Turlock’s Monte Vista shopping center to lose one retailer, but another one is coming
The Bed Bath & Beyond in Turlock is slated to close by the end of February as part of the company’s plans to close 200 locations in the next two years.
But across the parking lot, in the former site of Pier One, another retailer is set to open. Five Below, a national chain aimed at tweens and children, is “Coming Soon”, according to signs in the windows.
Five Below sells mostly items under $5, with a few “extreme value” items priced up to $10, according to the company’s website. Founded in Wayne, Pennsylvania, in 2002, Five Below now has more than 900 stores in 36 states.
Representatives of Five Below and ShopCore Properties, which manages the shopping center, did not return email and phone messages for comment.
Pier One, a home furnishings and accessories company, announced last year it would be ceasing operations and closed all of its 540 stores. It has since been relaunched as an online-only retailer.
Bed Bath & Beyond announced its closure plans in July and two months later released a list of the first 63 locations that included six in California, one of which was in Stockton. No local stores were on that list. The company on Thursday issued a statement saying 60 percent of the 200 locations are expected to close by the end of the the 2020-21 fiscal year.
The company said there are no plans to close the Modesto Bed Bath & Beyond on Sisk Road but did not have information on the Cost Plus World Market on Pelandale Avenue, which is one of the subsidiaries of the New Jersey-based Bed Bath & Beyond Inc. The number of employees affected by the closure of the Turlock store was not immediately available; the company statement said there may be opportunities for them to work at the Modesto site.
As of August, the company operated 1,476 stores, including 955 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 259 stores under the names of World Market, Cost Plus World Market or Cost Plus, 128 buybuy BABY stores, as well as a few other subsidiaries.
The company said previously some of subsidiaries will close but most of the closures will be Bed Bath & Beyond locations. The closures are expected to save the company between $250 and $350 million annually after one-time costs.
The company announced about 60 planned closures in October 2019 but the number increased to 200 during the pandemic.
Mark Tritton, Bed Bath & Beyond’s President and CEO, said in a news release in July, “The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital.”
“As we build our authority and establish a truly omni-always shopping experience for our customers, we recently announced a store optimization plan that will see us establish the right network of stores to serve our customers,” company spokesperson Dominic Pendry said in a statement issued Thursday. “As part of this program, we plan to invest $250 million in around 450 of our stores across North America in the next 2-3 years.”
For its closing sale for the Turlock location in the Monte Vista Crossing shopping center, the store is offering discounts of 20% to 40% in every department.
This story was originally published January 3, 2021 at 5:00 AM.
