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Sorry, couponing kings and queens — Bed Bath & Beyond is rethinking its ever-present mailers.
The popular retail chain, known for frequently sending coupons with discounts and sales to customers, is planning to slow down on its coupon model after analyzing recent shopping trends, CNBC reports.
“Today, we have an over-reliance on the coupon,” Joe Hartsig, chief merchandising officer at Bed Bath & Beyond told investors on Wednesday, adding that the company came to the realization that about 40 percent of their promos were "ineffective."
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Bed Bath & Beyond announced a plan to cut back on coupons in an effort to boost profits and be more competitive on pricing. pic.twitter.com/Bj3QBZwMX9
— TODAY (@TODAYshow) October 29, 2020
Bed Bath & Beyond execs said they've had some 1.4 million new customers in 2020 due to the pandemic, as more people are at home and have time for home-improvement projects.
Of the new clientele, CNBC reports, these new customers are on average six years younger — and 20 percent less likely to apply a coupon at checkout.
Coupons aren't being completely phased out of Bed Bath & Beyond's business model, however. The store will instead be more "strategic" and "leverage [them] as a true strength," said CEO Mark Tritton.
Please find our statement below from that can be attributed to our Chief Brand Officer, Cindy Davis:
"Coupons are part of our DNA and will continue to be a key part of the mix in future," Chief Brand Officer Cindy Davis said in a statement obtained by PEOPLE. "But we also know that many of our shoppers want to save in different ways. We’ve made our everyday price as competitive as possible and introduced dynamic pricing and data-informed promotions so customers get a great deal, with or without the coupon, on the items they love."
Davis also detailed alternative ways to save: "Along with Beyond+, which is the secret weapon to save throughout the year, this means we’ll always offer great value, an inspiring selection, and fast, easy and convenient omni-always shopping services like BOPIS, curbside and same day delivery."
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In January, the company announced that it would be closing a total of 40 locations nationwide in the first half of 2020, with 20 additional locations slated to close during the latter half of the year.
A spokesperson for the company told PEOPLE at the time that many of those locations “have already closed or will close in 2020” adding that the shuttered locations “no longer meet the standards our customers expect from us.”
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“We’re continually evolving to serve our loyal Bed Bath & Beyond customers better — whether they come to us at one of our 900+ stores or are one of the millions who shop with us online each year,” the spokesperson said. “We’ve just given over 150 of our most popular stores a multi-million dollar update and are continually investing in our stores and digital platform to give customers an even better experience however they choose to shop with us.”
The locations closing in 2020 join 14 stores that were shut down in 2019.