Prof. Cohen FASM 245 Samantha Lown
Allegra St. Clair
Tess Burns
Sidney Yost
Faith Devlin
PART ONE I. Mission II. Values & Identity III. History IV. Size V. Customer Base VI. Scope
“REI is a national outdoor retail co-op dedicated to inspiring, educating, and outfitting its members and the community for a lifetime of outdoor adventure and stewardship.�
VALUES
“Stewardship is a choice and a mindset. It means that we look at our business differently, and we take individual responsibility for making a positive lasting impact.� - Jerry Stritzke, REI President and CEO
VALUES Committed to: the environment the community a work-life balance having fun outdoors
ENVIRONMENT Donates millions to support conservation efforts worldwide Sends volunteers to clean up and restore communities More than 70% of annual profits goes back to the outdoor community All facilities run on 100% renewable energy Built country’s first and largest Net Zero Energy and LEED Platinum distribution center
COMMUNITY Encouraged the Outdoor Retailer Tradeshow to leave Utah, in response to the state government’s stance on the use of public land Teaming up with nonprofit groups nationwide to improve and extend trail networks Donated more than $850,000 to the National Park Foundation for the park’s hundredth birthday
WORK-LIFE BALANCE In 2015, announced plans to close on Black Friday and pay their employees to be outside #OptOutside In 2016, more than 450 partners opted outside and hundred of state parks opened for free “Town Hall” style quarterly meetings Featured on Fortune’s “100 Best Companies to Work For” for 20 years
HAVE FUN OUTDOORS Employees get 2 extra paid days off every year to go outside Employees get gear discounts and paid sabbaticals Following President Trump’s executive order on immigration, REI CEO made a public statement against the ban
IDENTITY Authenticity - We are true to the outdoors Quality - We provide trustworthy products and services Service - We serve others with expertise and enthusiasm Respect - We listen and learn from each other Integrity - We live by a code of rock-solid ethics, honesty, and decency
Balance - We encourage each other to enjoy all aspects of life
HISTORY
HISTORY 1938 - Lloyd and Mary Anderson formed Recreational Equipment, Inc.
“Intent of the founders of this organization was to secure sufficient membership to make group buying possible; to distribute the goods with as little overhead expense as possible, using membership cooperation with the work as much as possible; to gradually build up a reserve for purchasing stock; to have the membership fee ($1.00) so that everyone interested will be financially able to join.� -November 30, 1938
HISTORY 1944 - First retail location opened in Seattle, WA
1953 - First employees were hired 1975 - Second retail location opened in Berkeley, CA
1979 - Jerry Horn, former executive for
Sears, was named president, leading to a period of rapid expansion
HISTORY 1987 - First East Coast retail location opened in Reading, MA
2000 - Japan store opened and closed the following year
2005 - Sally Jewell was named president 2013 - Jerry Stritzke is the current president
SIZE 6,000 employees 154 stores in 30 states Revenue from 2016 : $2.56 billion In 2016, REI members received a record of $193.7 million in annual dividends and credit card rebates
SIZE Owns the country’s most sustainable distribution center Largest co-op in the U.S. with 16 million members In 2016, REI’s 300 nonprofit partners benefited more than 1,000 outdoor places across the country
CUSTOMERS 35-55 Travel and outdoor enthusiasts Passionate about philanthropy Loyal customers Believe in quality products
REACHING CUSTOMERS Social Media
Classes and Events
Advice Columns
Adventure Trips
MEMBER PROFILES
SCOPE
PADDLE
CLIMB
CAMP & HIKE
YOGA
RUN
CYCLING
CLOTHING
TRAVEL
SNOW
FEATURED BRANDS REI Co-op
Patagonia
Osprey
Prana
Go Pro
The North Face
Camelback
Yakima
OTHER OFFERS Adventure Trips Classes/ Outings/ Events REI Garage
PART TWO I. Mission II. Marketplace III. Competitors IV. External Trends
MARKETPLACE
OUTDOOR RECREATION Consumer spending annually (2016): • $887 billion on all outdoor recreation • $184.5 billion on products • 16% of total annual consumer spending Supplies 7.6 million American jobs (2016) DOLLARS SPENT IN GEAR, ACCESSORIES, & VEHICLES IN AMERICA (In Billions) Camping - $31.21 Snow Sports - $12.50 Trail Sports - $25.30 Water Sports - $29.00 Wildlife Watching - $12.30 Other - $74.20
Total $184.5 billion
40 % 6%
17 %
7%
14 % 16 %
OUTDOOR PARTICIPATION More than 142 million Americans (48.4% of US population) participated in an outdoor activity at least once in 2015 Young adults (ages 18 - 24) experience a 5% increase, the biggest boost in participation among age groups The biggest motivator - exercise Outdoor participants (2016) of ages 6 and up: •46% Female •54% Male
2015 REVENUE IN SPORTING GOODS, FOOTWEAR, & APPAREL
12
10
In Billions
$9.50
8 $6.90
2015 REVENUE IN SPORTING GOODS, FOOTWEAR & APPAREL
6 $4.60 $4.40 $4.30 4
$3.50 $3.48
$2.50 $2.31 $2.20 $2.06 $1.95 $1.80
2
$1.61 $1.55 $1.37 $1.27 $1.25 $1.20 $1.20
0 Walmart
Dick’s Academy Sporting Sports + Goods Outdoors
Target
Bass Pro Group
Nike
Cabela’s
The Amazon Sports Authority
REI
Lululemon Athletica
Foot Finish Line L.L.Bean Locker Inc.
Kohl’s
Gander Mountain
Costco Journey’s
Champs Fanatics Sports
UNITED STATES
Spending on outdoor recreation by region Middle Atlantic
Pacific
$89.8 billion - 10% 12 stores - 7.8%
$149.6 billion - 17% 50 stores - 32.5%
New England $51.5 billion - 6% 8 stores - 5.2%
Mountain $104.5 billion - 12% 23 stores - 14.9%
West South Central $85.2 billion - 10% 13 store - 8.4%
West North Central $60.4 billion - 7% 6 stores - 3.9%
East South Central $56.4 billion - 6% 3 stores - 1.9%
East North Central $110.3 billion - 12% 13 stores - 8.4%
West
Pacific Mountain
Midwest
West North Central East North Central
South Atlantic
Northeast South Middle Atlantic New England
West South Central East South Central South Atlantic
$179.1 billion - 20% 27 stores - 17.5%
MARKET SHARE
MARKET SHARE OUTDOOR APPAREL $184.5 billion
OUTDOOR APPAREL $184.5 billion
REI
$2.56 billion 1.38% WOMEN’S JACKETS
$11.61 billion 6%
REI WOMEN’S JACKETS $160.2 million 0.09%
COMPETITORS
REVENUE OF COMPETITORS FROM 2014 - 2016 (in Millions) 2016
2015
2014
7,271
Dick’s
Patagonia
6,814.5 6,213 800 694 570
L.L. Bean
1,600 1,600 1,610
REI
2,560 2,400 2,200
WOMEN’S JACKET CATEGORIES
STORES
EMPLOYEES
PRODUCT CATEGORIES
REI
154
12,900
596
7
DICK’S SPORTING GOODS
644
37,200
115
4
L.L.BEAN
56
5,000
146
7
PATAGONIA
27
1,000
55
10
LOWEST
HIGHEST
REI
$70.00
$899.00
DICK’S SPORTING GOODS
$55.00
$450.00
L.L.BEAN
$59.95
$499.00
PATAGONIA
$79.00
$899.00
DICK’S SPORTING GOODS “Our mission is to be recognized by our customers as the #1 sports and fitness specialty omni-channel retailer that serves and inspires athletes and outdoor enthusiasts.” Founded by Dick Stack in 1948 in Binghamton, New York Dick’s son Edward became the CEO in 1984 Began expanding in the 1990’s Headquartered in Coraopolis, Pennsylvania
VALUES DICK’S
REI
•Driven - play to win
•Authenticity - true to the outdoors
•Committed - believe in relentless improvement
•Quality - trustworthy products
•Skilled - focused and precise
•Service - serve other with expertise and enthusiasm
•Passionate - live for your sport, your team, your community
•Respect - listen and learn
•Believe in a better world through sports
•Balance - enjoy all aspects of life
•Focus on youth
•Integrity - code of ethics and honesty
•Committed to the environment, community, work-life balance, and having fun outdoors •More focus on adult
PHILANTHROPY & DONATIONS DICK’S
REI
•Partner with supporting teams, leagues, and athletes
•Give back profits to members and non-members
•In 2014, the DICK’S Sporting Goods Foundation announced a $25 million multiyear commitment to underfunded youth athletic programs across the country
•Since 1976, REI Co-op has invested more than $77 million for outdoor stewardship •REI Foundation and Mary Anderson Legacy Grant honor the founder’s 100th birthday by allowing member to donate unused dividend to REI Foundation •Force of Nature Fund - grants for women and girls
PRODUCTS DICK’S
REI
•Support Youth Sports - a great place for a family to shop
•Focus is more on equipment and less on sports or clothing
•Group by Men’s, Women’s, and Youth
•Camp & Hike •Climb •Cycle •Paddle •Run •Snow •Travel •Yoga •Men •Women •Kids •Deals •More
•Shop by Sport •Footwear •Apparel •Outerwear •Accessories •Fan Shop •Featured Brands
L.L.BEAN Founded in 1912 by Leon Leonwood Bean Transformed by his grandson Leon Gorman into a globally recognized brand Headquartered in Freeport, Maine Privately held and family-owned company Well known for their L.L.Bean Boots - waitlist
RETURN POLICY L.L.BEAN • “Our guarantee is a handshake - a promise that we’ll be fair to each other.” • Take it back at any time, for any reason
REI • Return or replace goods within one year of purchase • Exception: outdoor electronics must be returned within 90 days of purchase
CUSTOMER SERVICE L.L.BEAN
REI
• Based in Maine with two contact centers
• Based in Kent, Washington
• Operates 24 hours a day, 365 days a year
• Phone help 4am - 11pm PT
• #5 America’s Best Employer (2015)
•Online live help 5am - 10:30pm PT • #3 America’s Best Employer (2017)
PATAGONIA “Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.� Founded by Yvon Chouinard in 1973 Grew out of a small company that made tools for climbers Headquartered in Ventura, CA
BELIEFS PATAGONIA • Product design displays a bias for simplicity and utility • Use recycled polyester in many clothing items • Only organic, rather than pesticide-intensive cotton • Passionate about giving back: On Black Friday, Patagonia donated 100% of sales to grassroots organizations
REI • All products come with a 100% satisfaction guarantee • Design own line of awardwinning REI brand gear and clothing
INCLUSIVITY PATAGONIA
REI
• Patagonia Provisions:
• Force of Nature:
Products of forward-thinking ranchers, farmers, and fisherman who embrace growing methods that generate and restore our resources, rather than depleting them
Launched in 2017, an expansive public effort to create more opportunities for women and girls to enjoy the outdoors
EXTERNAL TRENDS
EXTERNAL TRENDS Customer •Increased interest in fitness and health Product •Casualness of everyday wardrobe Lifestyle •Leisure time
CUSTOMER Increased interest in fitness and health
•Committed to a healthy and active lifestyle
•Enjoy trying various class-based fitness activities and sharing experiences with friends •Participation rates (at least once a week) in intensive physical activities increased from 30.6% (2013) to 37.6% (2016) •Running - most popular activity, with 34% of respondents running at least once a week
Euromonitor Customer Lifestyle in the U.S.
PRODUCT Casualness of everyday wardrobe •The adoption of sportswear as everyday attire will remain a trend •Traditional apparel retailers have began targeting sportswear
Euromonitor Customer Lifestyle in the U.S. Euromonitor Why U.S.sporting goods retailers are struggling
LIFESTYLE Leisure time •The American work culture has led to people taking less and less time off work over the past two decades •53% of consumers did not take a single vacation day in 2016 •Technology has also made it hard for consumers to switch off after work
Euromonitor Customer Lifestyle in the U.S.
PART THREE I. SWOT II. Buying Plan III. Company Assortment IV. Big Store Assortment V. Small Store Assortment
S W O T
STRENGTHS Large and diverse product selection High quality goods Strong values and company culture
• Committed to the environment
• Committed to the community
• Committed to work-life balance
• Committed to having fun outdoors
Classes and events Strong customer engagement
WEAKNESSES Lack of fashion items and trends Lack of stores in some regions Higher price point Not as youth oriented as competitors Does not have a “hero item�
OPPORTUNITIES Growing sportswear market Increased profit growth Increased interest in fitness and health Athleisure Decreased leisure time
THREATS Increased competition in the sportswear market Competitors’ strengths Decreased leisure time Athleisure
6 MO. BUYING PLAN Planned Sales for Period
$132.47 M
% Planned Increase
5%
Sales (LY)
$126.16 M
Planned EOM for Period
$39 M
Initial Markup %
60%
Planned Reductions %
22%
AUG
SEPT
OCT
NOV
DEC
JAN
Sales Distribution
5%
10%
13%
25%
30%
17%
Stock-Sales Ratio
2.5
2.5
2.5
2.5
2.5
2.5
Reductions Distribution
15%
5%
5%
25%
15%
35%
PL Monthly Sales ($M)
6.62
13.25
17.22
33.12
39.74
22.52
PL Monthly BOM ($M)
16.56
33.12
43.05
82.79
99.35
56.30
PL Monthly EOM ($M)
33.12
43.05
82.79
99.35
56.30
39.00
PL Monthly Reductions ($M)
4.37
1.46
1.46
7.29
4.37
10.20
PL Purchases at Retail ($M)
27.56
24.64
58.42
56.96
1.06
15.42
PL Purchases at Cost ($M)
11.02
9.86
23.37
22.78
0.42
6.17
PLANNED SALES VS STOCK (in Millions) $120.00 $99.35
$100.00 $82.79 $80.00
$56.30 $60.00 $43.05 $33.12
$40.00
$20.00
$16.56
$13.25
$33.12
$39.74
$22.52
$17.22
$6.62 $0.00 1
2
Planned Monthly Sales
3
4
5
Planned Monthly BOM
6
ASSORTMENT
% OF TOTAL JACKET STOCK (In Million) Rain Jackets - $59.44 Fleece & Soft Shell- $11.32 Ski & Snowboard- $16.98 Running Jackets - $53.78 Wind Shells- $33.97 Down & Insulated- $107.56
Total Total $283.05 $280.05 Million Million
6%
12 %
19 %
4%
38 % 21 %
% OF DOWN & INSULATED Arc’teryx - $14.29 M The North Face - $11.79 M Columbia - $10.36 M Patagonia - $9.65 M
38 %
13 % 11 %
Mountain Hardwear - $9.65 M Marmot - $7.86 M REI Co-op - $2.50 M Other - $41.95 M
Total $107.56 Million
2%
7% 9 %
10 %
9%
DOWN & INSULATED Receipts ($M)
Unit Quantity for U.S. In-Store
Arc’teryx
14.29
25,894
The North Face
11.79
38,039
Columbia
10.36
51,814 The North Face $349.00
Patagonia
9.65
27,566
Mountain Hardwear
9.65
36,825
Marmot
7.86
31,196
REI Co-op
2.5
14,294
Other
41.95
105,662
Arc’teryx $875.00 Patagonia $549.00
% OF RAIN JACKETS Marmot - $10.37 M Columbia - $8.38M The North Face - $6.78 M Helly Hansen - $5.19 M Arc’teryx - $4.79 M Mountain Hardwear - $5.53 M REI Co-op - $3.59 M Other - $14.86 M
Total $59.44 Million
25 % 6%
9%
18 % 14 % 11 %
8% 9%
RAIN The North Face $199.00
Receipts ($M)
Unit Quantity for U.S. In-Store
Marmot
10.37
31,431
Columbia
8.38
56,605
The North Face
6.78
27,127
Mountain Hardwear
5.19
34,574
Helly Hansen
4.79
8,340
Arc’teryx
5.53
24,575
REI Co-op
3.59
23,936
Other
14.86
57,154
Marmot $90.00 Columbia $90.00
% OF FLEECE & SOFT SHELL Patagonia - $8.62 M The North Face - $7.58 M
31 %
Arc’teryx - $6.89 M Mountain Hardwear - $4.48 M Marmot - $4.14 M KUHL - $4.14 M REI Co-op - $1.38 M Other - $16.67 M
Total $53.78 Million
2%
8%
16 % 14 % 13 %
8% 8%
FLEECE & SOFT SHELL Receipts ($M)
Unit Quantity for U.S. In-Store
Patagonia
8.62
54,204
The North Face
7.58
52,305 Marmot $185.00
Arc’teryx
6.89
28,849
Mountain Hardwear
4.48
45,731
Marmot
4.14
31,822
KUHL
4.14
26,018
REI Co-op
1.38
18,386
Other
16.67
91,602
Arc’teryx $179.00 Patagonia $159.00
% OF SKI & SNOWBOARD Columbia - $6.14 M Arc’teryx - $2.89 M
18 %
Obermeyer - $2.89 M Mountain Hardwear - $2.53 M Burton - $1.81 M
9% 9%
47 %
7%
Patagonia - $1.45 M REI Co-op - $0.34 M Other - $15.96 M
Total $33.97 Million
4% 1%
5%
SKI & SNOWBOARD Receipts ($M)
Unit Quantity for U.S. In-Store
Columbia
6.14
18,337
Arc’teryx
2.89
4,818
Obermeyer
2.89
9,119
Mountain Hardwear
2.53
7,783
Burton
1.81
5,736
Patagonia
1.45
2,891
REI Co-op
0.34
1,359
Other
15.96
36,282
Obermeyer $259.00 Arc’teryx $625.00 Columbia $299.00
% OF RUNNING JACKETS Brooks - $7.64 M The North Face - $2.55 M Odlo - $1.70 M Patagonia - $0.85 M MPG - $0.85 M New Balance - $0.85 M REI Co-op - $0.68 M Other - $1.87 M
Total $16.98 Million
4%
5% 5% 5%
11 %
10 %
45 % 15 %
RUNNING Receipts ($M)
Unit Quantity for U.S. In-Store
Brooks
7.64
62,133
The North Face
2.55
14,641
Odlo
1.70
9,180
Patagonia
0.85
8,577
MPG
0.85
6,153
New Balance
0.85
7,076
REI Co-op
0.68
6,793
Other
1.87
15,066
The North Face $150.00 Odlo $100.00 Brooks $95.00
% OF WIND SHELLS Arc’teryx - $2.61M Patagonia - $2.61 M Marmot - $1.74 M The North Face - $0.87 M Odlo - $0.87 M ShortHill - $0.87 M REI Co-op - $0.11 M Other- $1.59 M
Total $11.32 Million
1%
14 %
8% 8% 8%
15 %
23 % 23 %
WIND SHELLS Marmot $125.00 Arc’teryx $229.00
Receipts ($M)
Unit Quantity for U.S. In-Store
Arc’teryx
2.61
13,064
Patagonia
2.61
21,071
Marmot
1.74
9,953
The North Face
0.87
10,877
Odlo
0.87
6,221
SportHill
0.87
5,443
REI Co-op
0.11
1,258
Other
1.59
12,287
Patagonia $89.00
BIG
TOTAL RECEIPTS: $3,999,653 % OF COMPANY SALES: 1.41%
SEATTLE, WA Down and Insulated
Fleece and Soft Shell
Receipts ($)
Unit Quantity
Arc’teryx
213,475
387
The North Face
176,117
Columbia
Receipts ($)
Unit Quantity
Patagonia
139,911
880
568
The North Face
103,422
148,040
740
Arc’teryx
Patagonia
156,626
448
Mountain Hardwear
156,626
Marmot
Rain Receipts ($)
Unit Quantity
Marmot
168,379
510
713
Columbia
119,679
809
94,020
393
The North Face
96,883
388
Mountain Hardwear
61,113
624
Helly Hansen
74,087
494
598
Marmot
56,412
434
Arc’teryx
68,388
119
127,621
506
KUHL
56,412
355
Mountain Hardwear
89,762
399
REI Co-op
43,750
250
REI Co-op
20,250
270
REI Co-op
55,500
370
Other
599,257
1,509
Other
227,341
1,249
Other
212,288
816
TOTAL
1,621,512
5,006
TOTAL
758,881
4,918
TOTAL
884,966
3,905
SEATTLE, WA Ski & Snowboard
Running
Receipts ($)
Unit Quantity
Columbia
67,810
