Cushman & Wakefield announced Feb. 27 an agreement with Fort Worth-based 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.”
Bret Bunnet, executive managing director of Cushman & Wakefield said the growth of e-commerce has forced every retailer to examine strategically their brick-and-mortar stores.
“Cushman & Wakefield is uniquely qualified to develop and execute an approach for multi-market locations,” Bunnett said. “Our work for Pier 1 Imports offers everything from renewals to new leases to right-sizing the retail chain where it’s needed most.”