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Pier 1 Must Evolve or Die | RIS News

The first key tenet of Pier 1’s new approach will be a relaunch of the Pier 1 brand, with a focus on new and exciting merchandise.

The retailer is known for its varied and international assortment with mid- to high-end price points. While it is committed to maintaining its identity, it is making major changes to attract millennial as well as price-conscious shoppers.

“A brand relaunch is much more than just a new marketing slogan,” Alasdair James, president and CEO, Pier 1 said on a recent earnings call with analysts. “It has to resonate with customers based upon their needs as well as present an enhanced experience of the Pier 1 brand. This incorporates different merchandise and new prices. While our assortments will continue to offer the global eclectic feel our brand has been known for, we will incorporate more modern and on trend looks that appeal to a younger, millennial customer.”

In addition to the more youthful product array, Pier 1 is banking on a new pricing structure to drive traffic to its stores and online properties. Its new three-tiered pricing strategy is built on a good, better, best approach that is designed to provide the superior quality its traditional customers expect while appealing to price sensitive shoppers with lower-end deals and savings. To help augment its new pricing strategy the retailer will be rolling out a new markdown optimization tool over the next three months.

To drive awareness to the brand’s new merchandising and pricing approach Pier 1 will rely on a dynamic marketing program, launching in August. The new marketing initiative will combine digital, TV, print and social media to reach shoppers across multiple touchpoints.

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Pier 1 Must Evolve or Die | RIS News.