Pier 1 Imports, pictured in Pittsfield Township, plans to open a store in Ann Arbor's Cranbrook Village Shopping Center.
Photo by Dwight Burdette
The Texas-based retailer finalized a deal last week to open in the 9,000-square-foot former Old Country Buffet space in Cranbrook Village — the same shopping center where Pier 1 operated a store for years.
“When the economy started to tank in 2008 and (Pier 1 Imports’) lease had expired, they had to make a decision whether they were going to renew or not they did not renew, and now they’re back to the same center,” said Tom Goldberg, one of the owners of Cranbrook Village.
The Cranbrook Village Shopping Center is at Ann Arbor-Saline Road and Eisenhower.
Photo from Uniland Corporation
Whole Foods and REI anchor Cranbrook Village, at the intersection of Ann Arbor-Saline Road and Eisenhower Parkway. Pier 1 formerly operated a store in the outlot building, which is now occupied by a Potbelly Sandwich Shop and the under construction Tony Sacco’s pizza restaurant.
When Old Country Buffet closed in the center earlier this year as part of its parent company’s Chapter 11 bankruptcy filing, Goldberg said it created opportunity for a new — and better performing — tenant to move in.
“Old Country was good for what it was, but that concept got tired,” Goldberg said. “It was time for a change, and we were very careful about who we were going to put in.”
He added: “I think there’s a recovery in the housing market, and if there is, tenants like Pier 1 that cater to design and home products are clearly going to be well received in the marketplace.”
Founded in 1970, Pier 1 operated 971 stores in the U.S. and 81 stores in Canada as of Feb. 25. The company, which employs 3,500 workers, posted a second quarter net income of $26.2 million, up 58 percent over the same quarter last year.
The company also operates a store on Carpenter Road in Pittsfield Township.
Goldberg said the Cranbrook Village space is currently under construction and the company is aiming for a spring 2013 opening.
Lizzy Alfs is a business reporter for AnnArbor.com. Reach her at 734-623-2584 or email her at lizzyalfs@annarbor.com. Follow her on Twitter at http://twitter.com/lizzyalfs.