Retailers scramble for Bed Bath & Beyond brick-and-mortar stores, with Burlington Stores taking the lead
2023-07-28
The intellectual property rights of the bankrupt Bed Bath & Beyond, including the online domain name, have been acquired by Overstock, and a new electronic version of Bed Bath & Beyond will be fully presented to consumers later this year.
Bed Bath & Beyond, which was the second largest retailer of home textiles in the United States two years ago, generated most of its sales revenue from offline physical stores. BBB has a unique vision in terms of physical stores. Most of the stores are located in popular locations where household goods customers gather, and the surrounding competition is not fierce. After the company went bankrupt, these BBB stores attracted many retailers to acquire them, and among them, Burlington Stores ran at the forefront of acquirers.
In early March, when retail companies such as Bed Bath & Beyond and Tuesday Morning filed for bankruptcy or began closing stores, Burlington CEO Michael O'Sullivan told investors that the company was closely watching possible transfers due to bankruptcy. of these high-quality stores. O'Sullivan believes that 2023 is a critical year for low-price chain retailers. Once successfully passed 2023, Burlington Stores will develop rapidly.
Burlington Stores Inc. will pay more than $13.5 million for the leases of more than 50 former BBB stores across the U.S., according to a CNBC analysis. Bill Read, executive vice president of commercial real estate firm Retail Specialists, told the Financial Times that many of the locations Burlington Stores acquired were "top-notch".
Bed Bath & Beyond, which was the second largest retailer of home textiles in the United States two years ago, generated most of its sales revenue from offline physical stores. BBB has a unique vision in terms of physical stores. Most of the stores are located in popular locations where household goods customers gather, and the surrounding competition is not fierce. After the company went bankrupt, these BBB stores attracted many retailers to acquire them, and among them, Burlington Stores ran at the forefront of acquirers.
In early March, when retail companies such as Bed Bath & Beyond and Tuesday Morning filed for bankruptcy or began closing stores, Burlington CEO Michael O'Sullivan told investors that the company was closely watching possible transfers due to bankruptcy. of these high-quality stores. O'Sullivan believes that 2023 is a critical year for low-price chain retailers. Once successfully passed 2023, Burlington Stores will develop rapidly.
Burlington Stores Inc. will pay more than $13.5 million for the leases of more than 50 former BBB stores across the U.S., according to a CNBC analysis. Bill Read, executive vice president of commercial real estate firm Retail Specialists, told the Financial Times that many of the locations Burlington Stores acquired were "top-notch".
Burlington Stores has announced a goal of opening 500 to 600 new stores this year. At the end of the first fiscal quarter ended April 29 this year, Burlington has operated 933 stores in 46 states and Puerto Rico in the United States, making it the third largest low-price discount chain retailer in the United States. In terms of household items, Burlington Stores has doubled its sales of household items in the past five years, and household items have become its largest commodity category.
