The age of online shopping – which has been upon us for at least a couple of decades by now – has claimed another popular brick-and-mortar retailer. Consumers may or may not notice the departure of Bed Bath & Beyond, but the chain’s bankruptcy filing does point to a larger issue.
Bed Bath & Beyond, known for its kitchen wares, home decor and bedding, was established in 1971 and will “wind down operations” beginning this week. While its bankruptcy will no doubt cause dozens, if not hundreds, of locations to close, it remains unclear what will become of the chain’s thousands of employees.
We can reasonably guess that those employees will be let go, as has happened with the closure of so many other once-popular chains that have unluckily run up against such online outlets as Amazon.com. However, the advent of one-click shopping has not been the only source of pain for some of the nation’s biggest retailers. The pandemic also played a major part, as have missteps from executives and an overall failure to react to changing consumer preferences.
As shoppers have migrated from indoor malls to outdoor shopping strips to their laptops and phones, chains that seemed impervious in the 1990s and early 2000s found themselves paying the ultimate price. Malls that once offered Sears, JCPenney, Macy's and Payless stores, now have plenty of empty real estate available for rent. Those and dozens of other chains were hit by the so-called “retail apocalypse,” with bankruptcy filings landing in the headlines on a regular basis.
Whether these chains fell victim to corporate mismanagement or to the lack of a reliable workforce due to COVID-19, or simply failed to realize the power of online shopping, people still recall the pleasures of spending a few hours in their favorite stores. Ordering goods online is undeniably convenient, but it fails to provide the human element that generations once enjoyed by spending money and browsing the shelves in brick-and-mortar stores. Goods show up at our door a few days after purchase, but we’ve been deprived of the memory of an afternoon spent hanging out with family and friends.
The experience rarely stopped with the shopping. Dining out, a trip to the movies, or a visit to a recreational outlet often followed. People spread their dollars around. The pandemic certainly had a negative impact on what could reasonably be called a “pastime,” but in reality, retailers started feeling the pinch of online shopping 20 years ago. In many respects, they are still trying to keep up. Financial realities dictate that not all will succeed.
Bed Bath & Beyond is not the first victim of this downward trend and won’t be the last. One could argue that this chain in particular enjoyed the benefit of a trend. Unfortunately, trends run out, to be replaced by “the next big thing,” and reports suggest the retailer failed to take this into account. The marketplace responded predictably, with fewer shoppers and dwindling profits.
Still, another argument could be made that brick-and-mortar stores remain an important fixture of not only the economy but human experience. It’s fun getting out. We encourage the support of local “physical” stores and urge everyone to shop local, if for no other reason than to keep tax dollars where they belong — here at home. Placing an online order is quick and easy; more importantly, it’s here to stay. Giant chains might find themselves on shifting sands, but it doesn’t have to be that way across the board. Local merchants still rely on patronage and word of mouth. There’s nothing quite like walking into a store and finding what you need without having to wait a week. Perhaps this is part of the lesson to be found in the aftermath of such noteworthy failures as Bed Bath & Beyond.
