Special Edition: Bed Bath & Bankruptcy
The NewsWorthy
Erica Mandy
4.7 • 1.3K Ratings
🗓️ 29 April 2023
⏱️ 14 minutes
🧾️ Download transcript
Summary
Bed Bath & Beyond filed for bankruptcy this week. We're talking to retail analyst Neil Saunders about what went wrong, why hundreds of other stores are closing this year, whether the days of free online returns may be coming to an end, and so much more!
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Transcript
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| 0:00.0 | Today is Saturday, April 29th. It wasn't long ago that Bed Bath and Beyond was a go-to place |
| 0:05.0 | for wedding registries, new homeowners, and dorm rooms. But Bed Bath and Beyond filed for bankruptcy |
| 0:10.7 | this week. So what went wrong? And what does it say about how we as Americans shop now? |
| 0:16.4 | Today, we are talking to retail analyst Neil Saunders. He's the managing director of the retail |
| 0:21.0 | division for Global Data, a consulting and data analytics company. Today, he explains why it's not |
| 0:25.8 | just Amazon taking down these big chains and what else has led to hundreds of stores closing |
| 0:30.3 | this year. And of course, we'll talk about what it all means for us, the customers. |
| 0:37.0 | Welcome, welcome to The Newsworthy Special Edition Saturday, when we sit down with a different |
| 0:41.1 | expert or celebrity every Saturday to talk about something in the news. Don't forget to tune in |
| 0:45.3 | every Monday through Friday for our regular episodes where we provide all the day's news in 10 minutes. |
| 0:50.3 | I'm Air Commandy. It's now time for today's Special Edition Saturday. |
| 0:57.0 | Neil, thank you for coming on The Newsworthy. You're welcome. Thanks for having me. |
| 1:00.4 | So let's start with what happened that ultimately led to the end of Bed Bath and Beyond. |
| 1:05.4 | Well, I think really the story goes back quite a long way, and it centers around Bed Bath and Beyond |
| 1:11.6 | failing to remain relevant to consumers. A lack of response to online is certainly one of the |
| 1:16.3 | problems that led to their demise. They were very late to things like multi-channel |
| 1:22.0 | clicking collect for stores where you order something online and you pick it up in a store. |
| 1:26.6 | They didn't inject enough excitement inspiration into stores. They had a launch of own brands that |
| 1:33.6 | replaced some national brands that were very popular and people didn't really like their own brands. |
| 1:39.1 | They didn't resonate with the customer and that put a lot of of shoppers off going there. They |
| 1:43.1 | changed the coupon strategy, which was probably sensible from a corporate perspective, but not |
| 1:48.2 | great from a consumer perspective. And they spent an enormous amount, billions of dollars on share |
... |
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