New York – As the saying goes, it’s all about location, location, location.
As Bed Bath & Beyond continues to simultaneously seek a white knight and prepare for a bankruptcy filing, Telsey Advisory Group mapped out the retail landscape to consider which retailers might draw its shoppers as BBB closes more stores.
In the bricks & mortal/omnichannel world, Telsey analyst Christina Fernandez landed first on Target, Seeking Alpha reported. Here’s her ranking of the retailers most likely to attract Bed Bath shoppers.
#1 – Targets: 64% of the stores Bed Bath & Beyond is currently closing are within 1 mile of a Target store and 85% are within 3 miles.
#2 – Walmart: Walmart has a store within one mile of more than half the closing locations and operates stores in proximity to 83% of all the stores BBB is now shuttering.
#3 – TJX Cos.: TJX operates banners within 1 mile of 37% of the BBB stores going out of business and within 3 miles of 54% of the locations.
Fernandez also speculated that Ross Stores and Burlington could see a bump in sales in markets where BBB closes stores. She also expects some of Bed Bath & Beyond’s local in-store business to migrate to Amazon and Wayfair, with Wayfair taking the lead there.
Earlier this month, Bed Bath & Beyond updated its store closing list, expanding from the 56 store closings announced last September to include an additional 62 units.