Bypass-Simulated moving bed (BP-SMB) chromatography, a process characterized by the possibility of over-purifying either the raffinate or the extract product followed by blending with the feed, is studied. The BP-SMB provides additional degrees of freedom; the opportunity to increase productivity; increased robustness and operational flexibility compared to obtaining reduced purities directly from the SMB. Based on the local-equilibrium theory analysis, explicit equations to calculate productivity are derived for systems following a linear isotherm. Specific conditions under which the BP-SMB provides significant advantages are elucidated. The effect of column efficiency and feed concentration for systems following non-linear isotherms are studied using numerical simulations. The production of High-fructose corn syrup, an industrial application of BP-SMB, is analysed.