Dive Brief:
- Following this week’s bankruptcy of Bed Bath & Beyond, The Container Store announced on Wednesday that it will offer a 20% discount on any single item through May 31 for customers who bring a “competitor’s blue coupon,” to any store location.
- In a separate announcement, Big Lots on Thursday said that any shopper that brings in a Bed Bath & Beyond coupon will receive 20% off their entire purchase of $50 or more through May 7. Terms and conditions apply to both retailer’s promotions.
- Although Bed Bath & Beyond and BuyBuy Baby stores are open and serving customers during the company’s wind-down process, shoppers can no longer redeem its coupons, according to the retailer’s website.
Dive Insight:
Bed Bath & Beyond’s large, 20% off coupons were a mainstay of the company’s marketing campaign for years — and pulling back on them was part of the retailer’s downfall.
In court documents filed this week, Chief Financial Officer and Chief Restructuring Officer Holly Etlin addressed the importance of coupons in the store’s strategy, saying that they were “heralded as one of the greatest retail coupons of all time” and part of a plan that “led to financial success.”
But, a decision by former management to tamp down on “historically successful marketing vehicles — like the famous mailed Bed Bath & Beyond coupons — directly impacted in-store traffic.” That, in turn, impacted the retailer’s ability to capture in-store sales.
Now, other retailers are using Bed Bath & Beyond’s coupons as a marketing tool of their own.
"At Big Lots, our mission is to help people live big and save lots, which means we're always thinking of ways to step up and deliver even more value to consumers," Bruce Thorn, CEO of Big Lots, said in a statement. "For anyone who has missed their last opportunity to redeem one of these coupons, Big Lots is opening our doors to help you save on your entire purchase.”
The Container Store’s announcement of accepting Bed Bath & Beyond coupons was enveloped in another press release regarding the expansion of its college offering. The retailer also went on social media to promote the discount, saying that customers could “bring in a blue coupon” in order to save.
So. Much. NEW. Bring in a blue coupon ???? to receive 20% off a single item and experience our vast array of NEW products for college. Terms and conditions apply. We're here for you. Welcome to the organization. #TheContainerStore pic.twitter.com/o8kp8csZC8
— The Container Store (@ContainerStore) April 26, 2023
Bed Bath & Beyond has been working to sell itself since last year and is still looking for a buyer, according to Etlin. The company currently runs 360 stores in the U.S.
