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Pier 1 Imports
Transcript of Pier 1 Imports
Started as a single store in 1962
The first customers that shopped at the store were the stay-at-home “hippie” baby-boomers of the 60’s
Headquarters was then established in 1966 in Fort Worth, Texas
In 1970, the store became public and became a part of the American Stock Exchange
In 1985, the company began to develop its own image by selling home products such as: furniture, decorations, candles, etc.
By February 23, 2003 Pier 1 Imports consisted of 1,000 stores in North America Located in every state (except Vermont)
Opened a subsidiary in the United Kingdom called Palli Limited
There are over 40 Pier 1 Imports locations in the United Kingdom and Ireland
The objective for every store is to be at a central location near a major shopping center or plaza
There is very little to no foot traffic that enters the store The products are designed by foreign designers and are produced in over 50 countries
Pier 1 has contracts with these manufactures overseas so the products can only be sold at Pier 1 Imports retailers
Pier 1 also has its own designers. This team is called the Trend and Development Team. Culture is a large influence because it determines the kinds of customers at the store and the type of merchandise they buy
Social class also determines the buying behavior of consumers. This is because annual income dictates the kinds of merchandise you can purchase and from what stores you can purchase merchandise from.
Gender is a large determinant because of a number of factors: the amount of time spent in the store, the style or merchandise purchased, and even interaction with the sales associates
Age determines the merchandise purchased and the amount of merchandise purchased When it comes to displays, the store separates the merchandise by the kind of room it is
If the display is a dining set, the display will be with all the other dining items such as serving ware and placemats
The store also uses a categorical way of organizing merchandise. They do this by keeping all of the vases together on a shelving display
Leaves for easy access to see the variety that is available and it is easy to grab and bring to the counter for the purchase "Our merchandise assortment ranges from home accessories such as candles, vases and picture frames to full-sized, upholstered furniture, hand-carved armoires, large-scale vases and eclectic wall décor. As much as 75 percent of our assortment includes new product introductions each year. From Initial product development to store display, Pier 1 merchandise makes a long and interesting journey."
"Our image is quirky and our logo is iconic." The prices for items such as frames start at $10.00 and go up to $150.00
For bigger items such as dining tables, a small to seat table starts at $120.00 and for a larger table the price goes up to $700.00
They offer rewards to make it easier on the wallets of consumers
The reward card gives a point for everywhere $1.00 spent. When the cardholder reaches 200 points, there is a $10 savings in the next transaction
The net sales of 2012 fiscal year were $1.53 billion and expected a 10% increase of total revenues by 2016
When Pier 1 launched its first television campaign, sales raised 13.9% in the year 1996
Through television, their audience expanded to a younger generation and they developed a whole new customer base and target market
Now Pier 1 has gone as far as to even has a mobile campaign and an email campaign
Customers that want weekly updates on the deals that the store is having (similar to their old weekly print ad) you can receive them via mobile phone or through email The service policy of the store is to make Pier 1 the favorite home furnishing and gift store to all of the customers, vendors, and investors
The service provided at Pier 1 is that of a specialty store
The return policy of the merchandise is quite simple. As long as you have the original receipt and bring back the merchandise within 45 days of purchase, there is no problem
The customer will either receive cash back or credit back on the card they used at the time of purchase Kirkland’s would be Pier 1 Imports number one competitor
Kirkland’s price points are also aimed to upper-middle and upper classes
The target market is also generally towards middle-aged women whom own their own home
Kirkland’s are all located within crowded shopping centers or malls, which gets heavy foot traffic
Kirkland’s carries pieces that all look like they belong to the same collection, all the pieces in the store are homogeneous
"If it’s interesting, if it’s impressive, if it’s hippy and happy and one-of-a-kind— then odds are it’s probably from Pier 1 Imports”
Both the Facebook and Twitter accounts are majorly used to stimulate the promotions going on in the store nationally
The current promotion going on at the moment is, “Free shipping on all outdoor cushions and pillows”
The Pinterest account for Pier 1 is used as a virtual showroom
The “pins” are all pictures of Pier 1 Imports furniture used to create beautiful rooms By: