During a virtual meeting with investors on Oct. 28, Bed Bath & Beyond Chief Merchandising Officer Joe Hartsig announced that the company was pumping the brakes on one of their most beloved marketing tactics by scaling back the 15 percent and 20 percent coupons that regularly arrive to customers across the U.S. The decision comes as shifting demographics of the store’s most regular shoppers has become six years younger on average and 20 percent less likely to even use a coupon. And for more on what people are shopping for right now, check out The Items That Are Selling Out as COVID Surges, Research Shows. The big change may not be as bad as it sounds: In the meeting, Bed Bath & Beyond said that a study of 285,000 items in their inventory found that 40 percent of their discount promotions were “ineffective” for customers. “Today, we have an overreliance on the coupon,” Hartsig said. And for another big change afoot for a different major brand, know that Walmart Is Starting to End Its Most Popular Program. Even if there’s major change afoot, company brass says that there’s still no danger of the reliable discount going away forever. Mark Tritton, Bed Bath & Beyond CEO, called the coupons “a strategic advantage” and said that they planned to “leverage [them] as a true strength” instead of getting rid of them. And for more retail news, sign up for our daily newsletter. Even before the pandemic changed the business landscape, the writing was on the wall that Bed Bath & Beyond would be changing things up to stay in business. In January, buzz about Bed Bath & Beyond ditching its coupons followed news that the company would be closing 40 of its stores in 19 states and Washington, D.C. after new ownership took over. And for another big shift, read about how Bed Bath & Beyond Just Made a Major Change to Stay Afloat.ae0fcc31ae342fd3a1346ebb1f342fcb
