Pier 1 talks of plans for turnaround

FORT WORTH , Texas — Pier 1 Imports sees more, larger stores with less clutter — along with new and better placed advertising — as keys to improving the company’s sales performance.

Cary Turner, executive vice president and chief financial officer of Pier 1 Imports, said, “We know what it’s going to take to turn this ship around,” during a presentation at the SG Cowen Consumer Conference today.

Turner said the company is in the midst of a sku-rationalization project that will see distinct offerings reduced from about 4,500 to 3,500. “We feel the stores will look better with less,” he said. The final goal, he said, is a sku reduction in the 5 to 7 percent range.

While reducing the number of items, Pier 1 wants to increase its number of stores, hoping to eventually have 1,500 in the United States and Canada . The company ended the third quarter with 1,137 stores in North America . Basic stores average between 10,000 and 12,000 square feet, while large stores range from 15,000 to 20,000 square feet.

In terms of location, the company “loves suburbia,” Turner said. “We don’t loveManhattan. It’s very difficult to run a store inManhattan.”

Pier 1 also is in the midst of revamping its advertising, Turner said. "Queer Eye for the Straight Guy" design expert Thom Filicia’s ads, “did well in print, but we don’t think the message came across in television that (Pier 1) is a good place to do shopping for the home,” he explained.

The company has since hired Deutsch Inc. and OMD Midwest to work on a new marketing campaign that is slated to launch in March.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!