How Big Lots is luring treasure hunters back to stores

Big Lots spent the last decade optimizing its product mix and doing a lot of things to make shopping its stores a more reliable experience, but CEO Bruce Thorn realized that, in the process, the chain had lost some of its magic. “We needed to own the treasure hunt more, give people more reasons to visit,” he said. One tactic is the addition of The Lot, a section the company will use as in-store learning labs to highlight and test new products and promotional ideas. It’s about limited inventory, Mr. Thorn said. “It’s the (fear of missing out) section.”