Bed Bath & Beyond Is Cutting Back on Its Famous Coupons — Here's Why

Sorry, couponing kings and queens — Bed Bath & Beyond is rethinking its ever-present mailers.

The popular retail chain, known for frequently sending coupons with discounts and sales to customers, is planning to slow down on its coupon model after analyzing recent shopping trends, CNBC reports.

“Today, we have an over-reliance on the coupon,” Joe Hartsig, chief merchandising officer at Bed Bath & Beyond told investors on Wednesday, adding that the company came to the realization that about 40 percent of their promos were "ineffective."

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Bed Bath & Beyond execs said they've had some 1.4 million new customers in 2020 due to the pandemic, as more people are at home and have time for home-improvement projects.

Of the new clientele, CNBC reports, these new customers are on average six years younger — and 20 percent less likely to apply a coupon at checkout.

Coupons aren't being completely phased out of Bed Bath & Beyond's business model, however. The store will instead be more "strategic" and "leverage [them] as a true strength," said CEO Mark Tritton.

A spokesperson for Bed Bath & Beyond did not immediately respond to PEOPLE's request for comment.

In January, the company announced that it would be closing a total of 40 locations nationwide in the first half of 2020, with 20 additional locations slated to close during the latter half of the year.

A spokesperson for the company told PEOPLE at the time that many of those locations “have already closed or will close in 2020” adding that the shuttered locations “no longer meet the standards our customers expect from us.”

“We’re continually evolving to serve our loyal Bed Bath & Beyond customers better — whether they come to us at one of our 900+ stores or are one of the millions who shop with us online each year,” the spokesperson said. “We’ve just given over 150 of our most popular stores a multi-million dollar update and are continually investing in our stores and digital platform to give customers an even better experience however they choose to shop with us.”

The locations closing in 2020 join 14 stores that were shut down in 2019.

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