This deck analysis the outdoor retail industry and backcountry.com specifically and provides strategic recommendations for growth.

1. Competitive
Analysis
By Paul
Barnhurst

2. OUTLINE
INDUSTRY OVERVIEW
BACKCOUNTRY ANALYSIS
COMPETITOR ANALYSIS
POTENTIAL ACQUISITIONS
RECOMMENDATIONS
CONCLUSION

3. US Retail
Richard Hayne, CEO of Urban outfitters, equated the woes
facing retail in 2017 to the housing market of 2008. He traced
the problems to overexpansion in the 1990s and early 2000s,
noting that the US now has six times the retail space per capita
of either Europe or Japan. “The US market is oversaturated
with retail space and far too much of that space is occupied by
stores selling apparel. “ - US Retail Report

4. Retail Trends
• E-commerce sales grew 15.6% in 2016 to $395B
– Digitalcommerce360.com
• Millennials value experiences more than things
– Forbes.com
• Studies have found that today’s shoppers value the overall
shopping experience above all else, this is particularly true
with millennial and mobile shoppers - Shopify
• Showrooming & Webrooming becoming more popular
• Shoppers want a frictionless retail experience – The Future
is Frictionless
• Estimated up to 8,600 brick and mortar stores will close in
2017 - Money

5. Outdoor
Retail
Challenges
Backcountry sold to TSG Consumer Partners on July 1, 2015
Hudson Trail Outfitters closes all stores August 31, 2015
Sports Authority declares bankruptcy March 2, 2016
Sports Chalet declares bankruptcy April 18, 2016
Walmart acquires Moosejaw for $51M on Feb 15, 2017
Cabela’s acquired by Bass Pro Shops for $4B on September 26, 2017
Gander Mountain files Chapter 11 bankruptcy on March 10, 2017

6. US Outdoor Recreation
Economy Highlights
$887B in consumer spending annually -Outdoor Report
$184B spent on outdoor gear, accessories & vehicles annually -Outdoor
Report
Average US consumer spends $465 annually on outdoor products
-Outdoor Report
Adventure Tourism valued at $263B globally, forecasted to grow at 40%
CAGR through 2020 - ADTI
Since 2014, the percentage of campers who say that they take three or
more camping trips a year has increased by more than 36% – KOA
In 2016, 80% of outdoor participants wanted to recreate outside more
often, while 20% were content were they were – Outdoor Report

7. Outdoor Recreation Economy Growth
OUTDOOR ACTIVITIES
• Water activities are some of the fastest growing
outdoor activities nationwide
• The areas with the highest outdoor participation are
coastal regions with the South Atlantic and Pacific
regions ranking one and two nationally
• Adventure tourism continues to grow rapidly as
people look to the outdoors for adventure vacations

8. Stand Up Paddle Boarding Growth
• Over the past three years stand up paddling was the fastest growing sport,
increasing by an average of 26 percent per year from 2012 to 2015. Kayak
fishing, white water kayaking and sea/tour kayaking also saw some of the
biggest participation increases during that time. - LiveOutdoors
• Stand up paddle boarding was listed as the most popular outdoor activity
among first time participants in 2013 Outdoor Participation Report –
Outdoor Foundation
• The key for a new sport to succeed is not for people to try it once, but for
people to become hooked. As an industry, standup paddling is on the verge
of reaching this critical point. An increasing number of new SUP events
are popping up around the world from Detroit to Israel. Events don’t happen
without an enthusiastic base of supporters, and the increase in events is
certainly a promising sign about the state of our sport. – SUP Magazine
• In 2017 industry veterans Sutton Bacon, & Darren Bush launched the first
industry specific paddleboard retail show – CanoeKayak.com

9. Kayaking Growth
• Kayaking has become the popular new sport in the
Midwest.. It’s also one of the fastest growing sports in
America. Kayak sales have surpassed other types of
boats, including canoes. They have even become quite
popular among fishermen. – Starcourier
• Kayaking is one of the fastest growing sports in North
America, Time magazine recently reported. The
sport has grown to nearly 8 million regularly active
participants in the U.S. alone according to the National
Sporting Goods Association (www.nsga.org). This growth
marks an increase from 3.5 million only 10 years ago.
with numbers almost evenly split between males (55%)
and females (45%).– Frontenac Outfitters
• As more Boomers—who tend to be outdoor enthusiasts
and favor human-powered recreation—retire and free
up their time, I expect that fishing kayak sales will
continue to grow.” - NPD

10. Outdoor Recreation Successes
 Cotopaxi has taken the outdoor gear industry by storm. The
company started in the Salt Lake valley and has had tremendous
growth in just three years. The company has focused on reaching
millennials . - Cotopaxi
 Adventure tourism grew at annual rate of 65% from 2009-2012
- 2016 ADTI Report
REI:
• 2014 adventure travel 19.4% growth
• 2014 outdoor school 28% growth
• 2016 4% YoY store growth
• REI Optoutside becomes a movement - #Optoutside
 Outdoor lifestyle start-up brands such as Rumpl, Alite Designs, and
Hipcamp finding success with millennial shoppers - Outsideonline
 Companies positioned for long term success must have a
commitment to the environment and a strategic sustainability plan
- ISPO

11. Key Takeaways
The outdoor economy will continue growing for the foreseeable future
Adventure tourism and boating (paddle boards, kayaks) among fastest growing
outdoor segments
Online shopping will continue to grow
Millennial shoppers value experiences more than things and understanding this is
key for long term success in the outdoor retail industry
Exciting opportunities exist along the entire value chain
Retail store front closings look to continue in 2018
Outdoor companies must have a commitment to sustainability and the environment

12. Backcountry SWOT - Strengths
• Strong brand recognition with iconic goat logo
• Strong executive team & deep consumer
experience from private equity owners
• TSG Consumers focuses on building consumer brands
people love
• Executive team has strong ecommerce experience
(eBay, Amazon)
• High search engine visibility through SEO
keyword optimization
• Gearhead customer service program drives
higher LTV and customer retention
• Diversified sales with international outdoor sales,
dedicated motorsport & cycling sites
• Large collection of customer reviews and ranking
system for customers providing reviews

13. Backcountry Weaknesses
No brick & mortar retail stores
Limited presence in Asia
Difficult to differentiate products from competitors
Low company ratings on glassdoor compared to competitors
Provides no outdoor opportunities beyond purchasing gear
Limited promotion of environment & outdoor mission beyond
adventure when compared to competitors

