Commercial real estate firm Cushman & Wakefield has signed a contract with Pier 1 Imports to manage 1,000 stores with 10 million square feet in the U.S. and Canada, reported RE Journals.com
Like many retailers, Pier 1 Imports is experiencing a change from traditional sales at its brick and mortar stores versus growing online transactions. “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,” Bret Bunnet, executive managing director of Cushman & Wakefield, said in a statement.
Pier 1’s online sales grew from $207 million in 2015 to $303 million in 2016. Overall sales in 2016 were $1.89 billion.