202
Arc’teryx
31,911
Obermeyer
Wind Shells
Receipts ($)
Unit Quantity
Brooks
89,326
726
53
The North Face
31,430
31,911
101
Odlo
Mountain Hardwear
27,922
86
Burton
19,944
Patagonia
Receipts ($)
Unit Quantity
Arc’teryx
30,539
153
181
Patagonia
32,235
260
19,850
107
Marmot
21,490
123
Patagonia
10,477
106
The North Face
10,745
134
63
MPG
9,925
72
Odlo
10,180
73
15,955
32
New Balance
10,477
87
SportHill
10,180
64
REI Co-op
15,000
60
REI Co-op
15,000
150
REI Co-op
5,400
60
Other
176,226
401
Other
21,835
176
Other
18,527
144
TOTAL
386,679
998
TOTAL
208,319
1,605
TOTAL
139,296
1,010
UNITED STATES
Spending on outdoor recreation by region Middle Atlantic
Pacific
$89.8 billion - 10% 12 stores - 7.8%
$149.6 billion - 17% 50 stores - 32.5%
New England $51.5 billion - 6% 8 stores - 5.2%
Mountain $104.5 billion - 12% 23 stores - 14.9%
West South Central $85.2 billion - 10% 13 store - 8.4%
West North Central $60.4 billion - 7% 6 stores - 3.9%
East South Central $56.4 billion - 6% 3 stores - 1.9%
East North Central $110.3 billion - 12% 13 stores - 8.4%
West
Pacific Mountain
Midwest
West North Central East North Central
South Atlantic
Northeast South Middle Atlantic New England
West South Central East South Central South Atlantic
$179.1 billion - 20% 27 stores - 17.5%
SMALL
TOTAL RECEIPTS: $1,478,660 % OF COMPANY SALES: 0.52%
GREENVILLE, SC Down and Insulated
Fleece and Soft Shell
Receipts ($)
Unit Quantity
Arc’teryx
74,252
135
The North Face
61,258
Columbia
Receipts ($)
Unit Quantity
Patagonia
55,964
352
198
The North Face
49,249
53,833
269
Arc’teryx
Patagonia
50,120
143
Mountain Hardwear
50,120
Marmot
Rain Receipts ($)
Unit Quantity
Marmot
67,320
204
340
Columbia
54,464
368
44,771
187
The North Face
44,000
176
Mountain Hardwear
29,101
297
Helly Hansen
33,750
225
191
Marmot
26,863
207
Arc’teryx
30,996
54
40,839
162
KUHL
26,863
169
Mountain Hardwear
36,000
160
REI Co-op
12,994
74
REI Co-op
8,954
119
REI Co-op
23,250
155
Other
217,912
549
Other
108,257
595
Other
96,460
371
TOTAL
561,328
1,721
TOTAL
350,023
2,266
TOTAL
386,240
1,713
GREENVILLE, SC Ski & Snowboard
Running
Receipts ($)
Unit Quantity
Columbia
31,911
95
Arc’teryx
0
Obermeyer
Wind Shells
Receipts ($)
Unit Quantity
Brooks
39,701
323
0
The North Face
13,234
15,017
47
Oldo
Mountain Hardwear
13,150
40
Burton
0
Patagonia
Receipts ($)
Unit Quantity
Arc’teryx
13,573
68
76
Patagonia
13,573
109
8,822
48
Marmot
9,049
52
Patagonia
4,411
45
The North Face
4,524
57
0
MPG
0
0
Odlo
0
0
0
0
New Balance
4,411
37
SportHill
0
0
REI Co-op
0
0
REI Co-op
0
0
REI Co-op
0
0
Other
0
0
Other
9,705
78
Other
0
0
TOTAL
60,067
183
TOTAL
80,283
606
TOTAL
40,718
286
LOOKING AHEAD Market growth Continued growth in revenue with new product launches and introducing trendy color ways Opening new stores • We opened two stores in the last two months alone The need for jobs will continue to expand Outdoor activities are here to stay
WEB SOURCES As they appear:
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