Opening price point private label brands like Simply Essential will continue to play a role in Bed Bath & Beyond’s assortment.
Union, N.J. – Rebalancing the slew of company-owned brands with more national brands is a key priority for Bed Bath & Beyond’s new leadership.
During this morning’s quarterly call with investors, newly appointed interim CEO Sue Gove said private brands will continue to have a place in the assortment, particularly opening price point brands like Simply Essential.
“Our offerings and brands need to better balance to what our customer wants,” she said. “Our inventory position needs refinement. While we have been working to address these areas of focus, some have been effective and others have not.”
The Bed Bath & Beyond banner is making plans to hold a vendor day “in the very near term” led by new EVP and chief merchandising officer Mara Sirhal. “Our merchant team is heads down on this right now,” Gove added.
Late last month, Bed Bath & Beyond introduced its ninth house brand, Everhome, which like most of its private labels crosses multiple product categories. This morning, Gustavo Arnal, EVP and CFO, told investors that some sub-categories within some brands were over-extended.
The retailer’s first comprehensive owned brand, Bee & Willow, launched in February 2020 under the aegis of recently departed president and CEO Mark Tritton. As more house brands rolled out in the ensuring months without significantly lifting sales, retail analysts criticized the former Target Stores executive for hewing too closely to the Target private label playbook.
Before joining Bed Bath & Beyond Inc. in January 2021, new chief merchant Sirhal spent 13 years at Macy’s. She began her career there as an associate product manager for men’s and at various points was a buyer for categories that included fashion bedding, sheets, kitchen electrics, floor care, personal care, fragrances and skincare.
Her final position at Macy’s was as VP and divisional business manager for licensed, retail as a service and retail diversity strategy.
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