Mark Tritton, formerly of Target, came to Bed Bath & Beyond nearly a year ago to lead its turnaround effort. Today, he has new sales targets in mind, as well as strategies to meet them. Having revamped his management team, Tritton is planning big investments in the business (between $1 and $1.5 billion), as well as sweeping store closures designed to weed out underperforming locations and save money that can then be funneled into more profitable stores. Tritton is betting on private label brands to bring shoppers into the remodeled stores, a strategy that has served retailers such as Target well in the past. Through these initiatives, Tritton says he is hoping for "stable" same-stores sales in fiscal 2021. By 2023, he hopes to have Bed Bath & Beyond back on the road to growth and profitability.
“It’s really almost like an HGTV episode of your favorite neighborhood and a beloved house that needs a lot of work,” Tritton told CNBC in a phone interview. “We have been renovating and reconstructing and refining our home ... to not only survive the current moment, but to thrive right now and going forward.”