Beyond, Inc. is heading to The Inspired Home Show, recently appointed Bed Bath & Beyond CEO Chandra Holt told HomePage News, to learn more about supplier innovations and discuss its ongoing expansion into more e-commerce storefronts.
Beyond Executive Chairman Marcus Lemonis and Holt will discuss the company’s escalating growth strategy in a keynote address during The Inspired Home Show (March 19 at 10 a.m., in McCormick Place S102). Beyond leadership also is hosting a reception for International Housewares Association members during the show (March 17, 5 to 6:30 p.m. in the McCormick South Grand Ballroom lobby).
Holt said the Beyond team is attending its first Inspired Home Show since last year’s relaunch of Bed Bath & Beyond to discover new products and opportunities not only for Bed Bath & Beyond but also for the ready-to-relaunch Overstock.com, recently acquired Zulily and a number of forthcoming e-commerce sites, including Baby & Beyond, Kids & Beyond, College Living, Backyard.com and Wamsutta. The ability to interact with vendors and provide and get feedback is important to the Beyond test, Holt said. As such, the show is an opportunity for unique collaboration, she said, as Beyond expands its business to cover the home, the yard and key moments in consumer lives.
HomePage News Contributing Editor Mike Duff recently sat down with Holt to discuss Beyond’s approach to The Inspired Home Show and how the factors into the company’s multi-platform e-commerce strategy.
HomePage News: What general goals does Beyond have in attending The Inspired Home Show? Given the company’s structure, are new products and promotions a high priority for the show, or is more of the focus on bringing vendors up to speed as to where Bed Bath & Beyond and the company are today and where it’s going?
Holt: We are excited to be attending The Inspired Home Show this year. It offers us the opportunity to meet with existing and potential partners and learn more about ways we can support them.
Since launching Bed Bath & Beyond in August, our customer base has grown substantially, and we’ve brought on over 440 new partners, including many well-known national brands in the kitchen and housewares space. As our customer base continues to grow, we’re focused on bringing additional partners and brands on board to continue enhancing the experience for our customers.
This year is especially significant for us, as it’s our first year attending since launching the new Bed Bath & Beyond and a chance to share our aggressive growth plans. It’s also my first show since joining the company last month, and I look forward to getting to know new and existing partners of the brand.
HPN: What are some key points you want to discuss with vendors, and what kinds of topics/developments do you want to concentrate on the most?
Holt: The customer reaction to the Bed Bath & Beyond brand has been overwhelmingly positive, and we’re pleased with the progress we’ve made since our August launch. But we’ve only scratched the surface. We have aggressive plans in place to build out a robust suite of brands under our parent company, Beyond, Inc., which we’re looking forward to discussing at the show.
Additionally, we’re focused on building our assortments to deliver the brands, quality, and value that our customers are looking to buy. Aligned with our strategic vision, we want to work with partners to create programs that are market differentiators.
HPN: What are the advantages of attending the show that can’t be had in the normal course of business communications and development?
Holt: We love engaging and interacting with current and potential partners face-to-face for multiple reasons. It is a great opportunity to discover new partners, see the innovations and trends in the industry all in one place, and get feedback from our partners on how we can improve. With The Inspired Home Show, there is an added level of benefit to being in a setting where everyone is focused on a common goal of improving housewares categories and the collaboration that can happen is unique.
HPN: How are you looking at the year ahead in the housewares categories and how has that business developed for Bed Bath & Beyond? What initiatives that you’ve developed over the past year or so do you want to emphasize going forward?
Holt: Beyond’s road map for 2024 includes launching a suite of home-centric brands that offer products and services to enhance the four walls of a customer’s home and the four corners of their property. We’re confident that this strategy will help acquire new customers, improve our retention of them, and – ultimately – drive down the cost of customer acquisition. We’ll relaunch Overstock.com in the coming weeks, followed by the launches of Baby & Beyond, Kids & Beyond, College Living, Backyard.com and Wamsutta, to help consumers find what they’re shopping for at various life stages. We see substantial opportunities for these brands in the housewares categories.
HPN: Are there some particular areas of the business that you want vendors to work with Bed Bath & Beyond in developing that will be under discussion at the show? Is the show a good place to discuss commitments to new initiatives moving forward?
Holt: Vendor partners tell us that they’ve recognized our improved sales performance since the Bed Bath & Beyond launch in the brand’s legacy power categories of bedding, bath, kitchen appliances, cookware and dining, just to name a few, and we are continuously developing our assortment in these categories.
Additionally, our plans to introduce tailored experiences for purchase occasions that are adjacent to our core Bed Bath & Beyond offerings — Baby & Beyond, Kids & Beyond, Wamsutta, College Living and others — are all initiatives we have been working with partners on and look forward to continued discussions.
HPN: What is important for vendors to understand about Bed Bath & Beyond’s operation as it exists and is evolving?
Holt: Beyond is focused on delivering products and services to customers that enhance the four walls of their home and the four corners of their property. Over the coming months, we plan to launch several home-centric brands that offer products and services that help customers find what they’re shopping for at various life stages. The relaunch of Overstock will not only allow Bed Bath & Beyond to expand its existing assortment and hone in on its historical legacy success, but it also will allow Overstock to do the same.
HPN: What does Beyond want to do at the show to get suppliers to align with the business as it has advanced from the original Overstock to today’s Bed Bath and Beyond? What will Beyond be discussing with vendors at the show as regards the relaunch of Overstock as a clearance/off-price retailer?
Holt: We are looking forward to connecting with vendors throughout The Inspired Home Show. With a new strategic vision and a suite of brands under the Beyond umbrella, vendor partners will have the opportunity to showcase their brands on multiple e-commerce sites. Partners can expect full support and adherence to pricing policies on Bed Bath & Beyond and other sister brands, with the ability to discount merchandise and move faster on Overstock if they choose to.
Also, we invite attendees to join us at a cocktail event (for IHA members) on Sunday, March 17th, from 5:00 to 6:30 p.m. in the (McCormick Place South) Grand Ballroom Lobby. Beyond, Inc. executive chairman Marcus Lemonis and I will discuss the future of our business and the many opportunities our current and future partners can expect with the new Bed Bath & Beyond and Overstock.com.
