Dive Brief:
- The Container Store last week introduced new offerings to its Custom Spaces product lines, according to a press release. The company added new options to its Preston line and plans to add a Garage+ by Elfa system in November.
- Customers can meet with design specialists to create custom Preston spaces for their homes both in-store and virtually.
- Enhancements to its Preston line include smart home-compatible LED integrated lighting, fingerprint-resistant finishes, and recycled leather patterns.
Dive Insight:
The Container Store is continuing to build on its personalization strategy to engage shoppers. Last spring, the company announced it would launch a mobile app and loyalty program. Later that year, it rebranded its Custom Closets division to Custom Spaces as a way to signal to customers the versatile options of being “more than just closets,” the company said in a release.
The latest move comes despite shrinking sales, which contributes to its status as one of the companies most at risk for bankruptcy in the next 12 months. The new offerings will help the company leverage the $6 billion custom spaces market to “remain competitive and top of mind for consumers,” The Container Store’s Vice President of Custom Spaces Manufacturing Barbara Snook said in a release.
“Our objective with Custom Spaces is to exceed the needs and desires of our customers by continuing to innovate and stay abreast of the latest design trends,” Snook said.
In February 2021, Satish Malhotra was appointed CEO and president of The Container Store, after serving as the chief retail and operating officer for Sephora. In May, the company announced it would lay off part of its staff. Malhotra said the company would eliminate open roles, reduce around 15% of workers at its support center and less than 3% at store and distribution center operations. The Container Store did not specify the total number of employees affected.
