History of Pier 1 imports
Pier 1 imports is a Texas-based retailer that specializes in home furnishing and decor, seasonal decor particularly table-top items, furniture, and decorative accessories.
Following is the timeline of Pier 1 imports that mentions its inception, growth, and current status:
Started as a single store in San Mateo in 1962, Pier 1 imports’ first customers were post-World War II baby boomers that were looking for beanbag chairs, love beads, and incense. Through the years, they offer merchandise ranging from chocolate-covered ants to clothing lines to Spanish suits of armor.
They established their first headquarters in Fort Worth, Texas in the year 1966. By this year, there were 16 store locations that sold a merchandise mix of incense and other popular novelty items of that time.
Pier 1 imports went public in the year 1970 and became listed on the American stock exchange at the same time. Two years later, Pier 1 imports joined the New York Stock Exchange under the trading symbol of PIR. They had opened 123 stores and had 100 percent sales gains for four consecutive years. By this time, they had expanded their international presence to Europe and Australia.
They reached the $1 million mark annual sales with their newly opened store in Royal Oak, in the year 1979. There were at about 265 stores by the end of 1985. The management had then launched a plan to double the number of stores by the year 1990.
They introduced Pier 1 preferred card in the year 1988. By the year 1989, there were 120,000 customers that were Pier 1 preferred cardholders.
Pier 1 imports continued to grow internationally in the 90s as well. 1993 was the year that saw further international expansion, with their stores opening in Puerto Rico and a chain of stores opening in the United Kingdom.
In the year 1996, Pier 1 imports introduced design concepts program. The program helped provide designers exclusive product reviews and gorgeous discounts on Pier 1 merchandise. The design concept is accepted at all Pier 1 stores throughout the US and Canada.
The advent of millennium ushered the launch of online store, Pier1.com, with a new advertising campaign. They acquired Cargo furniture and Home in the year 2001 and changed the concept to Pier 1 kids. This concept offered value oriented fashionable children’s furniture and accessories.
They redesigned the e-commerce-enabled website that allowed its customers to shop as per their convenience.