The retail world has been rocked by store closures in the past few years. 2024 was especially grim.
There were 7,325 store closures in 2024, the highest since 2020, when there were nearly 10,000 closures. according to data from Coresight Research.
Even with 5,970 store openings in 2024—the highest since 2012, when CR first began tracking — that’s still a net loss of 1,355 stores.
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If the brand survives despite brick-and-mortar locations shuttering, it often goes all-in with its digital storefront. But sometimes the opposite occurs: an online-only retailer decides to take the plunge and open up physical locations.
It’s a risky move for sure, given that physical stores cost a lot more to run. But as the saying goes, no risk, no reward—or at least that’s the hope of one struggling home retail brand.
Wayfair brand Perigold celebrates grand opening of inaugural brick-and-mortar store
Wayfair’s (W) luxury home brand Perigold is celebrating the opening of its first physical store in Houston.
The company’s headquarters might be in Boston, but Houston’s Highland Village, an upscale shopping destination, was picked for the inaugural brick-and-mortar location.
“Opening our first physical store is a transformative step for Perigold, and there’s no better city to begin this journey in than Houston,” said Global Head of Perigold Rebecca Ginns in a company statement. “This is a market where design is celebrated and our customers are deeply engaged. We’re excited to create a space that reflects our commitment to excellence in both product and experience.”
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As one store opens, others close
It’s an interesting time for a home retailer to open a physical store. It was just announced that DTC home linens brand Parachute is set to close 19 stores this year in favor of focusing on partnerships with retailers, including Target and Nordstrom. The company will be keeping seven stores open.
Perigold is taking inspiration from its parent company. Last year, Wayfair opened its first store in Wilmette, IL, with plans for other locations, albeit amid struggling sales. In March, the company laid off 340 tech workers due to a decline in sales.
So why would an online retailer take the risk and open a physical store? When it comes to home furnishings, especially luxury items, many people want to see things in person before they commit to a purchase.
Perigold now offers that opportunity in its nearly 20,000-square-foot store, where it will feature more than 150 luxury brands, including Visual Comfort, Century Furniture, and Oly. There will also be immersive displays from designers like Marie Flanigan, Julie Neill, and Even Millard.
≈“This store is more than a retail location–it’s an invitation into the world of Perigold. We’re creating a resource for customers and designers to explore, collaborate, and access brands that are rarely found under one roof,” Ginns said.
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In addition to an upscale shopping experience, the Perigold store will offer exclusive events, workshops, and personalized service for both home design lovers and professionals. The company hopes that the store will be a hub for the design community in Houston.
And Houston is just the start. The company confirmed that a second location in West Palm Beach, Florida, will open later this year.
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Perigold’s Grand Opening Weekend is June 27 through June 29. Guests will be treated to free refreshments and music while they shop, plus there’s a 15% discount on any in-store purchase (up to $500 in savings). The store is open 10 AM to 8 PM Monday through Saturday and 12 PM to 6 PM on Sunday.
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