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22.10.2019 04:40:00

Why Dick's Is Opening New Physical Locations in the Online Age

Dick's Sporting Goods (NYSE: DKS) is set to open seven new physical locations to add to its existing 725-location brick-and-mortar footprint.  From Florida to Utah, these new locations will expand the company's physical presence. This defies the conventional wisdom of many analysts, who see brick-and-mortar as a pursuit to avoid like the plague. In some respects, there's merit to Wall Street's pleas that Dick's go "all-in" with e-commerce and pull back on the development of physical stores in order to better compete with online powerhouses like Amazon and direct-to-consumer efforts by the likes of Nike. But what if I told you that Dick's is already growing e-commerce sales at a torrid pace (up 21% year over year last quarter) but that 80% of those e-commerce sales (counter-intuitively) occurred within reach of a physical location? Would that change the narrative at all?Dick's Sporting Goods, in addition to operating over 700 of its namesake stores, also operates over 90 Golf Galaxy locations. Unit growth refers to the net amount of locations a company adds to its existing locations. Dick's was growing units 7% to 8% annually earlier this decade, but it has slowed in recent years, including this past year with unit growth just under 2%. To be sure, the company's strategy for growing revenue and earnings is not merely opening as many physical stores as it possibly can. Unit growth will be modest at best going forward. But modest unit growth doesn't mean a physical presence is irrelevant, as we'll see in a moment.Continue reading
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