Sunday, March 1, 2015
Bed Bath & Beyond is one of America's leading retail chains of home merchandise and furnishings that has consistently grown from its humble beginnings in 1971, and one of DiversityWorking.com's committed diversity company members. Its sales and number of stores, including those of its sister companies – Harmon Face Values, Christmas Tree Shops, buybuy Baby and other stores under the names of World Market, Cost Plus World Market or World Market Stores – keep increasing through the years, withstanding economic recession, shifting consumer buying trends, and the rise in e-commerce.
The secret behind Bed Bath & Beyond's brilliant success can be attributed to several factors, but it all boils down to its corporate culture, strong leadership and excellent customer service.
Notable among these factors are 3 strategies that make up the company's business model.
Conservative Fiscal Strategy which allows Bed Bath & Beyond to operate on as little debt as possible, that gives the company “important advantages in terms of flexibility and ability to sail through difficult times"
Merchandizing strategy to stock anything and everything, putting its “big box” merchandising concept to full advantage, yet in an organized manner, and enabling the company to operate successfully and profitably.
Real estate strategy - Most retailers opt to open new locations in popular commercial areas or inside malls; Bed Bath is diligent to scout cheap real estate.
At the same time, Bed Bath & Beyond is doing its best to cope with the rising trend of e-commerce.
Bed Bath & Beyond is taking its online business seriously and is working hard to enhance the customers’ overall shopping experience in stores and online by leveraging mobile devices and social media. The company believes that providing a deeper set of merchandise in an omni channel environment, combined with compelling customer service, will help it gain market share in the future. Read more at:
To add to these strategies is the company's competitive pricing techniques. According to one analysis on the retail giant made last year, customers would go to browse at Bed Bath & Beyond and compare its prices with Amazon.com. If customers shopping at Bed Bath & Beyond use the store's 20% off coupon, the item will actually cost around 15% less than it would on Amazon. So without a 20% off coupon, your best bet is to purchase the item on Amazon. Once sales tax and shipping charges are factored in, however, the item's price may break even with the price at Bed Bath & Beyond. Like most retailers, Bed Bath & Beyond monitors market prices on all of its items to make small adjustments and uses its 20% coupons to its advantage. Read more here:
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Posted by Your Diversity Career Consultant at 8:02:00 PM