According to Placer.ai, January to May foot traffic cross-shopping patterns over the past three years may provide some indication of who stands to benefit from Pier 1’s demise.
Cross shopping with Walmart averaged 74.5% and Target averaged 68.7%, but the foot traffic tracker noted that most people shop those two chains. That being said, Placer indicated, they have an opportunity to satisfy some needs now being met by Pier 1.
Cross shopping with Home Depot averaged 45.6% and Lowe’s averaged 43.2%, but, in this case, the ready-made basis of Pier 1’s product assortment suggests that the home centers may pick up some but a limited piece of Pier 1’s past visitor count.
Cross shopping with Bed Bath & Beyond averaged 26.1% and HomeGoods averaged 21.7%. The numbers are interesting in the case of those two retailers because the high average cross-shopping levels presented were weighed down by pandemic closures and shopping pattern shifts in 2020. The result, Placer noted, is that both brands have an opportunity to leverage Pier 1 closures by targeting former customers.