美国国家公共电台 NPR--Will Bed Bath & Beyond sink like Sears or rise like Best Buy?

Will Bed Bath & Beyond sink like Sears or rise like Best Buy?

Transcript¹

It's hard to overstate the bumpiness² of the rollercoaster ride that Bed Bath & Beyond has been on this year: its rise and crash as a meme stock, a leadership shakeup, trouble with suppliers, a turnaround to trump³ a previous turnaround, store closures, job cuts, and the shocking news of its financial chief's death.

The home-goods giant faces persistent⁴ speculation⁵ of a protracted⁶ but looming⁷ demise⁸ as it prepares to report its latest financial results on Thursday morning.

"It sort of looks like a decision tree from where it is now," Morningstar analyst⁹ Jaime Katz said: Will Bed Bath & Beyond reimagine itself and pull away from the brink¹⁰, like Best Buy? Or will it continue to patch holes only to keep sinking, like Sears?

"You know, our best guess is that it comes in somewhere in between," Katz said.

How did this once-vaunted retail¹¹ behemoth get here?

As recently as 2018, Bed Bath & Beyond had over 1,500 stores. It had hoovered up rivals, BuyBuy Baby and World Market. Even during the Great Recession, when many retailers¹³ folded, Bed Bath seemed to only grow.

Its stores had secret powers that shoppers loved

Yes, there was the iconic blue 20% off coupon¹⁴ that's so ever-present that even mobster Whitey Bulger had one in his kitchen drawer.

But the chain had another secret sauce behind the scenes: Unlike most retailers, Bed Bath & Beyond let local managers choose what to sell in each store, catering¹⁵ to local tastes.

"I remember seeing it very distinctively¹⁶ when I visited a Miami store," said Amy Laskin, a former Bed Bath content marketing¹⁷ executive. "Right when you walk in the doors was this wild, brightly colored, Disney-themed stuff — it was so Miami. And I thought, this will never sell anywhere else."

But the stores eventually became part of the problem

As online and mobile shopping exploded, Amazon, Target, Wayfair and others put up formidable competition. Bed Bath & Beyond spent years seeking — and never really finding — its online identity.

"I would go into one meeting and it would be, 'We need to be ... the destination for home, more upscale, home decor, more furniture,' " said Laskin, who left Bed Bath in 2017 and is now with consultancy Prophet.

"The next conversation would be, 'We need to be more competitive with Amazon. We need to be the destination with everything.' ... The next thing you know, we were carrying diamond jewelry¹⁸ like Costco does."

Bed Bath & Beyond whipped up a dizzying website. But its heart remained in its stores, with their stacks of cookware, walls of trashcans and piles of pillows. In the late 2010s, sales started dropping and a series of turnarounds began.

A high-profile new CEO pursued a big idea: Bed Bath would launch its own brands

In 2019, Mark Tritton arrived from Target. As Bed Bath CEO, he pushed to declutter stores and close 200 underperforming ones, to weed out national brands and launch Bed Bath's own labels, like Everhome and Nestwell.

This strategy had worked like a charm at Target, perfected over years. Bed Bath & Beyond rushed to replicate¹⁹ that success in months — right as the pandemic began.

Shoppers were already wary²⁰ of visiting stores, so many never got to check out the new labels; some found them lacking and began complaining that they missed familiar brands.

The pandemic was a boon²¹ for home goods, but Bed Bath & Beyond missed out

The new-brands turnaround strategy exacerbated²² the industry-wide supply chain crisis, leaving top products like KitchenAid mixers missing from Bed Bath's shelves. The retailer¹² played catch up, racing²³ to roll out pandemic necessities like curbside pickup²⁴.

Earlier this year, activist²⁵ investor²⁶ Ryan Cohen of Chewy and GameStop fame bought a stake in the company, prompting his followers²⁷ on Reddit and YouTube to pump up Bed Bath's stock. CEO Tritton and other leaders were ousted²⁸.

