Bed Bath & Beyond has announced plans to spend $225m (£150m) on IT, new store openings and a store refresh initiative.

The retailer plans to open about 55 to 60 stores across all of its concepts in fiscal 2010.

Bed Bath & Beyond co-chairman Leonard Feinstein said: “We continue to work to increase the productivity of our existing stores by evolving the merchandise offerings, as well as by expanding, renovating, remodelling and/or relocating stores to enhance our customers’ shopping experience.”