Bed Bath & Beyond is closing hundreds of stores this year after filing for bankruptcy. Burlington Stores, TJX, and Ross Stores are expected to be the main beneficiaries, says BoA.
The home goods retailer had been struggling with dropping sales in 2022 leading it to shut down 400 US locations and offloadBut one company's pain could be another's gain. BoA expects these hot spots to be gobbled up by off-price retailers that have near-term plans to expand. Within that category is Burlington Stores which could stand to benefit most since only 35% of BBBY locations have a BURL store within a 1-mile radius, and 50% within two miles, the note reads. TJX's HomeGoods subsidiary is a runner-up, with only 38% of BBBY stores being within a one-mile radius and 52% within two miles.
Locations aren't the only thing up for grabs. Home and baby products are another opportunity zone. Inventory that didn't make it off the shelf before the shutdown could end up restocked at discounted rates by the same three retailers. And this redirection could end up being a permanent fix, as BBBY's vendors scramble to establish new ties to make up for one lost customer.
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