14. Backcountry Opportunities
• Expand private label branding (Basin & Range)
• International expansion with focus in Europe
• Expand into brick & mortar retail stores through acquisition
• Diversification of online product offerings through
acquisition of online sites
• Expand into rapidly growing adventure & guided outdoor
tour industry
• Offer a loyalty/rewards program
• Sponsor more customer outdoor experiences enhancing
lifestyle branding image
• Create a retail partner network to allow individuals to
return products at local stores

15. Backcountry Threats
• Millennials have a lower interest in outdoor activities, and
technical outdoor gear and more focus on experiences
• Amazon
• Digitally Native Brands (CotoPaxi, Outdoor Voices)
• Big Box Retailers (Wal-Mart, Target)
• Local specialty retailers
• Brick & mortar retailers
• Online sellers of used gear
• Cyber attacks, credit card breach
• Shift in consumer interests to team sports or lower overall
outdoor activity

16. Recommendations
Look for growth opportunities through strategic
acquisitionsM&A
Focus on creating & messaging to the public a clear
environmental/societal mission for the company
Societal
Mission
Focus on improving culture & reputation as a place
to workCulture
Expand lifestyle & private branding opportunitiesExpand
http://creative-commons-images.com/handwriting/m/mergers-acquisitions.html
This Photo by Unknown Author is licensed under CC BY-NC

17. Culture Analysis
Company
Overall
Rating
Recommend
to a Friend
Approve of
CEO
Positive
Business
Outlook
REI 3.9 82% 88% 72%
MooseJaw 3.9 77% 75% 39%
EVO 3.9 72% 92% 68%
Amazon 3.6 70% 84% 70%
Sierra Trading Post 3.5 62% 45% 58%
Backcountry 3.2 61% 64% 51%
GLASSDOOR REVIEWS

18. Culture Comparisons
 Backcountry has the lowest scores for culture and senior management
 Theme among ratings are:
 Lack of leadership direction
 Low pay
 Limited career opportunities
 I have personally been told by a former employee that he felt like a key member of the current leadership
team did not care about his development
Recommendation: Review company culture to ensure everything is being done to provide a great culture that
allows Backcountry to differentiate itself through its people and culture and attract top talent
Companies Glassdoor Indeed Glassdoor Indeed Glassdoor Indeed Glassdoor Indeed Glassdoor Indeed
REI 4.3 4.3 4.0 4.3 3.5 3.8 3.5 3.8 3.0 3.3
MooseJaw 4.3 4.6 4.1 4.2 3.5 3.5 2.3 2.6 3.1 3.2
EVO 4.7 N/A 4.6 N/A 4.1 N/A 3.3 N/A 3.2 N/A
Amazon 3.6 3.5 3.1 3.4 3.2 3.3 3.7 3.8 3.7 3.3
Sierra Trading Post 3.4 4.1 3.3 4.1 3.3 3.7 3.3 3.8 2.9 3.3
Backcountry 3.4 3.2 3.3 3.7 2.9 2.8 2.9 3.1 2.9 2.6
Career OpportunitiesComp & BenefitsSenior ManagementWork/Life BalanceCulture & Values

19. REI SWOT
STRENGTHS
 Reputation for selling quality sustainable products
 ~ 6 Million members
 Excellent place to work, Top 100 company
 Strong brand recognition
 Strong financials
 Strong marketing - #OptOutside movement
 Focused business model broad outdoor offerings
including trips, classes, events & gear
WEAKNESSES
 Co-op model limits ability to raise equity
 Does not offer price matching
 Limited membership engagement
 Unsuccessful in international expansion
 Depth of product offerings limits ability to be highly
specialized in specific outdoor activities
OPPORTUNITIES
 International expansion
 Expand partnership programs with outdoor parks and
outdoor government agencies
 Go public
 Launch new stores in states with no stores
 Continue expanding women offerings
 Concentrated focus on marketing sustainability of
products
THREATS
 Millennials lower interest in outdoors and technical
gear more focused on experiences
 Amazon
 Digitally Native Brands (CotoPaxi, Outdoor Voices)
 Big Box Retailers (Wal-Mart, Target)
 Local specialty retailers
 Team sports

20. REI Financial Success
Reasons why REI is thriving
1. Minimal debt
2. REI products contribute to an
experience
3. People willing to pay premium for high
quality product
4. The brands it sells cannot be bought
everywhere
5. It has created a community
- Businessinsider.com
Financials REI 2016 REI 2015
Key Ratios
Gross Profit Margin 42.90% 42.72%
Operating Profit Margin 7.09% 7.24%
Pretax Margin 2.35% 2.21%
Net Profit Margin 1.50% 1.46%
Operating ROA 11.69%
ROA 2.47%
Return on Total Capital 21.13% 21.81%
ROE 4.73%
Key Measures
EBIT 176,928 170,440
EBITDA 272,819 258,115
Free Cash Flow (37,387) (44,295)

21. Amazon SWOT
STRENGTHS
 Best in class fulfillment and distribution processes
 Best in class at capturing and utilizing customer data
 Amazon Prime & AWS provide subscription revenues
supporting increased R&D spend
 Recognized as a leader in e-commerce
 Visionary leader willing to take risks
 Diversified product offerings (AWS, electronics, etc.)
 Strategic acquisitions
WEAKNESSES
 Limited brick & mortar network
 Operates on tight margins limited profits
 Limited presence in emerging markets like China
 Perceived to have poor working conditions by many
 Virtually no ability for customer to touch and feel
products
 Typically have to wait days before receiving product
OPPORTUNITIES
 Expansion of brick & mortar operations through future
acquisitions like Whole Foods
 Offer shipping services to customers
 Further expansion of private label brands with higher
margins
 International expansion into new markets
 Enhance customer experience with expansion of
stores with automatic checkout experiences
THREATS
 Alibaba and other large international players
 Brick & mortar stores improving customer experiences
 Social media attacks for perceived poor working
conditions
 Cyber attacks, credit card breach
 Government regulation and lawsuits over online tax
collection issues

22. Walmart/Moosejaw SWOT
STRENGTHS
 Largest retailer in the world
 Market power over suppliers
 Ability to compete aggressively on price
 Strong balance sheet allows continued acquisition of
online retailers
 World-class inventory and logistics technology
 Moosejaw does excellent job of marketing and attracting
millennials
WEAKNESSES
 Reputation as a poor place to work due to low wages of
employees
 Many cities have hostile relationship with Walmart due
to putting local retailers out of business
 Slow start in ecommerce retail
 Difficulty in differentiating products
 Perceived as low quality brand
 Reputation for poor customer service
OPPORTUNITIES
 Create partnerships with outdoor parks and outdoor
government agencies
 Leverage Moosejaw’s ability to market to millennials among
Wal-Mart stores
 Offer Moosejaw private label brands at Wal-Mart stores
 Integrate technology from other online acquisitions like
Jet.com’s proprietary selling algorithms
THREATS
 Millennials lower interest in outdoor activities
 Amazon
 Digitally native brands (CotoPaxi, Outdoor Voices)
 Labor unions
 Outdoor brands no longer interested in offering products
to Moosejaw due to Walmart acquisiton

