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The issues raised about Piers inability to keep up with trends, its overwhelming stores, and efforts to keep prices down were all clear when we visited the store. The brand has announced plans to rebrand the store and fix these issues, but it has a ways to go.
The issues raised about Pier's inability to keep up with trends, its overwhelming stores, and efforts to keep prices down were all clear when we visited the store. The brand has announced plans to rebrand the store and fix these issues, but it has a ways to go.
As companies like Amazon, Walmart, TJ Maxx, and Wayfair continue to expand into home goods, it's getting harder for to compete.
In its most recent quarterly earnings report, Pier 1 said that its comparable sales The brand of 11.4% when it releases earnings on October 3.
"For non-shoppers, shoppers that are very engaged in this category, but don't currently shop with Pier 1, and for some of our less core customers, they describe our stores as being overwhelming," CEO Alasdair B. James said in an April 2019 analyst meeting.
Referring to the products stocked at Pier 1, he said: "They don't necessarily always reflect the latest trends, or if they do, we don't buy into those trends quickly and aggressively enough."
Analysts have criticized the retailer for not stocking enough unique inventory.
GlobalData Retail's Neil Saunders wrote in an email to Retail Dive in April: "While the market is growing, so too is competition. As much as it is true that Pier 1's aesthetic used to make it distinct, others are now replicating this — at least in parts of their offers."
In the company's most recent earnings call in June, James explained how the brand plans to combat these issues by rebranding Pier 1 and offering more trendy pieces that would appeal to millennials. He also discussed the importance of improving the shopping experience in-store. The retailer is currently testing new store formats that have wider aisles and less clutter in the Dallas-Fort Worth area.
We recently visited a Pier 1 Imports store in New York City and found many of the critiques of the brand to be true.
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