Dick's Sporting Goods to Shutter Field & Stream Brand
Dick's Sporting Goods is shifting focus away from its Field & Stream stores toward its House of Sport concept, a significantly larger — and more profitable — version of the familiar Dick's Sporting Goods store. Dick’s opened its first Field & Stream in 2013, catering to outdoor enthusiasts and hunters. Navdeep Gupta, executive vice president and chief financial officer, said all remaining Field & Stream stores will be converted by 2024. Dick’s began moving away from Field & Stream when it introduced its outdoor concept store Public Lands. The company expects much of its square-footage growth in 2023 to come through the expansion of House of Sport stores, officials said.
Total Retail's Take: Coming off an exceptionally strong holiday season — the company reported record quarterly sales of $3.6 billion, a 7.3 percent increase YoY; same-store sales increased 5.3 percent for the holiday quarter YoY — Dick's is taking steps to continue the positive momentum by leaning into its profitable House of Sport banner while exiting its Field & Stream business. The House of Sport stores provide the type of experiential shopping journey that consumers, particularly younger demographics, are increasingly seeking out.
“It's an experiential destination that was inspired by [Dick's Chairman] Ed [Stack] as he challenged us to create the concept that, if built across the street from a Dick's Sporting Goods store, we'd put that store out of business,” said Lauren Hobrat, Dick's president and CEO. “Since launching House of Sport in 2021, our initial three locations have exceeded our expectations (while) delivering much higher total sales and profit as well as much higher sales and profit on a per square foot basis.”
Joe Keenan is the executive editor of Total Retail. Joe has more than 10 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.