It's interesting that Pier 1 stores in areas with booming economies like Fairfax, Fredericksburg, Waldorf, Bowie, Pasadena, Laurel and Columbia - to name just a few - are remaining open in our region. Pier 1 has been a fixture in Rockville as long as I can remember.
The pending closures would have come as a shock if it were not for the widespread consensus that Montgomery County's economy has stagnated, according to every relevant benchmark of the U.S. Bureau of Labor Statistics over the last decade. Montgomery County has suffered a net loss of retail jobs since the turn of the century, according to the Maryland Retailers Association.
According to the WBJ and Bloomberg Finance, the whole chain is filing for Chapter 11. Can this closure really be the fault of the county's economic conditions? I don't think this one is a fair analysis. Take a closer look at the report. https://www.bizjournals.com/washington/news/2020/01/07/pier-1-to-close-up-to-450-stores-nationwide.html
ReplyDeleteI would say it's fair in that they are only closing the weakest-performing stores right now, and look at the many "less elite" areas that are outperforming Montgomery County - both the Pier 1 stores, and their economies in general. Remember, we fell to rock bottom in economic development benchmarks this past decade, and were beaten even by places like Culpeper and Rappahannock counties. That's bad by any measure.
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