IN MONEY A coupon quandry
Bed Bath & Beyond to rethink discounts.
Now that Bed Bath & Beyond is under new leadership with store closings announced, is it possible the company’s iconic and uber-popular 20% coupons will change?
The short answer is yes.
The company’s new CEO Mark Tritton recently said the New Jersey-based home goods retailer was analyzing where the “coupon has strength and where it has opportunities to be morphed into other opportunities.”
“We know that the coupon is part of our heritage and our DNA, and we want to maintain that in our mix as part of our tools that we can reach out to customers with,” Tritton said during a Jan. 8 quarterly earnings call. “But we do see that there’s an opportunity to readjust our value proposition directly with the customer.”
What does that mean?
Tritton said it’s about finding a balance and that their research has shown it “can sometimes be ambiguous or unclear about what that first price is when they’re searching online, which is a primary vehicle for research.”
For now, there are no immediate changes to the coupons, which had exclusions added to them last summer. But Tritton said that going forward, “opening price points, price right daily, as well as meaningful promotions and coupon usage is going to be our structure.”
At the stores slated to close, coupon usage is expected to be halted once liquidation sales begin – a common practice at going-out-of-business sales.
Kimberly Palmer, a personal finance expert with Nerdwallet, told USA TODAY in October that stores can change their policies or close at any time.
“If you have coupons or items to return, don’t hold on to them because you never know when they could lose their value,” Palmer said. “Use your coupons as soon as possible.”
Bed Bath & Beyond Inc. also owns and operates buybuy Baby, Harmon Face Values, World Market and Christmas Tree Shops. The company also plans to close 20 of the other concept stores.
Is my Bed Bath & Beyond closing?
Bed Bath & Beyond officials provided USA TODAY with a list of the 40 U.S. stores slated to close.
When are stores expected to close?
Some of the stores on the list already have closed, officials said, but these locations will close in the first half of 2020.
Is anything changing with coupons?
When liquidation sales begin at closing stores, it is likely that coupons will stop being accepted at those locations. Future changes are expected with coupons, officials have said.
Should I use my gift card?
Nothing is changing at this time, but experts typically suggest that you take gift cards out of your wallet and drawers and put them to use ASAP.
What about returns?
The company, known for having one of the most lenient return policies, has updated its policy several times. In 2015, returns without receipts had 20% deducted, where previously a time frame usually was not listed.
In 2018, the policy changed to one year on most items, and that changed again this year to 180 days. Also, a receipt or item lookup using a credit card is required in most instances.
At closing stores, sales are usually “all sales final” and returns aren’t accepted.