Pier 1 Imports History
Peace, Love and Papasans
Pier 1 Imports started as a single store in San Mateo, California, in 1962. Our first customers were post-World War II baby boomers looking for beanbag chairs, love beads and incense. Pier 1 has carried a wide selection of merchandise through the years, from chocolate-covered ants to clothing lines to life-size Spanish suits of armor.
Fort Worth, USA
Pier 1 established its corporate headquarters in Fort Worth, Texas, in 1966. By then, there were 16 store locations with a merchandise mix of incense and other popular novelty items of the time.
In 1970, Pier 1 went public and became listed on the American Stock Exchange. We joined the New York Stock Exchange in 1972 under the stock symbol PIR. By this time, we had 123 stores and were celebrating 100 percent sales gains for four consecutive years. We also expanded our international presence by adding stores in Australia and Europe.
In 1979, a store in Royal Oak, Michigan, was the first to reach $1 million in annual sales. 1985 brought significant changes that reshaped the company's image as selling quality, unique home furnishings and decorative accessories. Management launched a plan to double the number of stores by 1990. There were 265 stores at the end of 1985.
The Pier 1 Preferred Card was introduced in 1988. By 1989, there were 120,000 Pier 1 Preferred Customer Cardholders. Over the next few years, the Pier 1 Preferred Card expanded, reaching sales of $100 million in 1994.
Pier 1 continued growing internationally during the ‘90s as well. The first store in Puerto Rico was opened in 1993. We also entered into a partnership with The Pier, a chain of retail import stores in the United Kingdom, and opened “boutiques” in Sears de Mexico stores.
The Design Concepts Program
Pier 1 introduced the Design Concepts program in 1996. The program was developed to provide designers exclusive product previews and generous discounts on Pier 1 merchandise. The Design Concepts card is accepted at all Pier 1 stores throughout the U.S. and Canada.
The New Millennium
We ushered in the new century with the launch of our online store at pier1.com and a new advertising campaign. The “Get In Touch With Your Senses” campaign positioned Pier 1 as a fun, sensory shopping experience that customers had long identified with the eclectic specialty store. We signed Kirstie Alley as our spokesperson for the campaign, marking the first time that we had employed a celebrity spokesperson.
New Kid on the Block
Pier 1 acquired Cargo Furniture and Home in 2001. Established in 1981, Cargo Furniture and Home was originally a family-focused selection of casual furniture. We changed the concept to Pier 1 Kids, a specialty retailer offering value-oriented, fashionable children's furniture and accessories.
New Corporate Headquarters
A tornado swept through Fort Worth in March of 2000, destroying several buildings located in the downtown area, including the Calvary Cathedral. On January 7, 2002, Pier 1 agreed to purchase the site for its new corporate headquarters.
Still Fun at 40
Pier 1 celebrated its 40-year history of retailing in 2002. With the mantra “From Hippie to Hip,” Pier 1 featured year-long special promotions and merchandise to honor the occasion.
Viva Las Vegas
On February 23, 2003, Pier 1 opened its 1,000th North American store—the largest store yet—in Summerlin, Nevada, just outside of Las Vegas.
Home Sweet Home
In August 2004, Pier 1 transitioned from three downtown Fort Worth office locations and moved our Home Office employees into Pier 1 Place, our new corporate headquarters. The building includes associate amenities such as a fitness center, a walking trail, an on-site café, a conference center and a state-of-the-art training center for Pier 1's information systems department.
The 460,000-square-foot, 20-story building is located on more than 14 acres of land on the outskirts of downtown Fort Worth. It is considered to be one of the first key developments of the city's proposed Trinity Riverfront Project, a landmark improvement project in Fort Worth.
Pier 1. Life More Interesting.
In 2004, Pier 1 announced a new marketing campaign designed to remind customers of the globally inspired, one-of-a-kind mix of home furnishings and accessories offered, and the exciting in-store experience discovered when shopping at Pier 1. It also introduced the product as our new spokesperson, instead of using a celebrity to communicate our brand and messaging.
On March 20, 2006, we announced the sale of our United Kingdom subsidiary, The Pier, to Palli Limited, a wholly owned subsidiary of Lagerinn ehf. As of February 25, 2006, Pier 1 operated more than 40 The Pier stores and concessions located in the United Kingdom and Ireland.
Welcome new President and CEO
On January 30, 2007, Pier 1 announced that its Board of Directors had chosen and elected Alex W. Smith, age 54, as President and Chief Executive Officer and to serve as a director on the Board, effective February 19, 2007. Smith brings more than 30 years of retail experience to Pier 1.