6 Retail Stocks to Buy On The Back of Pier 1 Shutterings [Yahoo! Finance News]
PIER 1 IMPORTS (PIR)
Last pier 1 imports earnings: 6/26 04:15 pm
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Source: Yahoo! Finance News
Home furnishing retailer Pier 1 (NYSE:PIR) shocked the world in January when management announced intentions to close about half of the company's store-base, or around 450 stores nationwide.Source: Jonathan Weiss / Shutterstock.com That's a lot of stores. And they represent a huge opportunity for peer home furnishing retailers to win new sales. My numbers indicate that each Pier 1 store, on average, does about $1.5 million in sales per year. Across 450 stores, that's about $675 million in sales. The U.S. home furniture retail market did about $120 billion in sales in 2019. So, the Pier 1 store closings mean that about 0.6% of the U.S. home furniture retail market is now "up for grabs".Which retailers are going to grab the most of these sales? To answer that question, let's turn to data from Placer.ai, the world's leading foot traffic analytics platform.InvestorPlace - Stock Market News, Stock Advice & Trading TipsPlacer.ai recently analyzed daily Pier 1 store cross-shopping patterns a
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