How many times have you walked into a Bed Bath & Beyond only to realize you left a pile of royal blue coupons by the front door? If you are anything like me, it happens a lot! I hate to admit it but since I became a mom of two my brain just doesn’t function the same. So remembering coupons is the last thing on my mind. It’s unfortunate in the case of BB&B because I know that their pricing model is created with that discount in mind. Which means if I don’t have my coupons, I don’t shop there. So why am I telling you this?
If you follow their financial updates you will know that this past quarter was tough. Their revenue was flat but earnings were down double digits. Analysts said it was mostly due to Amazon and the online retailers who continue to pick up market share. I think most of that is true, but I also think they have lost touch with consumers (like me) who are enticed by reward programs that require zero maintenance.
So I was excited when Bed Bath & Beyond announced this month that they are rolling out a new loyalty program for frequent customers. If you spend $145 a year with the company, you have the option to pay a $29 fee for the year- which then allows you to receive a constant 20% discount when you checkout plus free shipping. Sound good? Yes…and no.
I love the idea of a loyalty program but guess what, I haven’t spent $149 with them in years- so I am currently ineligible. However, the idea of being able to pay $29 a year and never having to worry about a coupon again makes me incredibly happy.
So Bed Bath & Beyond- I would love to become a customer of yours once again. I used to live in your organized, clean, and well stocked stores- so let’s get back there. Please consider offering all of us the $29 fee, provide an additional incentive for your true VIP customers (those who spend more then $145 a year) and tell me when you are launching. I promise to be there, credit card in hand.