Bed Bath & Beyond, once a brick-and-mortar retail powerhouse, may not see a revival, but its subsidiary brands Buy Buy Baby and Harmon are getting ready to make a comeback. The new owners of Buy Buy Baby, the owners of baby goods retailer Dream on Me, plan to reopen 11 stores in the Northeast this fall and aim to open 100 to 120 stores in the next one to three years. The strategy will focus on clustering stores in specific areas rather than individual locations.
Similarly, private investor Jonah Raskas intends to reopen five Harmon stores in the New York, New Jersey, and Pennsylvania areas, with the potential for more in the future. Raskas believes that the business didn’t fail, but the closure was due to Bed Bath & Beyond’s struggles. By being selective about which stores to reopen, they can focus on areas where customers are eager to have Harmon back.
During Bed Bath & Beyond’s bankruptcy, investors had the opportunity to purchase pieces of the once-successful company. Overstock acquired the Bed Bath & Beyond intellectual property, while Dream on Me’s owners obtained Buy Buy Baby’s trademark, data, and store leases. Raskas acquired Harmon’s trademark at a significantly lower cost than its potential value.
The new operators of Buy Buy Baby and Harmon have the advantage of better financial stability and can avoid underperforming locations. According to retail analyst Neil Saunders, this allows them to potentially turn the bankrupt businesses around successfully.
When Buy Buy Baby reopens its doors, customers can expect smaller stores, national brands, and a focus on creating experiences, building communities, and providing educational opportunities. The company aims to offer registry events and product displays that allow parents to connect with one another, learn from each other, and test out high-ticket items before making a purchase. The physical stores will give Buy Buy Baby a competitive advantage in differentiating itself from mass retailers like Target and Walmart, who lack the specialized focus the brand offers.
Harmon’s new owner, Raskas, plans to focus on offering a unique value proposition to attract customers. He believes the store’s success lies in specialization, carrying exclusive products and providing exceptional expertise and advice in the baby segment.
In conclusion, while Bed Bath & Beyond may face uncertain prospects, Buy Buy Baby and Harmon are preparing for a comeback under new ownership. Their strategies focus on offering specialized experiences, unique products, and expertise that mass retailers lack. With careful planning and a fresh approach, these brands have the potential to thrive once again.
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