Pier 1 to boost ecommerce efforts, store expansion
HTT Staff -- Home Textiles Today, 4/9/2012 2:28:36 PM
Fort Worth, Texas - Pier 1 Imports last week outlined its plans for an upgraded e-commerce platform, store remodels, and new store openings over the coming three years. The goal: $225 per in sales per square foot and an operating margin of at least 12% by fiscal 2015.
For the most recent fiscal year ended Feb. 25, sales per square foot rose to $184 from $168 in the previous fiscal year.
Last year, the retailer introduced a site-to-store initiative called Pier 1 To-Go. This July, it will launch Pier 1 To-You, which president and ceo Alex Smith said "will lay the foundation for the next phase of our evolution into a multi-channel retailer when we fully integrate our new POS system and have the ability to provide a truly seamless shopping experience for our valued customer."
The initial rollout of the POS system is slated for this fall, with full rollout scheduled in early 2013.
During the last fiscal year, Pier 1 refurbished 125 stores with new fixtures and lighting, fully remodeled three stores, and added new merchandise fixtures throughout all of its stores.
This year, the company plans to remodel up to eight locations, refurbish roughly 100 existing stores improved merchandise fixtures and lighting, and integrate new merchandise fixture elements into all stores.
Smith said Pier 1 remains on track to open approximately 80 to 100 new stores and close approximately 30 to 50 existing locations by the end of fiscal 2016.