published : 2023-11-06

Overstock's CEO Aims to Win Back Bed Bath & Beyond Customers

Jonathan Johnson acknowledges the struggles faced by customers

A photo of Jonathan Johnson, CEO of Bed Bath and Beyond, confidently discussing the company's rebranding strategy. (Taken with a Nikon D850)

Jonathan Johnson, the CEO of the newly revived Bed Bath and Beyond, is determined to win back the loyalty of customers.

To achieve this, the company has reinstated rewards points for former loyal customers and brought back the iconic blue 20% off coupons.

In addition, they have expanded their inventory selection to gain an edge in the upcoming holiday season.

Their efforts coincide with the company's relisting on the New York Stock Exchange under the symbol BYON.

Despite the challenges posed by economic headwinds like student loans, inflation, and high borrowing rates, Johnson is confident that Bed Bath and Beyond will fare better this holiday season.

He believes that the rebranding from Overstock to Bed Bath and Beyond will help them overcome these challenges.

An image of the iconic blue and white 20% off coupon, a symbol of savings at Bed Bath and Beyond. (Taken with a Canon EOS R)

Johnson expressed his excitement about the opportunity to make the fourth quarter more meaningful for Bed Bath and Beyond than it had been for Overstock.

The CEO assured investors that the company had invested around $150 million in launching the brand and expanding its product categories while maintaining its core customers.

When acquired Bed Bath and Beyond's intellectual property assets, they gained access to approximately 100 million customer files.

This acquisition also enabled them to add two million new products to their inventory.

Johnson emphasized that their asset-light model ensures they don't run out of stock, even for the most popular products.

He explained that as long as a manufacturer has at least one item left, Bed Bath and Beyond can sell it.

A snapshot of a busy holiday shopping scene at a Bed Bath and Beyond store, showcasing the expanded inventory selection. (Taken with a Sony A7III)

One of their top priorities is to regain the trust of loyal customers by reinstating the previously lost rewards points and welcoming them back as part of the Welcome Rewards membership.

The company continues to use the famous blue and white 20% off coupons both online and in-store, reminding customers of their previous shopping experience.

While the current financial report shows a decline in net revenue and a net loss for the third quarter, Johnson stated that the company is still in the early stages of capitalizing on the acquisition of Bed Bath and Beyond.

He aims to navigate these setbacks and make Bed Bath and Beyond a successful brand once again.