NY Post photo composite
The scoreboards are speaking, and the results don’t look great for REI.
Announcing results from its annual Impact Report, the outdoor recreation retailer, which brands itself as the country’s largest consumer cooperative, has reported less-than-stellar revenue, measuring up to a net loss of $311 million in 2023.
In a note to employees following the dire news, REI’s chief executive officer, Eric Artz, said the financials were “a deeply disappointing result — for me and for our teams.”
The plummeting sales report comes after years of store closures in major outdoor enthusiast-friendly cities such as Portland and Santa Monica. In January, the Seattle Times also reported that the company released plans to lay off over 350 employees at its corporate headquarters and other distribution centers.
“We chose to make changes to our cost structure, including the difficult decision to make reductions to our workforce,” Artz said in a letter to employees. “Reshaping the foundation takes time, and we are doing so in an overall economic and retail environment that continues to prove highly volatile.”
The innovative co-op was started by a group of climbing friends in Seattle in 1938 — enjoying many years of success by providing specialized, tactical, high-end gear and alluring perks through its lifetime membership program.
Unfortunately, the future is not looking too bright for the company, with projections that 2024 revenue could be down even more. Consumers are beginning to wonder what’s happening to the once-beaming cooperative.
Struggling to recover post-pandemic, REI pigeonholed itself as an exclusive destination for wealthy hobbyists with a hiker-centric inventory and high prices
Shoppers are still shopping. Summer’s nearly here, and those who identify as ‘outdoorsy’ are probably starting to hunt for some hiking gear. A new backpack? Cooler? Maybe some waders or a pole. It’s not a question of what, but where.
Consumer habits have evolved dramatically over the last few years, especially following the rising popularity of online shopping and the subsequent ‘retail apocalypse.’ REI is one of many retailers that has struggled to regain its footing, post-pandemic.
In an internal email obtained by the Seattle Times in April 2023, REI explained how it chose to close its popular Portland location after enduring a record-breaking number of thefts and break-ins in over two decades. News of the shuttering unleashed waves of political debate surrounding the company, which has previously supported various progressive causes.
Despite the dramatic reconfiguration of the shopping economy and buying trends following the pandemic, REI’s inventory and business model remain largely the same: geared towards those with pricier passions such as hiking, cycling, skiing, and travel. Inventory is a reflection of that — stocked with electric bikes, photography gadgets like GoPros, and hip outerwear from brands like Cotopaxi and Patagonia.
While the demand may be there for some of these more niche products, the prices are still high, and consumers may prefer spending time and money at one store that covers all their needs.
Consumers are returning to more affordable, accessible brands with wider inventories, such as Cabela’s and Bass Pro Shops
I grew up on a semi-rural farm just an hour outside of Seattle, where the first REI broke ground. My family is filled with a hodgepodge of outdoors people with varying tastes: free-spirited hikers, backcountry skiers, sporty fishers, some zen yogis, and a few with expensive horseback riding habits.
The closest destination for recreational gear would certainly have been REI, and I would have loved to splurge on a few things there, but that’s not where we went.
My Grandpa would pack us into his Chevy truck and drive 150 miles to Cabela’s in Eastern Washington. Why make such a lengthy haul? Frankly, I thought it was because he wanted to find the nearest fishing hole, but more likely, it was due to the wider inventory and competitive prices at Cabela’s.
Since merging with Bass Pro Shops in 2017, the two companies have expanded in every direction. Not just for hikers, Cabela’s and Bass Pros Shops boasts an expansive selection for every type of adventurer: notably ATVs, kayaks, crossbows, boat motors, smokers, grills, dog training supplies, even gifts like jewelry and books, and controversially, guns. We saw it as the Costco for outdoor gear, just with guns.
Cabela’s has managed to preserve its power out West, while Eastern-based Bass Pro Shops is building more posts across the country — the latest being a 140,000-foot shop in Irvine, California, which features a museum-like aquarium, artifacts, and wildlife dioramas. A mega-sized West Chester, Ohio, location that opened in February also boasts a 20,000-square-foot restaurant. In October, Bass Pro Shops announced it was looking to hire thousands of employees ahead of the holiday season, some to assist in overseeing its magical, winter wonderland.
The companies have mastered an ingenious business model by branding themselves as more than one-stop shops, uniting their digital presences, offering deep sales during annual events like the Spring Fishing Classic, and creating immersive experiences for families to enjoy while spending money.
It’s a win for consumers and a win for business.
