The Brief From Bed Bath & Beyond
Jennifer Marks -- Home Textiles Today, July 31, 2012
MORRISTOWN, N.J. - Bed Bath & Beyond's executives are notoriously tight-lipped when it comes to their public pronouncements, but once a year following the company's annual shareholders meetings, they speak off script with the press for a few moments.
Asked whether any of JCPenney's business has redounded to Bed Bath as the former pursues its turnaround, ceo Steve Temares said: "The answer is: We don't know."
Both retailers overlap in numerous markets, he noted, adding, "Other mall anchors would probably feel the impact before we do."
On the subject of product prices, Temares asserted Bed Bath & Beyond did not raise retails as much as many others during the period of soaring cotton prices and he doesn't anticipate doing so in the future.
"We don't believe there's a lot of elasticity there," he said.
Bed Bath & Beyond continues to "evolve" its sourcing and private label posture to differentiate itself, he said. Asked whether this is in response to the so-called "showroom effect" in which consumers visit a store to handle merchandise then order online with another retailer, Temares said: "Not a reaction as much as a recognition that these opportunities exist to bring more value to the customer."
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