Home, Baby, Beauty and Wellness omnichannel retailer Bed Bath & Beyond announced today the launch of a new ESG strategy, including goals to achieve net zero emissions, become a top 10 retail employer, and donate $1 billion in products.
The company also announced the appointment of Mark Heintz as Vice President, ESG. In his new role, Heintz will oversee a cross-functional team responsible for accomplishing the company’s ESG goals. Prior to joining Bed Bath & Beyond, Heintz held a series of senior sustainability-related positions at companies including Sonos, Deckers Brands, and Hewlett-Packard.
Mark Tritton, president and CEO, Bed Bath & Beyond, said:
“For 50 years, Bed Bath & Beyond has made the home our business, and that commitment extends well beyond the foundations of our stores to the role we can play in creating positive change for our associates, the communities we serve, and the planet we call home. Our ESG strategy and comprehensive goals are a central part of our three-year transformation plan and a vital driver of our business as we innovate for the future and live up to our purpose, to ‘make it easy to feel at home’.”
The company’s new ESG commitments align with Bed Bath & Beyond’s sustainability pillars of People, Community and Planet. Under ‘People,’ the company has set a goal to become a Top 10 Retail Employer by 2030, and has unveiled plans for an industry-leading paid parental leave policy and an investment in an associate relief fund to support associates during unexpected challenges. The company also set diversity and inclusion goals to achieve at least 50% women representation and at least 25% racial and/or ethnic diversity at all levels by 2030.
Bed Bath & Beyond’s ‘Community’ commitments include donating $1 billion in products and 2 million volunteer hours by 2030.
In the ‘Planet’ category, Bed Bath & Beyond announced initiatives to achieve net zero by 2040, including refashioning supply chain agreements, deploying AI-based tools to better monitor and manage its carbon footprint, and setting key milestones for operations, sourcing, and products. The Company is also planning to deploy intelligent innovation and sustainable design across its new Owned Brands, store remodels, supply chain modernization, and technology transformation programs, and is working to make sustainable products more accessible to its customers.
Harriet Edelman, Chair of the Board of Directors at Bed Bath & Beyond, said:
“Bed Bath & Beyond’s ESG strategy is critical as it connects the Company purpose with our overall business model and priorities. This purpose-led strategy will guide the Company’s transformation and advance our position as the home authority. While improving business returns, it will contribute to broader societal goals and attract and retain top talent, while responding to the interests of investors, customers, and the community. It’s an important milestone for the Company, and we are excited about and committed to the success and impact these ESG initiatives will make.”