Markets

Bed Bath & Beyond Highlights Its Digital Sales Push With a New Chief Tech Officer

A few weeks after a Wedbush analyst said Bed Bath & Beyond (NASDAQ: BBBY) is "on the cusp of a dramatic improvement in profitability," the home merchandise company announced it is hiring a new chief technology officer. Looking to leverage e-commerce to restore its fortunes, Bed Bath & Beyond says it's working to enhance its "digital-first, omni-always customer experience" with the hire, as part of its "enterprise technology transformation."

Bed Bath & Beyond is shifting strongly away from brick-and-mortar with a plan to close approximately 200 locations, or 21% of its total number of stores in the U.S. The move, possibly part of the "retail apocalypse" as the internet guts traditional physical in-store retail, is intended to slash the company's expenses while it focuses on digital instead.

Digital transformation concept showing a variety of internet symbols and networks against a city backdrop.

Image source: Getty Images.

The new CTO, Scott Lindblom, arrives at Bed Bath & Beyond with extensive experience in e-commerce and digital business. According to the press release, he has held important executive and management positions in the IT and digital sectors of electronics and appliance retailer Best Buy, off-price clothing and housewares company Ross Stores, and most recently, The Michaels Companies, Inc., an arts and crafts specialty retailer.

Bed Bath & Beyond COO John Hartmann, whom Lindblom will report to directly, speaks highly of the new chief technology officer's previous successes in the IT field. He says Lindblom's "track record implementing leading IT solutions and digital fulfillment capabilities for a number of leading retailers will help us accelerate the modernization of our technology infrastructure," tasks which will include increasing efficiency, improving the use of data analysis, and streamlining customer shopping online.

Lindblom will begin his new duties next Monday, Sept. 28.

10 stocks we like better than Bed Bath & Beyond
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Bed Bath & Beyond wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

 

*Stock Advisor returns as of August 1, 2020

 

Rhian Hunt has no position in any of the stocks mentioned. The Motley Fool recommends The Michaels Companies. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BBBY

Latest Markets Videos

The Motley Fool

Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Learn More