Adventures in Ego-surfing.

“When Pier 1 rocketed to popularity in the ’80s and ’90s, and again after the 2008 financial crisis, its competitive advantage was that it provided a combination of fashionable but affordable furniture and unique and charming home décor items that were difficult to find elsewhere. Pier 1 goods were higher quality than lower-priced competitors, but more affordable than designer brands. That moat has disappeared over the past decade as the market noted the popularity of such items and began mass-producing them for far cheaper. Long story short, Pier 1’s economic moat has disappeared, and its profitability has gone along with it.” —Margaret Moran