Syracuse, N.Y. -- Bed Bath & Beyond has added a second Syracuse-area store to its list of 200 locations the retailer is closing as part of a turnaround plan.
A store closing sale began today at the Bed Bath & Beyond store in the Cor Center shopping plaza at 3853 State Route 31 in Clay.
An employee said everything in the store is on sale for 20% to 40% off. The store will close by the end of the year, he said.
Bed Bath & Beyond previously announced that its store at 3597 W. Genesee St. in the Fairmount Fair shopping plaza will close by the end of the year.
The closings will leave the Bed Bath & Beyond store in Marshalls Plaza at 3409 Erie Blvd. E. in DeWitt as the chain’s only store in Onondaga County.
Elsewhere in New York, three stores in New York City, one at 3349 Monroe Ave. in Rochester and one at 21855 Towne Center Drive in Watertown are also slated to close.
Bed Bath & Beyond specializes in bedding, kitchen and bath supplies, and home decor items. The chain’s sales were slipping even before the economic slowdown caused by the coronavirus pandemic.
As part of a turnaround strategy, the company said Wednesday it is “moving quickly to right-size its store network and is on track to close approximately 200 Bed Bath & Beyond stores by 2021.”
In addition, it plans to invest significantly in its remaining store fleet “to make shopping easy and inspiring, as part of an overall store optimization program.” The store remodel plan includes investments of $250 million over the next three years across approximately 450 stores which represent approximately 60% of revenue.
Bed Bath & Beyond stores rely heavily on customer coupons to drive sales, but the strategy means its base prices are often higher than what can be found at mass retailers. As part of its turnaround plan, the company said it is striving to improve its “base price competitiveness” across key product categories to compete better with mass retailers and attract new customers.
“The company will use data and insights to build discipline into the use of promotions, to increase return on investment and remove ineffective promotional activity,” it said. “In addition, the company will continue to improve the communication of value across channels, including more compelling value at first glance for customers.”
The company operated 955 Bed Bath & Beyond stores as of May 30.
Rick Moriarty covers business news and consumer issues. Got a tip, comment or story idea? Contact him anytime: Email | Twitter | Facebook | 315-470-3148
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October 30, 2020 at 12:05AM
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Bed Bath & Beyond to close second Syracuse-area store - syracuse.com
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