Bed Bath & Beyond Inc. Stock Up After Redefine Business Model
Nov 3, 2021 By MarketDepth
Bed Bath & Beyond Inc. (NASDAQ: BBBY) stock jumped more than 15% after the popular retailer announced the launch of its new digital marketplace to build on the Company’s existing authority in key Home & Baby categories. The marketplace will expand its assortment of key products from a highly curated selection of third-party brand partners that will be seamlessly integrated into the Bed Bath & Beyond digital platform.
Pilot Program With Koger Stores
This launch is following a joint press release with BBBY and The Kroger Co., which announced a strategic collaboration to directly offer Kroger customers an extensive selection of the most sought-after goods for the home and baby products carried by Bed Bath & Beyond Inc. through Kroger.com as well as a small-scale physical store pilot at select Kroger Family of Companies stores beginning in 2022.
“On my second anniversary as CEO, I am excited and inspired by the change and momentum we have created in this business as we continue to fortify our competitive positioning and customer acquisition strategy. Marketplace is yet another example of how we continue to redefine our business model. We are developing new avenues of long-term profitable growth to allow us to organically build on our existing authority in the Home and Baby categories. We will continue to leverage our market position to drive both customer acquisition and retention.”President & CEO Mark Tritton
The plan is for Bed Bath & Beyond to realign its organizational infrastructure and refreshing its leadership team to support its stronger business model.
“With these sales channel expansions, it is necessary to evolve our organizational structure to align with our ongoing transformation. As part of that evolution, we are thrilled to promote Anu Gupta into an expanded role. As an instrumental driver of our new Kroger collaboration, Anu’s impressive background and business acumen, visionary ideas, and successful tracking of our transformation management will help lead our team into the future.”President & CEO Mark Tritton