In this day and age, people are redefining what is and isn’t essential. In my opinion, Pier 1 was a purveyor of nonessential items at a price that no longer matched the perceived value of its goods. If people don’t perceive value, they won’t buy it. The value is in the feeling we get from the purchase. We exchange money for a feeling we want. Pier 1 no longer offered a desirable exchange for a sufficient number of people.