23. Why Acquisitions
• Retailers willing to be acquired as retail IPOs and venture-capital funding
becomes more difficult to obtain – Bloomberg
• Retail is oversaturated so opportunities exist to buy at bargain prices
 Moosejaw acquired for sales multiple of ~ 0.5
 Cabela's sold for sales multiple of 1.2
 Dick’s Sporting Goods currently valued at sales multiple of ~ 0.4
• Amazon recognizes need for brick & mortar stores to continue growth
strategy – Amazon
• Acquiring a successful business allows for quicker growth than an organic
growth strategy
• Quickly grow customer base and obtain new product offerings such as
outdoor adventure tours, etc.
• Diversify e-commerce website portfolio through acquisitions
• Better position Backcountry as an industry leader by enhancing portfolio
of outdoor companies

24. Potential Targets
Reviewed list of top 100 independent outdoor retailers
from Outdoor USA Magazine
Reviewed Top 25 Best Outdoor Stores in America from
Gear Patrol
Reviewed list of all retailers that are part of the Grassroots
outdoor alliance
Conducted research on overall outdoor industry and
added other potential targets to the list
Developed methodology to rank top outdoor cities in the
US and ranked locations for each potential target
Reviewed over 100 Companies as acquisition targets
focusing primarily on independent US centric businesses

25. Target Evaluation
Reviewed potential acquisitions for the following:
 Unique competitive advantage
 Quality of location
 Communities connection with the outdoors
 Products offered
 Services offered
 Ownership/History
 Events offered
 Connection with local community
 Web traffic (Quantcast, Ranking.com)
 Loyalty Programs
 Other factors (# of stores, website look & feel, etc.)

26. Top Outdoor Cities
Created a ranking of top outdoor cities and counties based on
various industry lists of best USA outdoor cities. This list was
used to help in selecting potential acquisition targets. Outdoor
lists included in developing rankings:
• Niche Best Cities for Outdoor Activities
• Outside Outline 2016
• Business Insiders
• Matador Network
• Roots Rated
• Smarter Travel
• BackPacker
• Forbes
• Outside Online 2015
• National Geographic Top 100 Adventure Towns

27. Top Outdoor Cities
City & State Score City Rank
Boulder, CO 293 1
Seattle, WA 284 2
Portland, OR 269 3
Jackson Hole, WY 244 4
Los Angeles, CA 235 5
Denver, CO 208 6
Chattanooga, TN 204 7
Madison, WI 204 7
San Francisco, CA 196 9
Austin, TX 193 10
Flagstaff, AZ 189 11
Minneapolis, MN 189 11
Colorado Springs, CO 181 13
Bellingham, WA 171 14
Asheville, NC 171 14
Boston, MA 167 16
Salt Lake City, UT 165 17
Nashville, TN 164 18
Reno, NV 162 19
Boise, ID 155 20
Moab, UT 153 21
San Antonio, TX 145 22
Kent, WA 142 23
Burlington, VT 142 23
Grand Marais, MN 142 23
Outdoor City Ranking Table

28. Outdoor
Participation
The top three areas for outdoor
participation are areas with lots
of water:
1. South Atlantic – 19%
2. Pacific – 17%
3. East North Central – 15%

29. Selection Criteria
Selected companies with solid history and strong leadership
Selected companies that had strong connection with community, unique
aspect/advantage to store, i.e. location, historic building, community connection,
etc.
Focused on stores with strong stand up paddle boarding and kayaking presence
as these are some of the fastest growing outdoor sports in the US
Selected companies that offered outdoor adventure events, activities, tours in
addition to retail gear
Eliminated businesses that sold guns and ammo due to additional regulatory
requirements for this market
Eliminated businesses that sold used equipment
Eliminated businesses with more than three locations to allow time to improve
and perfect strategy for brick & mortar, see attached quote from industry expert
regarding number of stores
“You’ve got way too many stores selling too much similar
product. Some of them need to go away. Sports Chalet's
focus on selling a variety of high-priced products to
committed outdoor enthusiasts didn't work for the size of
the chain. I think it’s really hard to do that and be 40 stores.
I think maybe if you’re three stores you can do it, or if
you’re a hundred stores, you can do it," said Jeff Harbaugh,
a consultant for small-to-mid market active outdoor
companies.
(https://www.marketplace.org/2016/04/18/world/sport-
chalet)

30. Potential Targets
Companies
Store
Count HQ Location
Annual Est.
Revenue Note
Bergzeit 3 Germany Unknown Strong German & UK Presence
Black Creek Outfitters 1 Jacksonville, FL $3-5M Retailer & water guide company
Campmor 1 Paramus, NJ $55-70M Known for large product selection
Campsaver.com 1 Logan, UT $30-45M 30% international sales
EVO 3 Seattle, WA $55-60M Strong brand culture, excellent store locations
Idaho Mountain Touring 2 Boise, ID Unknown Strong reputation & connection with community
Nantahala Outdoor Center 3 Bryson City, NC $20-30M Nation's largest outdoor recreation company
Rutabaga Paddlesports 1 Madison, WI $8-15M 6X National Padddlesports Retailer of the Year
Summit Hut 2 Tucson, AZ $10-12M
Selected Grassroots Outdoor Alliance "Retailer
of the Year"
Tower Paddle Boards 1 San Diego, CA $10-12M
Manufacture & sale paddle boards, Shark Tank
company
US Outdoor Store 1 Portland, OR $6-8M Strong online store & excellent store location

31. Bergzeit Key Facts
• Estimated Revenue: Unknown
• CEO/Owner: Maximilian Hofbauer
• HQ: Germany & UK
• Operates in 23 countries with 3 brick & mortar stores in Germany
• One of the largest premium outdoor equipment suppliers in Germany
• Focused 100% on retail outdoor gear does not offer tours, etc.
• Employees 129 people in its four locations through Europe

