Pier 1 Imports
Encyclopedia
Pier 1 Imports Inc. is a Fort Worth
, Texas
based retail
er specializing in imported home furnishings and decor, particularly furniture
, table-top items, decorative accessories and seasonal decor. The chain operates over 1,000 stores under the name Pier 1 Imports in the United States
, Canada
, Mexico
and Puerto Rico
. The company also had a children's furniture and accessories retail concept in the United States called Pier 1 Kids which was disbanded in September 2007. It was a member of the S&P MidCap 400
list through the end of 2006, when it was bumped off the list. Pier 1 Imports also owned a chain of home-decor retailers (40 locations as of February 2006) in the United Kingdom called "The Pier" until it sold to Palli Limited, a subsidiary of Lagerinn ehf. in March 2006. This chain went into Administration in December 2008 and was finally closed in January 2009.
The company was founded in 1962 in San Mateo, California
.
Former spokespeople for the company, seen largely in broadcast commercials, include Cheers
alumna Kirstie Alley
and Thom Filicia
of Queer Eye for the Straight Guy.
The first Pier 1 Imports store opened in San Mateo, California, in 1962. According to the company's official history, the original store catered to hippy baby boomers and featured love beads
and incense.
By 1966, Pier 1 had grown to 16 store locations, and established its corporate headquarters in Fort Worth, Texas.
Pier 1 went public on the American Stock Exchange
in 1970 and later joined the New York Stock Exchange
in 1972. At this time, the company had grown to 123 stores, posted 100 percent sales gains for four consecutive years, and opened stores internationally in Australia
and Europe
.
A Pier 1 store in Royal Oak, Michigan, reached annual sales of $1 million in 1979. By 1985, the Pier 1 chain grew to 265 stores, with the management goal of doubling that number by 1990.
On December 29, 2006, Standard & Poor's
bumped Pier 1 Imports Inc. down one spot and off the bottom of the S&P MidCap 400 Index when it added Parametric Technology Corp. , a software company.
s, vases and picture frame
s as well as full-sized upholstered furniture
, hand-carved armoires, large-scale vases and eclectic wall décor. Items are imported, created in conjunction with foreign designers, or produced by Pier 1's Trend and Product Development team.
bought the headquarters of Pier 1 for $104 million.
Fort Worth, Texas
Fort Worth is the 16th-largest city in the United States of America and the fifth-largest city in the state of Texas. Located in North Central Texas, just southeast of the Texas Panhandle, the city is a cultural gateway into the American West and covers nearly in Tarrant, Parker, Denton, and...
, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
based retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
er specializing in imported home furnishings and decor, particularly furniture
Furniture
Furniture is the mass noun for the movable objects intended to support various human activities such as seating and sleeping in beds, to hold objects at a convenient height for work using horizontal surfaces above the ground, or to store things...
, table-top items, decorative accessories and seasonal decor. The chain operates over 1,000 stores under the name Pier 1 Imports in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
and Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
. The company also had a children's furniture and accessories retail concept in the United States called Pier 1 Kids which was disbanded in September 2007. It was a member of the S&P MidCap 400
S&P 400
The S&P 400 MidCap Index, more commonly known as the S&P 400, is a stock market index from Standard & Poor's.It covers roughly the mid-cap range of US stocks.-Investing:The following ETFs attempt to track this index and sub-indexes:*Index Fund: &...
list through the end of 2006, when it was bumped off the list. Pier 1 Imports also owned a chain of home-decor retailers (40 locations as of February 2006) in the United Kingdom called "The Pier" until it sold to Palli Limited, a subsidiary of Lagerinn ehf. in March 2006. This chain went into Administration in December 2008 and was finally closed in January 2009.
The company was founded in 1962 in San Mateo, California
San Mateo, California
San Mateo is a city in San Mateo County, California, United States, in the San Francisco Bay Area. With a population of approximately 100,000 , it is one of the larger suburbs on the San Francisco Peninsula, located between Burlingame to the north, Foster City to the east, Belmont to the south,...
.
Former spokespeople for the company, seen largely in broadcast commercials, include Cheers
Cheers
Cheers is an American situation comedy television series that ran for 11 seasons from 1982 to 1993. It was produced by Charles/Burrows/Charles Productions, in association with Paramount Network Television for NBC, and was created by the team of James Burrows, Glen Charles, and Les Charles...
alumna Kirstie Alley
Kirstie Alley
Kirstie Louise Alley is an American actress known for her role in the TV show Cheers, in which she played Rebecca Howe from 1987–1993, winning an Emmy Award and a Golden Globe Award as the Outstanding Lead Actress in a Comedy Series in 1991...
and Thom Filicia
Thom Filicia
Thom Filicia is an interior designer, most famous for his role as an interior design expert on the American television program Queer Eye for the Straight Guy. He is also a co-author of a book based on the show.-Biography:...
of Queer Eye for the Straight Guy.
History
Love beads
Love beads are one of the traditional accessories of hippies. They consist of one or more long strings of beads, frequently handmade, worn about the neck by both genders...
and incense.
By 1966, Pier 1 had grown to 16 store locations, and established its corporate headquarters in Fort Worth, Texas.
Pier 1 went public on the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
in 1970 and later joined the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
in 1972. At this time, the company had grown to 123 stores, posted 100 percent sales gains for four consecutive years, and opened stores internationally in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
and Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
.
A Pier 1 store in Royal Oak, Michigan, reached annual sales of $1 million in 1979. By 1985, the Pier 1 chain grew to 265 stores, with the management goal of doubling that number by 1990.
On December 29, 2006, Standard & Poor's
Standard & Poor's
Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian...
bumped Pier 1 Imports Inc. down one spot and off the bottom of the S&P MidCap 400 Index when it added Parametric Technology Corp. , a software company.
Merchandise
Pier 1 merchandise consists of home furnishings and items including accessories such as candleCandle
A candle is a solid block or cylinder of wax with an embedded wick, which is lit to provide light, and sometimes heat.Today, most candles are made from paraffin. Candles can also be made from beeswax, soy, other plant waxes, and tallow...
s, vases and picture frame
Picture frame
A picture frame is a decorative edging for a picture, such as a painting or photograph, intended to enhance it, make it easier to display, or protect it.-Construction:...
s as well as full-sized upholstered furniture
Furniture
Furniture is the mass noun for the movable objects intended to support various human activities such as seating and sleeping in beds, to hold objects at a convenient height for work using horizontal surfaces above the ground, or to store things...
, hand-carved armoires, large-scale vases and eclectic wall décor. Items are imported, created in conjunction with foreign designers, or produced by Pier 1's Trend and Product Development team.
Headquarters
In April 2008 Chesapeake EnergyChesapeake Energy
Chesapeake Energy is the second largest producer of natural gas in the United States, a top 15 producer of U.S. liquids and the most active driller of new wells, according to an November 2011 investor presentation. It recorded 3Q 2011 natural gas production of an average of approximately of...
bought the headquarters of Pier 1 for $104 million.
External links
- Maria Halkias, CEO makes tough calls to bring magic back to Pier 1, Dallas Morning News, October 24, 2010. Retrieved 2010-10-24.