The One Coupon You Could Always Count on Is Disappearing
This beloved store is cutting back on one of the most reliable discounts out there.
There are always a few things you can count on seeing in your mailbox—and they're usually not a thrill, like bills and credit card offers. But one of the rare spots of joy that still regularly comes by post won't be seen as frequently soon. Bed Bath & Beyond has announced that they'll be cutting back on how often you'll see those 15 and 20 percent off coupons from them soon. Read on for more on why your favorite discount is getting clipped, and for more on changes to your regular routine, check out Your Dunkin' Donuts Could Be Closing for Good by the End of the Year.
The coupon cutting decision is based on how younger people shop.
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 coupons are not as useful as you think.
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.
And it isn't gone for good.
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.
Some Bed Bath & Beyond locations are shutting down permanently.
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.