The obvious starting point is Walmart and Target, though these numbers are clearly buoyed by the fact that many people shop at either Walmart or Target during a five-month period. However, it does further indicate the power and somewhat endless opportunities of these brands, says Placer.ai.

The next group is dominated by the kings of the DIY hill in Home Depot and Lowe's which both have more than 40% cross-shopping with Pier 1. Though the ready-made element of Pier 1 isn't the core focus for these brands, there is still something to be said for a potential uptick in traffic.

The next tier may be the most interesting. Home Goods and Bed, Bath & Beyond have very high levels of cross shopping with the average actually weighed down by pandemic closures and shopping patterns in 2020. As a result, both brands have a powerful opportunity to leverage these closures by targeting Pier 1 audiences to attempt to fill the gap Pier 1 will leave, according to the report.

And the same holds true for brands with lower cross shopping than the national giants, but still relatively high levels of overlap. In other words, there are opportunities that can be leveraged. On a local level, looking at the True Trade Area for any Pier 1 should create ready-made targeting tool through a variety of channels to help bring these customers into the mix for a Pier 1 replacement, says the Placer.ai report.

The point is further reinforced when looking at how closely the audiences resemble each other. Analyzing household income breakdowns shows the tremendous similarity in audiences between several of these brands and Pier 1. The result is an opportunity for those brands that move fast enough to take it.

"Pier 1′s struggles don't remove the fact that they did have a loyal and fervent customer base, and that this audience is going to look to purchase these products elsewhere," Ethan Chernofsky, vice president of marketing at Placer.ai, tells GlobeSt.com. "Obviously, the overlap with a Target or Walmart is highest, but there is a significant opportunity for a multitude of players including Bed, Bath & Beyond, Home Goods and others. The real question is who is going to take advantage of the vacuum. From understanding exactly who the Pier 1 audience is on a store-by-store basis to examining how to best capitalize on this closure, brands in this space are being presented with a chance to drive real value by filling the gap for these consumers."