Bed Bath & Beyond is on a holiday shopping spree, acquiring online retailer PersonalizationMall.com for around $190 million.
The home retail giant said that the acquisition of PMall.com, a seller of products like personalized mugs, doormats, and Christmas stockings, will help it expand into personalized products. In particular, Bed Bath & Beyond sees an opportunity to sell items to commemorate events like weddings, birthdays, and the upcoming holidays.
The deal follows Bed Bath & Beyond $11.8 million acquisition of online retailer One Kings Lane earlier this year. Flash sales sites including One Kings Lane have been facing a reckoning in an e-commerce world dominated by Amazon. One Kings Lane tried to differentiate itself by focusing on furniture, home goods, jewelry, and accessories, but struggled to increase sales while going through executive shuffles and layoffs last year.
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Meanwhile, Bed Bath & Beyond has been looking for ways to engage its customers online and generate more revenue. In recent quarters, its profits have declined with earnings sliding 17% in the most recent one as sales slowed. Recently, the retailer started testing a new online loyalty program, an invitation-only membership service that offers a 20% discount on all purchases as well as free shipping.