Then, just as suddenly, Cohen sold his entire stake. What ensued was what's become a familiar timeline of a rudderless retailer: The company announced closures of another 150 stores and job cuts for a fifth of its corporate²⁹ and logistics staff. Suppliers began hesitating about sending more stuff to Bed Bath, worried they won't get paid.

Interim³⁰ CEO Sue Gove is touting³¹ "a straightforward³², back-to-basics philosophy," while the company scrambles³³ to bring back national brands and shoppers are pulling back.

Now, the store has inflation to deal with; plus, shoppers are over their crazed pandemic-era clamor for furniture, bedding, kitchen appliances and home decor.

"We remain concerned by the magnitude of the sales declines," Telsey Group analyst Cristina Fernandez wrote, "and believe it will be challenging to win consumers back in a softer economic climate."

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 bumpiness   

n.崎岖不平

参考例句：

• Given the bumpiness of the road ahead, you might be better off with a crash helmet. 考虑到你面前这条颠簸的道路，你最好还是配个头盔吧。 来自互联网

3 trump   

n.王牌，法宝；v.打出王牌，吹喇叭

参考例句：

• He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
• The coach saved his star player for a trump card.教练保留他的明星选手，作为他的王牌。

4 persistent   

adj.坚持不懈的，执意的；持续的

参考例句：

• Albert had a persistent headache that lasted for three days.艾伯特连续头痛了三天。
• She felt embarrassed by his persistent attentions.他不时地向她大献殷勤，使她很难为情。

5 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

6 protracted   

adj.拖延的；延长的v.拖延“protract”的过去式和过去分词

参考例句：

• The war was protracted for four years. 战争拖延了四年。 来自《简明英汉词典》
• We won victory through protracted struggle. 经过长期的斗争，我们取得了胜利。 来自《简明英汉词典》

7 looming   

n.上现蜃景（光通过低层大气发生异常折射形成的一种海市蜃楼）v.隐约出现，阴森地逼近( loom的现在分词 )；隐约出现，阴森地逼近

参考例句：

• The foothills were looming ahead through the haze. 丘陵地带透过薄雾朦胧地出现在眼前。 来自《简明英汉词典》
• Then they looked up. Looming above them was Mount Proteome. 接着他们往上看，在其上隐约看到的是蛋白质组山。 来自英汉非文学 - 生命科学 - 回顾与展望

8 demise   

n.死亡；v.让渡，遗赠，转让

参考例句：

• He praised the union's aims but predicted its early demise.他赞扬协会的目标，但预期这一协会很快会消亡。
• The war brought about the industry's sudden demise.战争道致这个行业就这么突然垮了。

9 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

10 brink   

n.(悬崖、河流等的)边缘，边沿

参考例句：

• The tree grew on the brink of the cliff.那棵树生长在峭壁的边缘。
• The two countries were poised on the brink of war.这两个国家处于交战的边缘。

11 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

12 retailer   

n.零售商(人)

参考例句：

• What are the retailer requirements?零售商会有哪些要求呢？
• The retailer has assembled a team in Shanghai to examine the question.这家零售商在上海组建了一支团队研究这个问题。

13 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。

14 coupon   

n.息票，配给票，附单

参考例句：

• The coupon can be used once only.此优惠券只限使用一次。
• I have a coupon for ten pence off a packet of soap.我有一张优惠券买一盒肥皂可以便宜十便士。

15 catering   

n. 给养

参考例句：

• Most of our work now involves catering for weddings. 我们现在的工作多半是承办婚宴。
• Who did the catering for your son's wedding? 你儿子的婚宴是由谁承办的？

16 distinctively   

adv.特殊地，区别地

参考例句：

• "Public risks" is a recent term for distinctively high-tech hazards. “公共风险”是个特殊的高技术危害个人的一个最新术语。 来自英汉非文学 - 环境法 - 环境法
• His language was natural, unaffected, distinctively vivid, humorous and strongly charming. 语言既朴实无华，又鲜明生动，幽默而富有艺术魅力。

17 marketing   

n.行销，在市场的买卖，买东西

参考例句：

• They are developing marketing network.他们正在发展销售网络。
• He often goes marketing.他经常去市场做生意。

