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Bed Bath and Beyond is downsizing its flagship store in New York City, but the retailer is making room for a new strategic partner at Casper.
When the Midtown Manhattan store reopens Thursday, it will include space for Casper, giving the online sleep company its first-ever branded physical shopping location.
Mark Tritton, CEO of Bed Bath and Beyond, told CNBC on Tuesday that the partnership will help strengthen its grip in the market for bed and sleep products.
“When we did the research, we saw that consumers really liked being in their homes,” he said in an interview with “Mad Money”. Data showed that the home is “their safety net, their first love and where they feel most comfortable, and that 80% of these guests say the bedroom is their true refuge.”
Through the deal, Casper will also set up customer experiences at other selected Bed Bath and Beyond locations and make the products available in stores across the country later this year, according to a press release. Casper’s products will also be offered on the Bed Bath and Beyond brand websites.
Bed Bath and Beyond flagship location completes major renovation as part of business transformation plan. The redesign reduced the size of the store by 20,000 square feet, almost half of its original size.
Shares of Bed Bath and Beyond rose more than 7% on Tuesday, closing the session at $ 29.05. The stock has appreciated more than 63% this year.
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