Bed Bath & Beyond Inc. has hired a real estate industry veteran to lead its store optimization plan, it announced Wednesday.
Wade E. Haddad will serve as senior vice president, real estate and construction, the Union-based retailer said in a news release. Bed Bath is undergoing a comprehensive restructuring plan, and store optimization is a crucial part of the plan, it said.
In his new role, Haddad will join the team overseeing the modernization of company operations, with a goal of unlocking value from the company’s property portfolio and at the same time establishing the optimal network to serve customers in person and online.
“Bed Bath & Beyond is one of the most iconic brands in the retail space, with an exciting growth strategy to rebuild its authority in the home, baby, health and wellness markets,” he said in a prepared statement. “I’m excited to join the company at such a key moment in its history, to harness its real estate portfolio and optimize its store footprint in ways that support the company’s vision, accelerate its plans to grow and better serve its millions of loyal customers.”
He will report to John Hartmann, chief operating officer of the company and president of its buybuyBaby unit, and will oversee the team tasked with handling the company’s 50 million square feet of real estate — including stores, offices and logistics centers.
“Our store optimization and real estate strategy will allow us to serve our customers even better in the future, and support our efforts to build a sustainable, durable business model,” Hartmann said in a statement. “Wade has decades of experience in multibrand portfolio management for leading retailers, with a proven track record driving efficiency and creating value. His vision and expertise will help accelerate our plans to enhance the omni-always shopping experience for our customers.”
Before joining Bed Bath, Haddad held several roles at ascena retail group, the Mahwah-based parent of Ann Taylor, Loft and other brands. Most recently, he was SVP, real estate and store development.