This article has been republished with the permission of Furniture Today USA.
Words: Jennifer Marks
Bed Bath & Beyond has its eye on the online furniture business — and it likes what it sees.
Pointing to Wayfair, Overstock and Amazon specifically, CEO Steve Temares said there’s a big market BBB can carve into.
“They do billions of dollars in the business, so why should we cede it to them?” he said during a Q&A with the press following the company’s June 30 shareholder meeting.
Asked whether the company’s ambitions run to upholstered and case goods, he affirmed they do.
BBB began building its online furniture business in earnest in 2015. Temares noted that the company’s buy buy Baby, World Market and One Kings Lane nameplates each have a solid track record in furniture and home décor.
It’s clear, however, that leveraging the expertise at One King’s Lane is the true jewel in the crown where furniture expansion is concerned. “We have people who know how to buy antiques,” he said. “We have an eye for things. We have an ability to customize.”
As part of the company’s broader strategy to win consumers at key life stages — back to college, wedding, first home and baby — Temares described a strategy of presenting full rooms to consumers, a deeper dive into the “Shop The Room” concept the launched earlier this year at bedbathandbeyond.com. The company also envisions offering consumer décor advice, most likely by building out One Kings Lane’s fledging design services division.
“We are just at the starting line,” he added. “It takes time, but we’ll get there. And it’s going to be enormous.”