Pier 1 has been an odd duck since it was founded at least thirty years ago. If you were around then, you'll remember that they sold baskets, incense, candles, cheap dishes and stuff that was primarily imported from the orient.
Their store fixtures were boards on top of cinder blocks. And they were the darling of college students trying to look grown-up in a dorm room.
The company tried to continue the concept even after it got old and tired, and before long Pier 1 found itself bankrupt. A handful of Pier 1 executives and a bunch of dedicated employees got together, raised the money through loans and stock sales, and thus bought and recapitalized the company.
Longtime employee, Marvin Girouard, lead this new group.
The company was revived, the buyers sent back out to make the stores modern and competitive, and the company prospered again. And then wouldn't you know, they, too, fell into the trap. They let the concept get old and tired again.
Sales fell, under-performing stores had to be closed, and the executive team was changed out after a stock buyout. Now they are in the process of reworking the company's finances. They will be successful at this. The plan is dynamic. They have already sold the massive Pier 1 headquarters building in Ft. Worth and continue to negotiate the purchase of a competitor, Cost Plus.
Recently, Patty and I visited our nearby Pier 1 on Royal at Preston in Dallas. What a resurgence! If you haven't shopped Pier 1 recently, you must. Meanwhile, watch your backside, Pottery Barn!
BILL CHERRY, REALTORS
DALLAS
214 503-8563
1 800 314-7110
Our 43rd Year Selling Texas
As a "dedicated shopping enthusiast" I couldn't agree with you more. They just get better and better!
Sherry,
Thanks for joining in!
This Pier 1 resurgence is so interesting to me. I hope they succeed. I think they have every opportunity to fill the Former Shoes of Pottery Barn who, interestingly, stole a good part of Pier 1's business.
Pottery Barn has forgotten the target market of its original business plan. Its merchandise is no longer affordable for the everyday newly wed, just out of school person, or middle-income America. Instead, they've moved their price points much higher.
All Pier 1 has to do, in my view, is to refill the gap that Pottery Barn is leaving behind.
I think Pier 1 is the best store! I've always loved shopping there, and now I am working there. I hope they continue to do well. In my opinion, none of the other similiar stores can even compare.
Karen, good for you! Thanks for your comment.
Bill Cherry
They just added a new line of furniture that looks pretty good. A great resource when selling your house.
Miss Cindy --
Thanks for your positive vote on the new Pier 1 look.
The designer they have hired, whose name I have unfortunately forgotten, has come in like a house on fire! As you pointed out, the furniture has taken on a good look, a look not ripped off from others like Pottery Barn.
In fact, we were looking for some wicker a few weeks back, and stumbled into a nearby Pier 1 store when we had stopped in to eat at a fish restaurant in that shopping center. (Galvestonians can't survive a week without fish...and this stuff here in Dallas that they call "fish" is foul, but that's another story)
We were so surprised at the design and quality, that we bought our wicker pieces there.
Bill