Pier 1 Imports ($PIR), the home goods store known for selling a mishmosh of unique items, just announced that it could close up to 150 stores in the shadow of a 9.5% year-over-year sales drop.
The Thinknum database tracks 944 total Pier 1 stores with active pages, which means, should Pier 1 choose to close 145 stores, would decrease the company's brick-and-mortar footprint by 15.36%. In what is just another chapter of our coverage on the retail apocalypse, the alternative data trails left behind by Pier 1 publicly online can give us some clues as to where these stores may close.
Population density heat map
In the above, there are a few locations where the number of Pier 1 stores can be as much as one for every 50,000 people in a core-based statistical area (CBSA).
In some cases with places with a small population, such as with Gardnerville Ranchos, Nevada, having one store there could give the impression of a crowded place. However, one place — Key West, Florida — has two Pier 1 stores among a population of around 75,000 people.
These two stores are on the Keys, where about a third of that population lives, but then again, it is also a popular tourist destination. This is what we have to keep in mind with the data; maybe the tourism is an X Factor here for keeping stores, as customers may want that really obtuse centerpiece candle from here for their beach bungalow.
Stores in close proximity
What may help us, then, is to reference the above map alongside stores in close proximity.
As expected, Pier 1's closest sister stores reside mostly in the New York tri-state area, Texas, Chicago, and California. However, within this group are a few areas worth investigating.
|
Pier 1 Store Name |
Street |
City |
State |
Miles to Next Store |
Next Store Name |
Street |
City |
State |
|---|---|---|---|---|---|---|---|---|
|
Route 4 |
58-64 Rte 4 E |
Paramus |
NJ |
0.432 |
Route 17 |
723 Rte 17 S |
Paramus |
NJ |
|
15th & 5th |
71 Fifth Ave |
New York |
NY |
2.331 |
Jersey City |
125 18Th Street |
Jersey City |
NJ |
|
Willowbrook |
17725 Tomball Parkway |
Houston |
TX |
2.394 |
Houston Champions |
5650 Fm 1960 |
Houston |
TX |
|
65th & 3rd |
1110 3Rd Avenue |
New York |
NY |
2.538 |
15th & 5th |
71 Fifth Ave |
New York |
NY |
|
Village |
2501 Rice Blvd |
Houston |
TX |
2.549 |
River Oaks |
1927 West Gray |
Houston |
TX |
|
Green Hills |
3730 Hillsboro Pike |
Nashville |
TN |
2.629 |
White Bridge |
21 White Bridge Rd |
Nashville |
TN |
|
Culver City |
11140 Jefferson Blvd |
Culver City |
CA |
2.687 |
Marina Del Rey |
13455 Maxella Ave |
Marina Del Rey |
CA |
|
New Hyde Park |
1454 Union Turnpike |
New Hyde Park |
NY |
2.695 |
Manhasset |
1435 Northern Blvd |
Manhasset |
NY |
|
Brickyard |
2532 N Narragansett Ave |
Chicago |
IL |
2.798 |
Oak Park |
1143 West Lake St |
Oak Park |
IL |
|
Alexandria |
4609 Duke Street |
Alexandria |
VA |
2.854 |
Falls Church |
5857-A Leesburg Pike |
Falls Church |
VA |
|
South Loop |
1014 S Canal St |
Chicago |
IL |
2.921 |
Lincoln Park |
1574 N Kingsbury St |
Chicago |
IL |
|
New Orleans |
5300 Tchoupitoulas St |
New Orleans |
LA |
2.926 |
Harvey |
1629 Westbank Expy. |
Harvey |
LA |
|
Minnetonka |
11315 Hwy 7 |
Minnetonka |
MN |
2.934 |
Ridgedale |
12970 Wayzata Blvd |
Minnetonka |
MN |
|
Lovers Lane |
5427 West Lovers Ln |
Dallas |
TX |
3.006 |
Preston & Royal |
10720 Preston Road |
Dallas |
TX |
|
Saratoga |
5205 Prospect Road |
San Jose |
CA |
3.061 |
Cupertino |
20610 Stevens Creek Blvd |
Cupertino |
CA |
First, there is Nashville, Tennessee. There are two Pier 1 stores within 2.629 miles "as the crow flies" between each other. With usual traffic according to Google Maps, it is only a 15 minute drive between these two stores.
Another interesting case is in Minnetonka, Minnesota. Here, the stores are less than 3 miles apart in "crow's fly distance," but when driving up the interstate in usual traffic, it takes someone interested in some kitschy furniture about 10 minutes to get from store to store.
Even within the biggest metro areas, there is a case for places such as Paramus and Long Island (New Hyde Park and Manhasset). Although plenty of people live in these areas, is having two Pier 1 stores within three miles of each other — or even a half mile away — too much for the market?
You can be the judge of that, but in reality, that's probably what Pier 1 is thinking about too.
Those interested in some previous retail apocalypse analysis should turn to our look at Bed Bath & Beyond, as well as J.C. Penney.