Decision signals the end of Field & Stream retail chain
Dick’s Sporting Goods’ commitment to opening more giant House of Sport stores means an end to the Field & Stream chain that it has leased for ten years.
Dick’s, which is said to have some 10% of the fishing tackle retail market in the USA, will open up to twenty, 100,000 square-foot House of Sport locations by the end of next year, spending between $600 million and $800 million in the process.
The company’s Chief Financial Officer, Navdeep Gupta, said 12 of the remaining 17 Field & Stream stores had closed and will be converted into eight House of Sport Stores and four expanded Dick’s Sporting Goods stores.
The decision reflects the company’s confidence in developing its own portfolio of stores, despite concerns about inflation and a possible recession. The Pennsylvania company says the experience-driven stores are ‘the future of retail.’
“We are returning to growing our square footage, with House of Sport the primary driver,” said Gupta.
The 850-store business has opened three of the new stores since 2021 and hopes to open another 75 to 100 over the next five years. It is also growing its presence in the outdoor category with its new Public Lands concept.
Last month it announced its intention to buy outdoor outfitter chain Moosejaw from Walmart.