32. Why Bergzeit?
PROS:
• Operates in 23 European countries and is a premium retail brand
• European market grew by 3.4% in volume in 2016 and TSG consumers believes Europe
is a key growth market where outdoor activities are an integral part of the culture
• Strong commitment to environment including climate neutral shipping program
• Founder recently retired which means company may be more open to being acquired
CONS:
• Potential cannibalization and market overlap particularly in Germany with Bergfreunde
• Acquiring operations in 23 countries could be difficult to integrate into overall
company culture and operations
Recommendation: Acquiring Bergzeit would strengthen Backcountry.com’s European
portfolio which is key to its international growth strategy and would allow for integration
with bergfreunde site

33. Black Creek Key Facts
• Estimated Revenue: $3-5M
• CEO/Owner: Joe Butler
• HQ: Jacksonville, FL
• Employees: ~26
• Paddle sports are over 40% of the business
• Black Creek outfitters also owns and operates blackcreekguides.com on the 22 acre
lake behind the black creek shop. Services include:
• Water certifications
• Lessons
• Guided trips
Excellent reviews and reputation:
Google Facebook Yelp TripAdvisor Inspirock
4.8/5 4.8/5 4.5/5 4.5/5 4.7/5

34. Black Creek Reviews

35. Why Black Creek?
PROS:
• Store is in a prime location with a lake behind the store to provide demos, classes, and certifications
for water activities to include paddleboards, kayaks, and SUP’s
• Company has an outstanding reputation in the community and is known for superior service and
competes very well being located in close proximity to REI
• Owns both the store and the water guide company
• Located in the region of the country with the highest participation rate for outdoor activities
• Allows expansion into providing guided services
CONS:
• Only operates one store in Florida and generates a relatively small amount of revenue
• Primarily focused on water activities not as broad a selection as many outdoor stores
Recommendation: Black Creek Outfitters would be a strong acquisition as a potential pilot store for
brick and mortar expansion. Would also work well as a string of acquisitions expanding into outdoor
boating activities to include companies such as Tower, Rutabaga, and NOC.

36. Campmor Key Facts
• Estimated Revenue: $55-70M
• Owner: Daniel Jarashow
• HQ: Paramus, NJ
• Locations: Store & corporate HQ in NJ
• Employees: ~100
• 75-80% of business from web
• Store is known for having a large selection of outdoor goods and as one of
the best places to shop online
• Sponsors a running, mountain biking, and cycling team

37. Campmor.com
Rated Top 5 outdoor online site
Campmor’s site my have more stuff than
even REI’s. They cover all the bases,
including a huge assortment of family –
size-car-camping tents. And some of their
sale or clearance items are fantastic.
- Outside Online Gear Guy

38. Why Campmor?
PROS:
• Over 75% of business generated online
• Reputation as a top place to shop for gear online and known for large selection
and good customer service
• Store contains a repair/service department and materials for in home repairs
providing revenue channel beyond selling retail goods
• Strong history of success with over 40 years of operation
CONS:
• The retail store is an older store and does not have the look or appeal of many
other outdoor stores
• The company does not have a key differentiator from the competitors
Recommendation: Adding Campmor would be a good way to grow online business
in the US, would provide one retail store to allow experimentation with a traditional
brick & mortar store

39. Campsaver Key Facts
• Estimated Revenue: $30-45M
• Owner: Andy Stroman
• HQ: Nibley, UT
• Employees: Over 100
• Operates one store at its headquarters
• 30% of retail sales are international including countries like Korea
• Features nearly 900 different brands to include top-notch European brands
• Rated by various outdoor online sites as one of the best places to buy gear

40. Campsaver
Rated one of the Best Outdoor Stores of 2017
Campsaver features more than 873 different brands and
as the name implies often have great deals for them.
The width in range, however, does not mean that
Campsaver only carries a few items from each brand; in
comparison to the other outdoor stores on the list, it
for example offers by far the widest choice of outdoor
gear and apparel from top-notch European brands such
as Montane, Rab & Petzl.
- besthiking.net
Campsaver.com continues to expand and has become a
significant presence on the outdoor scene. In addition to
many of the top outdoor brands, Campsaver.com also carries
a number of smaller brands like Rab and Big Agnes that you
won’t always find at the big retailers. The site has a clear
emphasis on camping and outdoor clothing but also offers
gear for running and snow sports like snowshoeing and
backcountry skiing. During big sales and clearances, you can
find rock bottom prices (provided you can find your size).
- switchbacktravel.com

41. Why Campsaver?
PROS:
• Strong online presence with 30% of business coming from international markets
• Large selection of brands with focus on camping gear
• Widest choice of outdoor gear and apparel from top-notch European brands such as
Montane, Rab & Petzl
• HQ for Campsaver located in close proximity to Backcountry HQ’s
CONS:
• Company does not have a clear competitive advantage/benefit that helps separate it
from the competition other than reputation for large selection
• One of the only large online outdoor gear stores that does not have its own private
label brand
Recommendation: Key benefit of acquiring Campsaver would be the international sales
traffic gained from the website.

42. evo Key Facts
• Estimated Revenue: $55-60M
• CEO/Owner: Bryce Philips
• HQ: Seattle
• Employees: ~75-100
• 3 brick and mortar stores
• evo Seattle - # 2 outdoor city in US
• evo Portland - # 3 outdoor city in US
• evo Denver - #6 outdoor city in US
• 85% of revenue comes from online sales
• evo La Familia Partner network – provides an additional 24 stores globally where
people can pickup and return items
• Offer outdoor adventure trips around the world

43. evo Store Experience
• Stores are designed for a lifestyle image to
include art galleries, auditoriums, etc.
• Stores host events focused on enhancing the
cultural image of the brand
• Stores are located in historic buildings in
cities with strong outdoor reputations

44. Why evo?
PROS:
• Focused on creating lifestyle brand through art, culture, giving back, and connecting us to the sports
we love
• Store locations not only are in great cities but focused on historic buildings that provide more than a
shopping experience with art gallery, music, & activities
• Retail partner network called La Familia would make returns easier for all Backcountry sites
• Strong company culture known for its values, work/life balance and strong management team
• evo provides a unique shopping experience that caters to millennials desire for experiences
CONS:
• Raised $6M private equity and one of the investors was Amazon.com which could make acquiring the
firm difficult
• Company is primarily focused on ski, snowboard and skateboard apparel so not a traditional outdoor
company
Recommendation: Recommend inquiring if evo would be interested in being acquired if not would
explore creating a La Familia network partnership. This acquisition along with Tower Paddleboards would
make a great surf/ski lifestyle brand division. Participation in La Familia network would make returns
easier for Backcountry customers.

