February 28, 2017
Cushman & Wakefield has struck a deal with Pier 1 Imports to manage the retailer’s lease portfolio of more than 1,000 stores across the U.S. and Canada. The portfolio equates to 10 million square feet.
Cushman & Wakefield will work with Pier 1 to develop a strategy that will help “gain efficiencies and bring costs down,” said Todd Kohlbecker with Cushman & Wakefield. He went on to say that the plan is to develop a broad strategy for the portfolio, then to approach individual leases from a strategic viewpoint.
“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 Cushman & Wakefield’s Bret Burnet. He added that his company would focus on renewals, new leases and right-sizing, where needed.
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