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A survey of more than 1,600 Bed Bath & Beyond shoppers reveals why a business recovery strategy set in motion by a new management team in 2019 failed: The BB&B leadership team's focus on cost cutting overlooked the importance of creating value for customers. The story of the retailer's bankruptcy is a cautionary tale for other businesses that are struggling to adapt and at risk of losing sight of customer value creation amid increased competition in a changing market.

In traditional shareholder capitalism, the only stakeholders that have mattered are investors, as the providers of financial capital, and customers, as the source of revenue. But great strategy recognizes the significance of other valuable stakeholders. The authors highlight the successes that a range of companies have achieved by addressing the needs of employees, business partners, and local communities as well.

A new analysis of the pandemic's effect on in-person shopping behaviors has resulted in an actionable framework to help brand owners and retailers understand and address the consumer needs and preferences of five retail customer segments. The authors suggest actions that retailers can take to better target each segment, whether the goal is to recapture former customers or retain new ones gained during the pandemic.