With nearly 500 store vacancies and cheap inventory coming from Bed Bath & Beyond's bankruptcy, certain retailers will benefit, Bank of America said.
When Bed Bath & Beyond shuts its doors for good, certain retailers should benefit from both the real estate and inventory opportunities, Bank of America wrote in a note Tuesday. Bed Bath & Beyond will close its remaining 360 namesake and 120 Buy Buy Baby locations by June 30 after filing for Chapter 11 bankruptcy protection last week. Since the storefronts are largely in high-traffic suburban areas, the locations are attractive to retailers as shoppers return to stores after Covid.
Vacant Bed Bath & Beyond stores should be "great" for Burlington, which plans to grow its store count by 8% this year. Only 35% of Bed Bath & Beyond stores already have a Burlington location within a one-mile radius and 50% within two miles, Hutchinson pointed out. Burlington, which is trying to increase its penetration in home goods, could also see a 3% sales lift from taking 5% of Bed Bath & Beyond's sales, she said.
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