Dive Brief:
- Just in time for the weather to warm up, outdoor furniture brand Yardbird is opening 11 new standalone showrooms across the U.S., according to a company press release Thursday.
- The showrooms will be located in Atlanta; Boston; Cincinnati; Milwaukee; San Antonio; San Francisco; Long Island, New York; Charlotte, North Carolina; Raleigh, North Carolina; Tampa, Florida and West Palm Beach, Florida.
- Yardbird already sells through its DTC website and Best Buy’s e-commerce site, as well as in 14 existing showrooms and over 50 Best Buy stores.
Dive Insight:
For Yardbird, nearly doubling its showroom footprint will allow it to access new markets.
“Yardbird is the perfect addition to Best Buy, especially for customers who are already coming to us to improve their outdoor living spaces,” Blake Hampton, category officer at Best Buy, said in a statement. “We’re thrilled to introduce Yardbird to these new cities and offer more customers a place to come see the latest in outdoor furniture and get expert advice while they shop.”
As part of a push to cater to more than indoor living, Best Buy acquired the outdoor furniture brand in 2021. The brand — which has in-house designers to assist customers — sells sectional sofas, dining sets, fire tables, umbrellas, accessories and more.
While Yardbird is expanding its physical presence, its parent company is trying to change its own store strategy.
Best Buy CEO Corie Barry said during a Q4 earnings call that it plans to close around 20 to 30 large-format stores in fiscal 2024. However, the company is planning to implement eight Experience store remodels and open around 10 new outlets.
The electronics retail chain has seen declining sales over the past few years, with its Q4 revenue down 10% year over year. Best Buy’s operating income decreased by about 26%, reaching $597 million, while comps fell 9.3%. Barry noted that 2024’s economic environment could likely result in another down year for the industry, but seemed optimistic about improvement from 2023’s performance.
via https://www.aiupnow.com
Dani James, Khareem Sudlow