45. Idaho Mountain Touring Key Facts
• Estimated Revenue: Unknown
• Owner: Chris & Jill Haunold
• HQ: Boise, ID
• Employees: ~25
• 2 stores Boise & Meridian Idaho
• Boise rated as Top 20 Outdoor city
• Boise store is a 120 year old historic building
• Typically among top 100 Trek dealers nationwide
• Very strong bike presence including bike shop for repairs and services

46. Idaho Mountain Touring Local Recognition
Ranked by Boise Weekly
2nd Place Athletic Store: Idaho Mountain Touring—There are many ways to tour Idaho's mountains, and even more mountains to
tour. Idaho Mountain Touring can help with this—whether it's through an outstanding variety of road, mountain, cyclocross, cruiser, BMX
or fitness bikes, or top-shelf alpine and Nordic skis, snowboards or snowshoes. The downtown location also offers high-quality camping
gear, apparel, avalanche safety gear and even outdoor gear for the dog. Bikes, backcountry skis, split boards and avalanche kits are
available to rent at the downtown Boise store or the Meridian location.
3rd Place Bike Shop: Idaho Mountain Touring—Let's say you've never owned a bike. Walk into one of Idaho Mountain Touring's locations
in downtown Boise or Meridian, and you'll walk out with everything you could possibly need to become the best bicyclist you can be.
After buying the fundamentals, move on to high-quality bike lights, bike racks for you car, jerseys and—yes—even bike-friendly
underpants that prevent chafing, wick moisture and offer padding to our more sensitive areas. If it has to do with biking, IMT carries it
2nd Place Outdoor Gear: Idaho Mountain Touring—IMT has appeared in our Best Sports and Rec category three times this year. Our
readers love it as a local bike shop, an athletic store and an outdoor gear store. From affordable bike and ski rentals; to a wide selection of
gear for camping, backpacking, cycling, snow sports and more; to an in-store bike and ski/snowboard—IMT has it all.
- Boise Weekly

47. PROS:
• Stores located in one of the best and fastest growing outdoor cities in the US
• Flagship store located in a newly renovated historic building
• Regularly ranks among the top 100 Trek dealers in the country
• Store ranked as one of best in multiple outdoor categories by local residents in Boise
Weekly magazine
CONS:
• Store has limited online presence
• Trek is looking to open a Trek branded dealership in Boise
Recommendation: Idaho Mountain Touring could be a great company for experimenting
with brick and mortar stores. Could also experiment using beeline bikes in conjunction with
the bike store repair shop. The store would not do much for growing top line revenue given
its relatively small size but would allow a launch into brick and mortar
Why Idaho Mountain Touring

48. Nantahala Outdoor Center (NOC) Key Facts
• Estimated Revenue: 20M+
• Owner/CEO: Sutton Bacon
• HQ: North Carolina
• Employs: 250 full time & 800+ seasonal employees
• 3 key retail locations
• Bryson City, NC
• Gatlinburg, TN
• Asheville, NC
• Company experiencing strong growth per Sutton Bacon company grew around
15% in 2014 – newsobserver.com
• Hosts more than a million guests per year with over 120 recreational activities
• Biggest rafting outfitter in the nation with 150,000 customers a year on 8
southeastern rivers

49. NOC Reviews
Google Facebook Yelp TripAdvisor
4.9/5 4.7/5 4.5/5 4.5/5

50. NOC Services
Services Available through Nantahala Outdoor Center:
• Whitewater rafting on 8 Southeastern rivers
• World-class paddling instruction in whitewater and flatwater
• International paddling adventure travel
• Shopping for outdoor gear, apparel and souvenirs at the Wesser
Outfitter's Store, NOC Gatlinburg, and NOC at The Grove Park Inn
• A leadership institute for wilderness medicine and river rescue
• Fully-customizable group adventure programs
• 3 distinct restaurants at our Nantahala Resort
• Guided activities like fishing, hiking, biking and climbing
• Bike rentals and repairs at our Bike Shop
• Lodging options for all tastes and budgets
• Festivals and events throughout the outdoor season
- NOC Website

51. Why NOC?
PROS:
• NOC is both a price and volume leader and focuses on active families with two incomes
• Largest rafting outfitter in the nation
• Has transformed itself into an adventure resort and is looking at growing rapidly
• The CEO Sutton Bacon is a transformational leader who understands the industry and growing
a business
• Company has world class facilities used to train the best Kayaking athletes in the world
CONS:
• Would require owning a business that is not primarily focused on retail
• Would double the size of the workforce
• Capital intensive business with resorts, and equipment required to run it
Recommendation: This would be the most aggressive of any of the acquisition targets but also
provides the most opportunity. This would allow Backcountry to transform itself from an
outdoor retail company into an outdoor adventure company.

52. Rutabaga Paddlesports Key Facts
• Estimated Revenue: $8-15M
• Owner: Darren Bush
• HQ: Madison, WI
• Employees: ~ 15
• Recognized for numerous industry awards by Outside magazine,
Backpacker magazine, and Canoe & Kayak Magazine among others
• Owner Dana Bush runs Canoecopia and is launching new trade show
Paddlesports Retailer
• Offers classes, certifications, youth programs, and rentals

53. Rutabaga Paddlesports
Canoecopia is the world’s largest
outdoor show focused on Canoes
and is owned and operated by
Darren Bush of Rutabaga
Paddlesports
In 2017 Darren Bush & Bacon
Sutton launched the first
paddlesport retail show using the
same model as the successful
Canoecopia retail show in
Oklahoma City, OK
Canoecopia has over a 140
seminars, and 250,000 square
feet of exhibits during the
three day show

54. Rutabaga Reviews

55. Why Rutabaga?
PROS:
• Darren Bush the owner is one of the most recognized outdoor water sport retail
experts in the US
• Rutabaga is responsible for the largest canoe and paddleboard retail shows in the US
• The store is recognized as one of the top outdoor shops in the country and best
outdoor retail places to work
• Store is located in a strong outdoor area in Madison Wisconsin
CONS:
• Owning retail shows is outside core area of expertise
• Rutabaga has relatively small revenue compared to Backcountry’s core businesses
• Owner unlikely to sell the business to a large national retailer
Recommendation: This would be a great store to acquire especially if you can add Darren
Bush, and his retail shows. This coupled with companies like Blackcreek outfitters, NOC
and Tower would provide a strong foundation for an outdoor water activities focused
business unit.

