Coupon clippers, beware! Bed Bath & Beyond may be getting rid of its coupons, which typically result in some deep discounts.
The national retailer is trying out Beyond+, “a beta program designed to give our customers easy access to great benefits available at Bed Bath & Beyond,” according to bedbathandbeyond.com. The $29 a year program includes perks like 20 percent off your entire purchase in stores and online, as well as free standard shipping.
“If the test of the program is successful, it could usher in a time when BBBY stops or limits the distribution of its free coupons,” Michael Lasser, a UBS analyst, wrote in a research note released in late September, according to Business Insider. “But, that could have severe consequences.”
While the deal sounds lucrative, that means that the store’s beloved coupons may become a thing of the past — something that may save triple B a whole lot of money. “In the most recent quarter, Bed Bath & Beyond reported that its revenue rose 1.7 percent, to $3 billion, but profit fell 10 percent, to $202 million, which company executives largely blamed on ‘an order of magnitude increase’ in expenses related to coupons,” the Washington Post reported in a September 2015 story.
And according to a transcript from a September 21 earnings call, not much has changed this year, either. “The coupons critically — it’s always been an important part of our value proposition, but at the same time we’re committed as an organization to smarter, more intelligent marketing, personalized, targeted, being more meaningful and being more efficient,” Bed Bath & Beyond CEO Steven Temares said, according to Business Insider. “We need to be working and we are working on becoming a lot more intelligent about our marketing and making it much more personalized.”
Tell Stylish: Will you be signing up for Beyond+?
