2016: Pier 1 completes omnichannel transformation (click here).
2019: Pier 1 to close at least 70 stores as loss doubles (click here).
Here's what is coming in retail.
- 50% to 75% of the store base ... the stores that are boring ... are going away.
- Those stores will be replaced (already are being replaced) by boring, commodity-based e-commerce.
- The stores that remain become much more "Sports Arena" like ... providing great entertainment or outstanding knowledge/service.
We saw this transformation play out a decade ago in catalog marketing ... remember when 40% of all circulated catalog pages "simply disappeared" and never returned (by 2011)?? The pages were boring, they went away, and that was that.
The same dynamic is happening in retail.
Best to adjust now ... better late than never, right?
P.S.: Next week I'll formally announce my new booklet and new product called "Hillstrom's Pricing" ... if you are a Kindle fan, you can get the Kindle version right now (click here). The print version should be available in a day or two.