Read on to shop best-selling gear from Bass Pro Shops and Cabela’s.
Bass Pro Shops
Bass Pro Shops Mesh Trucker Cap
Meet the perfect air-conditioned mesh trucker cap for your next outdoor adventure — complete with the iconic Bass Pro Shops logo and available in all your favorite colors.
Bass Pro Shops 30-oz. Mug with Slider Lid and Straw
A stainless steel water bottle is essential for Summer. This 30-ounce option from Bass Pro Shops features an easy-grip handle, leak-resistant lid slider, and double-wall vacuum insulation.
Bass Pro Shops Wooden Cornhole Set
Play like a pro with this festive wooden cornhole set. The added carry handle and folding legs make for easy storage and transportation. The set includes eight weighted bean bags, so you can get your game on right away.
Ascend 9R Sport Sit-On-Top Kayak
Hit the water in style with this single-person tunnel-style kayak. Uncompromised craftsmanship is present in the details, including the 4-point, adjustable seating system, a molded channel for a paddle holder, and weathertight deck-plate storage.
Bass Pro Shops Land of the Free Beach Towel
In true Bass Pro Shops fashion, this beach towel isn’t afraid to make a point. The large build provides ample coverage, and the super-absorbent 100% cotton material is gentle on the skin.
Leigh Country Quakie Rocker
Wouldn’t this rustic wood rocker look lovely on the porch? The hand-polished acacia provides a stunning glossy finish, and the ergonomic seat allows for gentle rocking.
Bass Pro Shops Big Buck Inflatable Float
Make a splash with this iconic inflated buck float. Perfect for pool days or camping trips — kids and adults alike will enjoy reclining on this floater. We can’t get enough of the oversized antlers, hip sunglasses, and built-in beverage holder.
Bass Pro Shops Bass Hound State Graphic Short-Sleeve T-Shirt
This graphic T-shirt may make the perfect Father’s Day gift for the fishermen in your family. The breathable material, soft crew neck, and durable construction make it a great choice for someone who spends plenty of time outside.
Cabela’s
Cabela’s Space Rain Full-Zip Jacket
For something more tactical, consider this full-zip camo jacket from Cabela’s. The signature dry-plus material provides 100% coverage from angry skies, the four-way stretch offers mobility, and a convenient drawcord hem keeps the waist area secure and dry.
Cabela’s by Princeton Tec Alaskan Guide RGB Headlamp
Let Cabela’s 450-lumen headlight guide you through any condition. This hands-free style is ideal for hikers, campers, or hunters trekking through the woods at darker hours. The water-resistant design is optimal for all-season use.
Cabela’s Stainless Steel Tabletop Propane Grill
A portable grill is a must for summer adventures (we’re thinking tailgate season, too). This compact option has it all. The stainless steel-coated cooking grates leave perfect marks on your meat, and the U-shaped burner heats food evenly for a consistent texture. Besides, we’re always hungry for a feal under $100.
Dyna-Glo 30” Electric Smoker with Window
The Dyna-Glo makes smoking easy. It offers a temperature control dial to control the heat level, a front-door wind to give you a glimpse into the progress, and side access to a wood chip loader. Consider it the perfect smoker for backyard barbeque novices.
Cabela’s Catch-All Gear Bag
Described as a “gear bag at a great price,” — Cabela’s isn’t stretching the truth. At just under $13, you can take some of the load off with this weather-resistant tote that comes with a detachable padded shoulder strap.
Cabela’s Big Outdoorsman Muskoka Chair
Sit back and relax in this ultra-strong, folding steel chair, which can withstand 600 pounds (allegedly one of the highest weight capacities on the market). The chair also comes with a heavy-duty carry bag for easy transportation.
Hunting for a headline-worthy haul? Keep shopping with Post Wanted.
Why Trust Post Wanted by the New York Post
For over 200 years, the New York Post has been America’s go-to source for bold news, engaging stories, in-depth reporting, and now, insightful shopping guidance. We’re not just thorough reporters – we sift through mountains of information, test and compare products, and consult experts on any topics we aren’t already schooled specialists in to deliver useful, realistic product recommendations based on our extensive and hands-on analysis. Here at The Post, we’re known for being brutally honest – we clearly label partnership content, and whether we receive anything from affiliate links, so you always know where we stand. We routinely update content to reflect current research and expert advice, provide context (and wit) and ensure our links work. Please note that deals can expire, and all prices are subject to change.