expanding into private-label products like consumer goods, apparel, and mattresses. MoDRN will be an exclusive online brand for Walmart.

The Board has formed a CEO search committee to identify a permanent CEO and will retain an executive search firm to assist in the search process. The Board's search process will focus on individuals who have transformation and innovation experience in the retail sector. Weiss and the Committee will work closely alongside Ms. Winston in her role as Interim CEO and the other members of the leadership team to identify opportunities for rapid performance improvement of both short- and long-term results. As the Company continues its efforts to improve its financial performance and enhance its competitive position, the Board determined that now is the right time to identify the next generation of leadership. We are fortunate to have someone of Mary's caliber to serve as Interim CEO while the Board conducts a search for a permanent successor, and are confident in her ability to lead the Company forward during this transition period. As we continue to review our business initiatives, we will be focused on driving continued margin improvement, enhancing the in-store and online experience, and accelerating our transformation to the benefit of our shareholders, customers and other stakeholders.

There's an art and science to balancing prices and creating a real-life consumer retail experience as the virtual world increasingly eats into brick-and-mortar profits. The key is to recognize a strategy that combines the best of what physical stores have to offer with an effective online presence. This is something brick-and-mortar retailers are still grappling with. These struggles are being compounded by online pure-players opening their own brick-and-mortar locations e. For example, traditional retailers have the upper hand in several key areas, including convenience and creating a more comfortable shopping experience — which in turn can lead to better insights into why people come into a store, and how to deliver a shopping experience they seek for a fair price. By using these inherent strengths as a starting point, traditional retailers can then shift their focus to formulating a pricing strategy that's better suited for the modern retail space and shopper. Here are four areas traditional retailers should take into consideration as they look to fight back:.

A new president and chief merchant is coming. He or she will be quite busy. Congratulations on your new job. You are taking over as president and chief merchant of one of the most legendary home furnishings operations in the history of modern retailing. You also assume your role at a most precipitous time at the company as it struggles to deal with multiple issues, from the online onslaught to a tired store base to an investment community that believes your best days are over. You take over the merchandising reins from your predecessor, Arthur Stark, whose departure was buried in an SEC filing earlier this month.

In our weekly digest, find a roundup of need-to-know and nice-to-know news. President and chief operating officer Eugene Castagna left the company; his position was eliminated following a review of the corporate office cost structure that ultimately ended with a reduction of 7 percent of the corporate staff. Castagna was named president last year. The company said the uptick was because of more sales in paint in the U. Walmart is piloting a driverless delivery program, reported Total Retail. Working with autonomous car company Gatik, Walmart will deliver orders between two stores on a two-mile route in Bentonville, Arkansas—the first and most obvious place to test such a program after the state made it legal for cars to drive themselves in March.

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