ST. LOUIS, February 27, 2017 – Cushman & Wakefield announced today an agreement with retailer Pier 1 Imports for management of the Company’s lease portfolio of more than 1,000 stores with 10 million square feet across the United States and Canada.
“Cushman & Wakefield will work with Pier 1 Imports to assess and develop a strategy for various locations within the Company’s vast store portfolio, helping to gain efficiencies and bring costs down.” said Todd Kohlbecker, Senior Managing Director at Cushman & Wakefield.
“Our goal with Pier 1 Imports is to develop a broader plan for how we approach the portfolio, and then drill down into individual leases from a more strategic standpoint to help them effectively manage their resources,” Kohlbecker said. “Cushman & Wakefield was awarded this critical assignment because of our myriad of strengths in this area.”
Cushman & Wakefield executes more retail transactions than any other real estate firm. In 2016, its retail platform was ranked No. 1 in the U.S. by The Real Deal, a major milestone for the brokerage.
“The onset of e-commerce has prompted every retailer in the United States to take a strategic look at how they marry e-commerce with brick-and-mortar stores,” said Bret Bunnet, Executive Managing Director of Cushman & Wakefield.
“Cushman & Wakefield is uniquely qualified to develop and execute an approach for multi-market locations,” Bunnett continued. “Our work for Pier 1 Imports offers everything from renewals to new leases to right-sizing the retail chain where it’s needed most.”
Pier 1 Imports, which began in 1962 with a single store in San Mateo, Calif., prides itself on offering customers distinct home furnishings and décor at a good value. The retailer says its merchandise is a constantly evolving assortment based on customers’ lifestyles and relevant home trends.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Pier 1 Imports, Inc.
Pier 1 Imports, Inc. (NYSE:PIR) is dedicated to offering customers exclusive, one-of-a-kind products that reflect high quality at a great value. Starting with a single store in 1962, Pier 1 Imports’ product is now available in retail stores throughout the U.S. and Canada and online at pier1.com. For more information about Pier 1 Imports or to find the nearest store, please visit www.pier1.com.