Store revamps are also in progress, and the sporting goods specialist Dick’s is expanding its private label reach as it looks to maintain a winning position.
Since June of last year, Dick’s has debuted four new store concepts, announced the launch timeframe for a fifth, set up a new men’s private label, signed brand ambassadors for two owned brands, all while in the midst of store revamps.
It’s a lot for any retailer, especially when two of the concepts are quite involved. Dick’s first House of Sport location opened in April, with experiential features like a turf field, a rock climbing wall and a batting cage. The company’s planned Public Lands concept, which is expected to debut in the second half of the year, is an entirely new banner focused on the outdoors space.
Adrienne Yih, senior analyst of U.S. retail and e-commerce at Barclays, pointed to the need for retailers to create emotional connections with consumers in their physical stores and provide them with a reason to come in rather than buying online.
That’s not to say that there are no risks involved. Only that Dick’s is capable of withstanding the blow from any of these investments that don’t pan out.
“A lot of the things we talked about today, I think will fail. It’s not a 100% hit rate,” Cheng said. “But if you want to be innovative, if you want to be forward-thinking and you want to meet the customers needs in the future, even though you don’t quite know what they look like yet, then you kind of have to have that mentality.”
Breaking down the store concepts
While Dick’s is testing five different store concepts at the moment, they will not all serve the same purpose.