BULLHEAD CITY — The Bed Bath & Beyond location at 3699 Highway 95 won’t renew its lease next year for the 21,500-square-foot space it has occupied for a decade in the Mohave Crossroads shopping center, according to store officials.
The Bullhead City store will close next spring, according to Christina Pastushenko, Bed Bath & Beyond’s coordinator of public relations and social media.
“As we recreate the foundational structure of our company over the next several years, our stores remain a critical part of the equation to achieving our growth objectives,” Pastushenko wrote in an email to the Daily News. “We remain focused on optimizing our real estate portfolio including the potential closing of stores and/or the sale of real estate assets, along with the opening of some new stores.”
Bed Bath & Beyond has been attempting to better position itself against competition from such retailers as Amazon and HomeGoods. Its expressed mission is to serve as the retailing expert in buying products for home needs and life events such as weddings and children going off to college.
S&P last month downgraded Bed Bath & Beyond’s bond rating to BB+, indicating a non-investment grade speculative status, and the company’s stock has lost more than 40 percent of its value within the past year.
The company is focusing on newer concept retail operations, such as BuyBuy Baby and Cost Plus World Market, and informed the Securities and Exchange Commission that it expects to close about 40 Bed Bath & Beyond stores if it can’t negotiate better leasing terms, according to a report in the Dayton (Ohio) Daily News in July.
An employee working in the checkout area of the Bullhead City store declined to comment on Monday and referred the newspaper back to the corporate office in Union, New Jersey.
Pastushenko didn’t respond to telephone and email inquiries Monday afternoon requesting additional information on the closure.
Jason Radwan, vice president of operations for Atlas Properties, the Moreno Valley, California, business that handles leasing of space for businesses in the Mohave Crossroads shopping center, said they haven’t received word from Bed Bath & Beyond confirming that it is indeed vacating the space.
Customers leaving the store with purchases expressed disappointment about the plan for Bed Bath & Beyond to leave Bullhead City.
“I shop here once a month. I spent $300 here today,” said Diane Omatsu of Bullhead City as she wheeled a shopping basket to her vehicle and placed her purchases inside.
She comes to the store for replacement accessories for a Soda Stream water carbonator and drink maker. She also picks up trash bags there regularly. She said the best thing she found at the store was a razor for her son that allows him to more easily keep a fashionable amount of stubble on his face when he shaves.
“They had it on sale,” Omatsu said. “So I bought two of those razors.”
Another shopper, Paula Maddox of Mohave Valley, said she enjoys shopping there because the store offers a variety of items that can’t be found anywhere else in the area.
“I’ll miss it.” Maddox said. “I shop here every Christmas. It’s my go-to store.”
Toby Cotter, Bullhead City manager, also hadn’t heard that the corporation decided it wasn’t going to renew its lease. He stressed that city officials don’t want any retail stores to close.
Cotter said Bed Bath & Beyond might want to give more thought to the idea of pulling out of Bullhead City because it will have an opportunity at garnering more business once the Anderson Auto Group Fieldhouse and the second bridge over the Colorado River are completed.
He also noted that the south side of Bullhead City and Fort Mohave should be a better place for retailers to operate in the near future because of anticipated growth and new housing.
“It’s very nice to have that store in our town,” Cotter said. “(But) the size of that space is the size many retailers are looking for. ... If they leave, I don’t think the space will be empty for very long.”
The store was one of the early occupants of Mohave Crossroads and considered one of its anchor businesses along with such retailers as Target, Kohl’s and PetSmart.