56. Summit Hut Key Facts
• Estimated Revenue: $10-12M
• Owner: Dana & Jeremy Davis
• HQ: Tucson, AZ
• Employees: ~ 50
• Location: 2 stores in Tucson, Arizona
• Grassroots Retailer of the year last 2 years
• Implemented multiple Eco-Friendly Initiatives:
• 100 Days of Service – donated a 100 days worth of staff time to local
non-profits
• Alternative transportation program for staff
• Bag refusal program for shoppers who decline a bag with purchases
• Implement a company environmental values statement
• Very focused on carrying regionally specific gear like snake garters
• Focus on carrying the higher end products from each brand they sell

57. Summit Hut
Environmental Values Statement
•Our stores’ energy usage has been offset by wind power since 2005.
•We stock quality durable merchandise that lasts, reducing production and landfill waste.
•We reward and provide incentives to our employees who choose alternative modes of
transportation.
•We have carried organic- and sustainable- fiber clothing and recycled and repurposed
equipment products since early in their commercial availability.
•Every year we donate approximately $5000 in cash and products to groups that support the
environment and sustainable outdoor recreation.
•We offset our store vehicle usage with renewable energy credits.
•We annually offer “100 Days of Service” to outdoors organizations in the Tucson area.
Through this program, our employees are paid their day’s wage to volunteer for projects such
as trail building and promotion of activities such as hiking, rock climbing, and mountain
biking.
•We reuse packaging and shipping materials.
•We divert many tons of waste from landfills by participating in Tucson’s recycling program for
business and partnering with RISE, a Tucson nonprofit organization. RISE recycles,
refurbishes, and repurposes durable equipment and provides employment and job training to
disadvantaged Tucsonans.
•We offer recycling for select synthetic clothing through Patagonia’s Common Threads
program.
•Many of our internal operations have shifted from print to electronic formats, saving tons of
paper per year.
•When a choice is available we choose recycled, repurposed, and low VOC materials and
supplies.
•We implemented a Decline a Bag program in which customers who do not take a bag with
their purchase are able to donate the cost of the bag to local non-profit organization.

58. Why Summit Hut?
PROS:
• Comprehensive environmental program aimed at supporting the local community
• Focused on selling high end and regionally specific products
• Twice selected as Grassroots national retailer of the year
• Focused on customers core outdoor activities (camping, hiking, skiing, and rock climbing)
• Owner/Managers of Summit Hut would be a great resource for backcountry
CONS:
• Limited product selection compared to many other outdoor specialty retailers
• Highly unlikely owners willing to sell
• Would provide minimal revenue growth for Backcountry
Recommendation: Summit Hut is a great regional store that would allow for
piloting of brick and mortar. They are also a great company to learn from in implementing a
more comprehensive company wide environmental program. Finally, given there willingness to
try new ideas could make a great partner as part of a retail partner network for returns.

59. Tower Paddle Boards Key Facts
• Estimated Revenue: $10-12M
• Owner: Stephan Aarstol
• HQ: San Diego, CA
• Employees: 10 -15 Employees
• Raise capital on Shark Tank selling 30% of the business to Mark Cuban
• Manufactures and sells boards direct to consumer
• Tower is a lifestyle company by design
• Tower focuses on the active, social beach vibe

60. TOWER PADDLE BOARDS
• Manufactures and sells all boards direct to consumers
• Launched Tower Magazine, a beach lifestyle magazine in
2015
• Launched physical store in 2017 and focused on making it
more akin to an art exhibit than a traditional surf shop
• Store projects surf and beach lifestyle videos all night
• All employees work a 5 hour workday during the summer
• In 2014 and 2015 recognized as one of the fastest growing
private companies in America
• Tower is Mark Cuban’s most successful Shark Tank
investment

61. Why Tower Paddle Boards?
PROS:
• Strong brand recognition due to Shark Tank appearance
• Strong focus on creating a lifestyle brand as a product differentiator
• Higher profit margins due to manufacturing and direct selling of products
• Unique store concept that enhances lifestyle branding
• Paddle boarding is one of the fastest growing outdoor activities in the US.
CONS:
• Limited number of products
• Focus on surf and beach lifestyle could be turn off to Backcountry’s core outdoor
customer
Recommendation: Tower would be a good acquisition to expand private label
manufacturing. It would also make a strong outdoor water division especially with a
company like evo. The biggest risk is how different it is from the core customer and how
the companies beach party girl image could damage Backcountry’s outdoor lifestyle image

62. US Outdoor Store Key Facts
• Estimated Revenue: $6-8M
• Owner: Ed and Carrie Ariniello
• HQ: Portland, OR
• Operates one store located in one of the top 5
outdoor locations in the country
• Over 20 years experience operating an online
webstore
• Slogan is the “Best Outdoor store on the Planet”
• Store offers services and repairs

63. US Outdoor Store
U.S. Outdoor Store is a palace of gear and equipment sure to outfit your
next trek, but what is truly brilliant is the staff: exceptional in product
knowledge, application know-how, and friendliness. There are no frivolous
ad campaigns or boisterous slogans. It's simply people who love what they
do and want to steer you in the right direction. As an exercise in supporting
local business, drop by U.S. Outdoor Store and experience the lost art of
customer service. NICK VISCONTI.
- Williamette Week Portland outdoor shops

64. Why US Outdoor Store?
PROS:
• Store located in the downtown area of one of the best outdoor cities in the country
• Have been operating a website since 1993
• Strong selection of discounted and clearance items
CONS:
• Recently changed ownership
• Lowest customer rankings of any of the potential acquisitions on the list
Recommendation: US Outdoor Store would be a strong potential pilot store being in a
strong outdoor market with an established reputation in the community. The stores
clearance section would also work well as an outlet for Steep & Cheap.

65. Ranking Customer Reviews
Company
Google
Reviews Yelp Facebook Tripadvisor Average
Nantahala Outdoor Center 4.6 4.5 4.7 5 4.70
BlackCreek Outfitters 4.8 4.5 4.8 4.5 4.65
Campsaver.com 4 N/A 5 N/A 4.50
Idaho Mountain Touring 4.4 4.5 4.5 4.5 4.48
Rutabaga Paddlesports 4.5 4 4.7 N/A 4.40
Campmor 4.7 4 N/A N/A 4.35
EVO 4.4 4 4.4 N/A 4.27
Summit Hut 4.4 4.5 4.6 N/A 4.50
Tower Paddle Boards 3.6 4.5 N/A N/A 4.05
US Outdoor Store 4.2 4 3.9 N/A 4.03

