Bed Bath and Beyond is reducing the size of its flagship store in New York City, but the retailer is making room for a new strategic partner in Casper.
When the store in Midtown Manhattan reopens on 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 Tuesday that the partnership will help solidify its grip on the bed and sleep products market.
“When we did the research, we saw that consumers really loved being at home,” he said in a “Mad Money” interview. Data showed that home is “their safety net, their first love and where they felt the most comfortable, and that 80% of those customers said the bedroom was their true haven.”
Through the deal, Casper will also set up customer experiences at other select Bed Bath and Beyond locations and make products available at stores across the country later this year, according to a press release. Casper’s products will also be carried on Bed Bath and Beyond-branded websites.
Bed Bath and Beyond’s flagship location is wrapping up a major renovation as part of the company’s transformation plan. The revamp reduces the store size by 20,000 square feet, nearly half of its original size.
Shares of Bed Bath and Beyond rallied more than 7% on Tuesday, closing the session at $29.05. The stock has appreciated more than 63% this year.