18 jewelry   

n.（jewllery）（总称）珠宝

参考例句：

• The burglars walked off with all my jewelry.夜盗偷走了我的全部珠宝。
• Jewelry and lace are mostly feminine belongings.珠宝和花边多数是女性用品。

19 replicate   

v.折叠，复制，模写；n.同样的样品；adj.转折的

参考例句：

• The DNA of chromatin must replicate before cell division.染色质DNA在细胞分裂之前必须复制。
• It is also easy to replicate,as the next subsection explains.就像下一个小节详细说明的那样，它还可以被轻易的复制。

20 wary   

adj.谨慎的，机警的，小心的

参考例句：

• He is wary of telling secrets to others.他谨防向他人泄露秘密。
• Paula frowned,suddenly wary.宝拉皱了皱眉头，突然警惕起来。

21 boon   

n.恩赐，恩物，恩惠

参考例句：

• A car is a real boon when you live in the country.在郊外居住，有辆汽车确实极为方便。
• These machines have proved a real boon to disabled people.事实证明这些机器让残疾人受益匪浅。

22 exacerbated   

v.使恶化，使加重( exacerbate的过去式和过去分词 )

参考例句：

• The symptoms may be exacerbated by certain drugs. 这些症状可能会因为某些药物而加重。
• The drugs they gave her only exacerbated the pain. 他们给她吃的药只是加重了她的痛楚。 来自《简明英汉词典》

23 racing   

n.竞赛，赛马；adj.竞赛用的，赛马用的

参考例句：

• I was watching the racing on television last night.昨晚我在电视上看赛马。
• The two racing drivers fenced for a chance to gain the lead.两个赛车手伺机竞相领先。

24 pickup   

n.拾起，获得

参考例句：

• I would love to trade this car for a pickup truck.我愿意用这辆汽车换一辆小型轻便卡车。||The luck guy is a choice pickup for the girls.那位幸运的男孩是女孩子们想勾搭上的人。

25 activist   

n.活动分子，积极分子

参考例句：

• He's been a trade union activist for many years.多年来他一直是工会的积极分子。
• He is a social activist in our factory.他是我厂的社会活动积极分子。

26 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

27 followers   

追随者( follower的名词复数 )； 用户； 契据的附面； 从动件

参考例句：

• the followers of Mahatma Gandhi 圣雄甘地的拥护者
• The reformer soon gathered a band of followers round him. 改革者很快就获得一群追随者支持他。

28 ousted   

驱逐( oust的过去式和过去分词 )； 革职； 罢黜； 剥夺

参考例句：

• He was ousted as chairman. 他的主席职务被革除了。
• He may be ousted by a military takeover. 他可能在一场军事接管中被赶下台。

29 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

30 interim   

adj.暂时的，临时的；n.间歇，过渡期间

参考例句：

• The government is taking interim measures to help those in immediate need.政府正在采取临时措施帮助那些有立即需要的人。
• It may turn out to be an interim technology.这可能只是个过渡技术。

31 touting   

v.兜售( tout的现在分词 )；招揽；侦查；探听赛马情报

参考例句：

• He's been touting his novel around publishers for years. 他几年来一直到处找出版商兜售自己的小说。 来自《简明英汉词典》
• Technology industry leaders are touting cars as a hot area for growth. 科技产业领袖吹捧为增长热点地区的汽车。 来自互联网

32 straightforward   

adj.正直的，坦率的；易懂的，简单的

参考例句：

• A straightforward talk is better than a flowery speech.巧言不如直说。
• I must insist on your giving me a straightforward answer.我一定要你给我一个直截了当的回答。

33 scrambles   

n.抢夺( scramble的名词复数 )v.快速爬行( scramble的第三人称单数 )；攀登；争夺；（军事飞机）紧急起飞

参考例句：

• The breaking of symmetry scrambles the underlying order of nature. 对称性的破坏会打乱自然界的根本秩序。 来自互联网
• The move comes as Japan scrambles for ways to persuade women to have more babies. 这一行动的出现正值日本政府想尽各种办法鼓励妇女多生育孩子。 来自互联网