66. Ranking Potential Acquisitions
Rank Company
1. Bergzeit
2. evo
3. NOC
4. Rutabaga Paddlesports
5. Blackcreek Outfitters
6. Tower Paddle Boards
7. Summit Hut
8. Idaho Mountain Touring
9. Campsaver
10. Campmor
11. US Outdoor Store
The ranking of acquisitions focuses on helping Backcountry achieve its ambitious growth goals
Bergzeit is first as it operates in 23 European countries and aligns with TSG Consumers stated goal of
growing in Europe
evo is second due to strong web presence, excellent store locations, and a strong and unique
lifestyle brand
The last three are stores with strong online retail operations. Campmor being the largest of the
three while Campsaver has the largest international presence
The next four companies are focused primarily on outdoor water activities, the four companies
together would create ad excellent outdoor water activities division. A major advantage of these
companies is the excellent leaders running them including Darren Bush and Sutton Bacon
The next two are businesses with strong brick & mortar presence and would be great acquisitions
for piloting a launch into brick & mortar retail

67. Key Recommendations
Acquisitions
Focus on fast growing outdoor activities and international markets:
•European markets
•Companies with Kayak and paddleboard focus
•Companies with a strong online retail presence
Private
Label
Expand and enhance private label branding
Culture Conduct internal analysis and develop action plan designed on
improving internal culture and external employment reputation
Social Cause Focus on positioning & advertising more prominently that the business
supports a social cause using iconic Goat logo in messaging

68. #1 – Social Causes
Refocus branding message on key social causes not just outdoor
gear. For example sustainability, outdoor preservation, etc.
Examples:
• REI – #OptOutside, and sustainability key part of company image
and messaging
• Cotopaxi – Providing economic benefit to poor countries in Latin
America
• Patagonia – Preserving the outdoor environment
• evo – opportunity to give to a cause found on front page
Key Benefit: Millennials care more about the social causes
businesses participate in than previous generations and make it a
part of shopping decisions
Note: Backcountry gives and is involved around charities today,
this is about making sure customers realize it is a core part of who
Backcountry is as a company

69. #2 – Company Culture
Sampling of Indeed Comments:
• “The constant state of chaos and whiplash from the last
directional change simply wears on employees.”
• “Your job as a Gearhead is customer service, and the
resources they tell you to use are less than helpful.”
• “Low pay it’s all about money for this company…
• “The main con I feel is Backcountry has a history of trying
to do great things while not investing in their employees
and technology.”
Recommendations:
1. Hire consultant to conduct an internal review of
culture and provide recommendations
2. Renewed emphasis on the companies principles
and make sure they are placed before profits
3. Conduct internal employee surveys and
development action plan for key weaknesses
4. Conduct study of what companies rated as best
places to work in the industry are doing:
• REI – 81% recommend to a friend
• Cotopaxi – 100% recommend to a friend
• Patagonia – 81% recommend to a friend

70. #3 – Private Label Branding
Recommendation:
1. Conduct comprehensive review of internal
private label branding strategy
2. Conduct external review of competitors private
label branding strategy
3. Create private label technical gear brand focused
exclusively on women as this is an area of
opportunity in the outdoor market
4. Expand private label branding beyond apparel
into more gear items
5. Review potential acquisitions opportunities to
expand exclusive brands
Key advantages of private label branding:
1. With private branding you control the image
2. Private label gives you more control over pricing,
marketing, sales and distribution
3. Private label brands tend to have higher profit
margins than name brands
4. Makes it harder for competitor to match and
price check similar items
5. Allows control of style and quality of brand
- Upstream Commerce

71. #4 - Acquisitions
1. Acquisitions fuel growth and Backcountry has grown historically
through acquisitions (bergfreunde.de, motosport.com,
competitivecyclist.com)
2. Retailers are more willing to sell as retail IPOs and venture-
capital funding becomes more difficult to obtain – Bloomberg
3. Retail is oversaturated so opportunities exist to buy at bargain
prices
 Moosejaw acquired for sales multiple of ~ 0.5
 Cabela's sold for sales multiple of 1.2
 Dick’s Sporting Goods currently valued at sales multiple of ~
0.4
4. Acquiring a successful business allows for quicker growth than an
organic growth strategy
5. Diversify e-commerce website portfolio through acquisitions
6. Strategic acquisitions can help better prepare Backcountry for a
public IPO

72. Key Takeaways
• The US outdoor economy is strong and will continue growing for
the foreseeable future
• The retail shopping experience will continue to change bringing
with it exciting opportunities
• Backcountry is in a position to grow its presence globally in the
outdoor space through acquisitions and organic growth
• Backcountry needs to focus on improving its culture and build a
reputation as a place to work as the Utah job market becomes
more competitive
• Opportunity exists to improve marketing and enhance perceived
commitment to outdoor causes
• The retail environment is struggling and this provides a great
environment for strategic acquisitions at low valuations
• Backcountry is in a great position to continue growing and prepare
itself for a IPO in the future

73. Appendix
1. Indeed competitor culture score
2. Research References
3. Deck Image Attribution

74. Data contained in Excel File
1. Potential Targets – This tab provides listing of top 11 companies reviewed in detail as potential acquisition targets
2. Retailer Data – This is a pivot table allowing you to review data of top outdoor locations and retailers
3. Retailer Analysis – List of 137 retailers analyzed including key metrics and whether they were considered a good
acquisition target. Items included:
1. Website URL
2. Status – Independent, private funded, etc
3. Award – If it was ranked as a top outdoor company
4. Ranking.com & Quantcast.com – Website rankings
5. Owner/President – who owns the company
6. Year founded
7. Affiliate network – If the company has an affiliate network program
8. Sales – Where they sale
9. Events offerings – Whether they offer events
10. Rental offerings – If they offer rentals or not
11. Service Offerings – If they offers services beyond retail gear
12. Free Shipping – If they offer retail shipping or not
13. Amount – The amount purchased to gain free shipping
14. Gift Cards – offer gift cards
15. Blog – Company maintains an outdoor blog
16. Loyalty Program – Company maintains a loyalty program
17. Notes – Notes of analysis of company
18. Potential Target – Three categories, Yes, Maybe & No
19. Store Count - # of stores
20. County Average Per Store – Combined outdoor ranking of all counties for retailer
21. City Average Per Store – Combined outdoor ranking of all cities for retailer

75. Data contained in Excel File (continued)
4. Store Locations – This tab shows listing of stores of all retailers
analyzed including several large national outdoor retailers
5. Outdoor Combined Rankings – This tab lists the top outdoor cities
and counties and the weightings used to create the rankings
6. Financial Ratios – This tab includes a detailed analysis of key
financial ratios for REI and Dick’s Sporting Goods
7. Acquisition Customer Rankings– This tab provides customer ranking
data for top acquisition targets
8. Competitor culture – This tab provides two tables showing
competitor culture reviews on glassdoor and indeed
9. Data – All tabs after the data tab contain data used to conduct this
analysis

