Pier 1 Imports

Today we'll be taking a look at Pier 1 Imports. Pier 1 Imports I did not realize they were that old of a company when I started doing research for t Pier 1 Imports has been in and out of the news a lot lately because they're not doing well. They reported a loss of $100. 6 million for the second quarter of their fiscal year t And I have a feeling some of it has to do with things There's a lamp here that's normally $139. 99 and it's 20% off w That's insane. T It's just completely out of touch. But I guess they're trying to stay in touch here with the gr To put in perspective how bad that $100. 6 million loss is, around the same time last year they reported a $51. 1 million loss so they also recently announced that they are willing to close up to 15% of their stores over the next year, w They blame part of the loss on the fact that they've been clearancing a lot of t I have a feeling t 99 and then when you look closer it doesn't even come with the cus Oh you want the stand? That's going to be another $199. 95. If you add all of that together that entire chair setup costs $699. 94. That's ridiculous for something I have a feeling that has a very Now over here is their crystal ware collection and all of these goblets and cups and t And if you ask me that's a little Okay I will admit these are kind of cool. I t I'm not sure t We'll have to see what happens in the next year. I t I believe t It's near Superstition Springs Center in Mesa, Arizona. And that mall opened in 1990 and from what I remember that's right around the same time t I'm very familiar with it. And I do have to say I really do That just screams 90s to me and I'm pretty sure it's original. And it's in pretty great shape too. All of the Pier 1 stores that I've ever been to have always been very clean and very organized if not a little bit cluttered and the staff has always been super helpful too. So I t Here's an example of what I'm talking about. Here'some decorative bookends and they're pretty nice looking. They've got crystal balls in them but they're $50. I guarantee you could find somet And that seems to be where people are shopping for home decor stuff now. I don't know what I thought I was going to get by holding it up to the camera Here'somet Here's the Magnolia Home Collection by Joanna Gaines. And if you watch HDTV at all I'm sure you're familiar with C The t Home decor stuff and it's a lot cheaper than the stuff here at Pier 1 Imports. Here'somet Here's a chrome covered Indian Buddha statue that definitely sounds I know I've been fairly critical of Pier 1 Imports so far They've been listed on the New York Stock Exchange since 1970. That's another fact that I also found interesting in my research. Speaking of the New York Stock Exchange, Pier 1 Imports almost faced being delisted off the exchange because back in June of 2019 their stock price had dropped below 68 cents a share which is less than the $1 minim To remedy t And by doing t 60 w It's now October and their stock price is down to less than $7 a share. It's right at about half of where it was when they did the 20 to 1 reverse stock split. That's definitely not good news for Pier 1. But let's head out of t Now t But here is the interior of the store and you can see it doesn't look much different than the one we looked at earlier. That'somet In my experience every Pier 1 store that I've been in has the same smell. It's t I actually do enjoy it but I just find it funny that it's the same in every store. And I guess again that gets back to their roots of selling stuff to It's funny to t I'm reading t Pier 1 has carried a wide selection of merchandise through the years, from chocolate covered ants to clot Now they sell giant farmhouse style clocks. They really have changed to their target demograp I have to wonder where they would be at today if they stuck with being kind of the weird quirky store. These displays are pretty interesting because they're actually a pretty efficient way to cram t But then when you look down the hallway to the bathroom, they're even using the wall in there to sell you fake flower wreaths. And that leads to probably what's one of my biggest complaints with t It is organized and clean, but man of the walkways narrow. Somet T Oh look, a Papa-san chair. That's actually somet I don't really find them very comfortable though. I don't So that's not a good sign for t Here's what I really do feel Oh, I found it. The drink that somebody ditched in the middle of the dead store. They've got to do somet Their stores are fairly clean and nice and all of their employees that I've encountered seem to have been very friendly and helpful. And the problem is they're just buying it other places for less money. So I t What are your thoughts on Pier 1 though? Is it a store that you shop at regularly and do you t Let me know down in the comments below. As always everyone, Want to see your name here? Head on over to patreon. com slash retail archeology to find out how you can help support the channel. If you enjoyed it, please make sure to hit those And also follow at the social media links down there because that's the best way to keep up with what's going on with the channel.