Retail stores like Pier 1 'not really anything to anyone,' analyst says
SASKATOON -- Saskatoon's only Pier 1 will be closing along with the company’s other Canadian stores.
Marketing analyst David Williams of the Edwards School of Business cautions against treating this as a retail apocalypse.
"It's not too surprising because we have too many stores. We have too much overcapacity anyway. "
The home goods retailer joins stores Papyrus, Forever 21 and Bench which also announced they are closing all Canadian stores.
Stores like Pier 1 fall into a fickle area of the retail world, Williams said.
"If you're stuck in the middle like Bed Bath and Beyond or the Gap, you're kind of all things to all people, but you're not really anything to anyone."
Consumers need a reason to travel to a store rather than order online, which is becoming increasingly quick and convenient, he said. This latest closure is no surprise to him.
"It should've happened maybe a while ago. We've got so much retail space and so many stores adding the same merchandise."
Closures seem more pronounced in a smaller city like Saskatoon because big retail chains tend to make their debuts there later than in larger cities, he said.
The exact closing date for Pier 1 is unknown.