CBS News Special Segment Highlights Company's
Ongoing Transformation and Record-Breaking
Performance
ST.
LOUIS, March 29, 2023 /PRNewswire/ --
Build-A-Bear Workshop, Inc. (NYSE: BBW) recently reported fiscal
2022 as its most profitable year in the company's history following
its previously most profitable year in fiscal 2021. These results
are attributed to the ongoing strategic transformation of the
25-year-old organization into a digital, multi-channel,
diversified, site-based entertainment and experience company
centered on the monetization of its powerful brand equity.
Build-A-Bear is featured in the new 'Innovation and Disruption
Leaders' series by the acclaimed media company, TBD Media Group, as
part of a series featuring companies that are driving inspirational
change for continued and future success. The segment, titled
"Innovation: Accelerating the Evolution of Build-A-Bear" is
streaming on CBSNews.com.
Build-A-Bear featured in new Innovation and
Disruption Leaders series featuring companies driving inspirational
change.
Sharon Price John, Build-A-Bear
Workshop President and Chief Executive Officer, commented, "Our
company was conceived as a disruptor of the plush and toy category
and as a pioneer of experiential retail. As such, we are proud
to be recognized for our continued leadership and innovation
as we execute our multi-year digital transformation and strategic
evolution of the business model. For the past 25 years we have
created valuable relationships with our guests, having sold more
than 225 million furry friends, equating to untold memories and
special moments to multiple generations of brand enthusiasts.
"These relationships coupled with the disciplined execution of
our multi-year strategic plan have enabled us to begin to
successfully recognize the brand value to an older addressable
market beyond kids with 40% of sales to teens and adults, in
categories beyond plush such as gift boxes and into new
points-of-sale beyond traditional malls like ecommerce, tourist and
hospitality locations, while accelerating a comprehensive digital
transformation and entertainment initiative. Importantly,
these efforts are delivering sustained profitable growth as
demonstrated by recently achieving the most profitable years in our
history, back-to-back in 2021 and 2022. As we look forward to our
future, we believe we are in a strong position to further leverage
the foundation we have built to drive incremental profitable growth
in new and innovative ways," concluded Ms. John.
Leveraging a Multi-Generational Brand with Broad
Demographic Appeal
Build-A-Bear has become a
multi-generational brand appealing to diverse consumer demographics
including teens and adults now representing nearly 40% of its
consumer base creating a much larger total addressable market
beyond families and kids. With the growing popularity of brand
enthusiasts and collectors, along with the trend of "kidulting",
where adults seek traditional childhood toys, the brand has put
focus on appealing to a demographic that may have visited
Build-A-Bear as a child and is now returning. The company launched
the age-gated, adult-focused section on the website called "The
Bear Cave" and the even more edgy adult themed section called
"After Dark," offering a selection of gift giving options with
adult humor.
Expanded Product Selection Beyond
Bears
Build-A-Bear also now offers multi-dimensional
product categories ranging from recently announced expansion into
pet toys, matching family pajamas, gift-giving including its
innovative personalized HeartBox collection, as well as collectible
stuffed animal products, many of which are in collaboration through
its best-in-class licensed relationships.
Evolving Retail Locations
The company has
strategically shifted its location strategy beyond traditional
malls to include non-traditional, tourist and destination locations
that now account for approximately 35% of all sites through a
combination of corporately- and third party partner-operated
experience locations, in settings such as family-centric tourist
areas, amusement parks and resorts with relationships that include
Carnival Cruise Lines, Great Wolf Lodge and Landry's - all places
that families go to create memories.
Accelerated Digital Transformation and Entrance into
Web3
As a brand known for providing in-person,
one-on-one experiences, establishing a meaningful and growing
e-commerce channel required a complete strategic shift by
Build-A-Bear, and diversification into digital was necessary to
prosper through the disruptive macroeconomic environment.
Build-A-Bear has significantly expanded its e-commerce demand
with initiatives to accelerate its comprehensive digital
transformation, including a recent update to a mobile-first
website, with the goal of driving engagement and providing
meaningful online experiences to guests by staying true to its
vision to remain an experience retailer.
In addition, with the recent move into the Web3 space with
digital collectibles and online Build-A-Bear Tycoon game on
Roblox, Build-A-Bear continues to successfully expand its
multi-channel, multi-dimensional business model.
From Teddy Bears to Movies and
Games
Build-A-Bear's strategy includes monetizing its
powerful brand and reaching consumers with engaging content and
communications including its more than 20 million first-party data
contacts. The company's subsidiary, Build-A-Bear Entertainment,
works with industry-leading media companies and has developed
award-winning content including the live action movie, Honey
Girls, now streaming on Netflix, based on the Company's popular
proprietary product line, as well as entertaining films that were
presented by Hallmark, Deliver By
Christmas and Christmas CEO.
In 2023, a highly anticipated documentary from award-winning
director Taylor Morden chronicling
the unconventional journey of Build-A-Bear's rise from a startup to
a successful multi-million-dollar public company is planned for
release, as well as the launch of the animated film, "Glisten and
the Merry Mission", based on the company's highly successful
holiday collection. A partnership between Reese Witherspoon's Hello Sunshine production
company was also recently announced with plans to develop a new
feature film that reimagines the story of Goldilocks and the
Three Bears.
Separately, Build-A-Bear offers a streaming music channel on
iHeartRadio called Build-A-Bear Radio, which is consistently one of
the top spots for popularity with family demographics.
About Build-A-Bear®
Build-A-Bear is a multi-generational global brand focused on its
mission to "add a little more heart to life" appealing to a wide
array of consumer groups who enjoy the personal expression in
making their own "furry friends" to celebrate and commemorate life
moments. Nearly 500 interactive brick-and-mortar experience
locations operated through a variety of formats provide guests of
all ages a hands-on entertaining experience, which often fosters a
lasting and emotional brand connection. The company also offers
engaging e-commerce/digital purchasing experiences
on buildabear.com including its online "Bear-Builder",
the animated "Bear Builder 3D Workshop" and its age-gated,
adult-focused "Bear Cave". In addition, extending its brand power
beyond retail, Build-A-Bear Entertainment, a subsidiary of
Build-A-Bear Workshop, Inc., is dedicated to creating engaging
content for kids and adults that fulfills the company's mission,
while the company also offers products at wholesale and in
non-plush consumer categories via licensing agreements with leading
manufacturers. Build-A-Bear Workshop, Inc. posted total revenue
of $467.9 million in fiscal 2022. For more information,
visit the Investor Relations
section of buildabear.com
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SOURCE Build-A-Bear Workshop