Pier 1 Imports to open store
Village Inn restaurant will relocate to Central Park South
April 20, 2006
Steamboat Springs — Pier 1 Imports, the national household accessories and furniture retailer, is poised to enter the Steamboat market, though a representative of the shopping center developer said final lease documents have not been signed.
THF Steamboat Springs Development is seeking a permit on behalf of Pier 1 to make minor alterations to the front of a 9,200-square-foot store in the new Central Park South commercial center.
City Planning Technician Sid Rivers said Thursday the permit application is straightforward. The shopping center owners are seeking to add a brick column and reconfigure doors to emphasize the Pier 1 store.
THF is a subsidiary of THF Real Estate of St. Louis.
Although the Pier 1 lease is pending, the owners of the existing Village Inn restaurant have committed to moving to Central Park, leasing agent Jim C. Hansen said.
The Village Inn is owned by Flavors West LLC, the same company that opened the Qdoba restaurant on the west end of the commercial center in August 2005. Village Inn is adjacent to the Holiday Inn on the city’s south side.
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Principal shareholders in Flavors West LLC are David Lidvall and Mark Anderson of Lakewood, Scott Anderson of Anchorage, Alaska, and Paul Edstrom of Littleton.
Pier 1, with shares traded on the New York Stock Exchange, began with a single store in San Mateo, Calif., in 1962. It now has more than 1,200 stores nationwide.
The company recently reported that it lost nearly $10 million during the fourth fiscal quarter. The loss came despite modest growth in sales to $506 million. As it is adding new stores, Pier 1 is closing under-performing stores. It closed 38 stores in fiscal year 2006, and 35 more closures are anticipated in fiscal year 2007. Pier 1 plans to open about 40 new stores in fiscal year 2007. It doubled the number of its outlet stores to 34 last year.
Pier 1 launched a new TV advertising campaign this month and plans to drop 12 million copies of its summer catalog in May.