76. Backcountry Culture - Indeed

77. REI Culture - Indeed

78. Moosejaw Culture - Indeed

79. Amazon Culture - Indeed

80. Sierra Trading Post Culture - Indeed

81. Referenced Articles Researched
Note: This is a list of articles/websites that were read in preparing this presentation. Some were referenced on previous slides and some were
used to help shape opinions and knowledge of the industry, the list is not comprehensive but covers most material read:
1. 2017 Best Cities for Outdoor Activities Methodology: https://about.niche.com/methodology/best-outdoors/
2. 2917 Best Places for Outdoor Activities in America: https://www.niche.com/places-to-live/search/best-outdoors/
3. National Geographic America’s Best 100 Adventure Towns: http://adventure.nationalgeographic.com/weekend-getaways/best-
adventure-towns-list/4
4. The 16 Best Places to Live in the US: 2016: https://www.outsideonline.com/2105956/best-places-live-us-2016
5. America’s 20 coolest outdoor towns: https://matadornetwork.com/trips/americas-20-coolest-towns-outdoor-adventure/
6. 23 Must-visit American Cities for Outdoor Adventure Travel: https://rootsrated.com/stories/23-must-visit-american-cities-for-
outdoor-adventure-travel
7. The Best Cities to Raise an Outdoor Kid; The Winning 25: https://www.backpacker.com/trips/the-best-cities-to-raise-an-outdoor-
kid-the-winning-25
8. 10 Best Outdoor Towns in America: https://www.smartertravel.com/2016/05/10/10-best-outdoor-towns-in-america/
9. In Depth: America’s Best Cities For The Outdoors: https://www.forbes.com/2008/05/12/outdoors-health-cities-forbeslife-
cx_rr_0512realestate_slide_2.html#6680fbd518df
10. Best Towns Outside 2015: https://www.outsideonline.com/1972941/best-towns-2015
11. Specialty Outdoor Retail Stores Still Have a Place in a Digital World: https://www.outsideonline.com/1972941/best-towns-2015
12. The Outdoor Industry Has a Millennial Problem: https://www.outsideonline.com/1998221/youths
13. REI SWOT: https://erikofelt.files.wordpress.com/2015/02/swot-erik-ofelt.jpg
14. SWOT Analysis of Amazon: https://www.managementstudyguide.com/swot-analysis-of-amazon.htm
15. SWOT Analysis of Amazon : https://www.marketing91.com/swot-analysis-of-amazon/
16. Amazon SWOT analysis 2017: https://www.strategicmanagementinsight.com/swot-analyses/amazon-swot-analysis.html
17. Amazon SWOT Analysis: https://research-methodology.net/amazon-swot-analysis/
18. Reclaiming the Past in Bricks and Mortar: https://finance.yahoo.com/news/reclaiming-past-bricks-mortar-study-142900758.html
19. The REI Success Formula Brand + Values = Profit: http://www.doz.com/marketing-resources/rei-black-friday-values
20. Why REI’s #OPTOUTSIDE is a Model for the Future of Marketing: http://adage.com/article/digitalnext/rei-s-optoutside-a-model-
future-marketing/301177/
21. One Unlikely Sporting Goods Store is Thriving as Retailers Implode Everywhere: http://www.businessinsider.com/why-rei-is-
successful-when-sports-authority-flopped-2016-6
22. Consumers are Showrooming and Webrooming Your Business: https://www.shopify.com/retail/119920451-consumers-are-
showrooming-and-webrooming-your-business-heres-what-that-means-and-what-you-can-do-about-it
23. Closing the Women’s Gear Gap: Less Labels, More Sizes: https://www.rei.com/blog/news/closing-the-womens-gear-gap-less-
labels-more-sizes
24. Is Brick-and-Mortar Really Dead? : http://blog.buildout.com/is-brick-and-mortar-really-dead/
25. Is Brick-and-Mortar Obsolete?: https://www.forbes.com/sites/marciaturner/2017/01/31/is-brick-and-mortar-
obsolete/#4dda838c37ce
26. SGB 2016 Retail Top 100: The List: https://sgbonline.com/sgb-2016-retail-top-100-list/
27. Outdoor USA Magazine Announces the Inaugural Top 100 Retailers List: https://outdoorindustry.org/press-release/outdoor-usa-
magazine-announces-the-inaugural-top-100-retailers-list/
28. Take That Amazon: Walmart Buys Moosejaw for $51 Million: https://www.forbes.com/sites/lauraheller/2017/02/15/take-that-
amazon-walmart-buys-moosejaw-for-51-million/#661e27197924
29. Outdoor Foundation: https://outdoorindustry.org/participation/
30. Sneakernomics: How The ‘Outdoor’ Industry Became The ‘Outside’ Industry:
https://www.forbes.com/sites/mattpowell/2015/09/21/sneakernomics-how-the-outdoor-industry-became-the-outside-
industry/#24a21443e5c2
31. Are Millennials Changing Our Outdoor Experiences?: http://www.adventurecollection.com/are-millennials-changing-our-outdoor-
experiences/
32. Gear For Good: Outdoor Start-Up Cotopaxi On Why Millennials Want Stories, Not Things:
https://www.forbes.com/sites/petertaylor/2017/01/30/gear-for-good-outdoor-start-up-cotopaxi-on-why-millennials-want-stories-
not-things/#652749f96cfd
33. Adveture Tourism Market Growing at Nearly 46% CAGR to 2020: https://www.prnewswire.com/news-releases/adventure-tourism-
market-growing-at-nearly-46-cagr-to-2020-597059331.html
34. Outdoor Retailer: https://www.outdoorretailer.com/show/about/
35. No Relief in Sight for Outdoor Specialty Shops: http://www.globalsalesguys.com/wordonthestreet/no-relief-in-sight-for-outdoor-
specialty-shops/#.WkpD_0xFzIx

82. Referenced Articles Researched
36. What are the 5 Best Sites to Buy Gear Online?: https://www.outsideonline.com/1776646/what-are-5-best-sites-buy-gear-online
37. This Guy Nearly Choked on ‘Shark Tank” but got a deal with Mark Cuban: http://www.businessinsider.com/tower-paddle-boards-
chokes-on-shark-tank-still-lands-a-deal-with-mark-cuban-2016-8/#this-is-stephan-aarstol-ceo-of-tower-paddle-boards-his-startup-
sells-stand-up-paddleboards-1
38. Selling the Gear Outdoors: The Billion-Dollar Brand Battle for the casual Camper:
https://www.racked.com/2015/5/7/8565149/outdoor-brands-patagonia-rei-nike-lululemon
39. More Millennials Headed Outdoors – While Staying Connected: https://www.cbsnews.com/news/camping-industry-attracts-
millennials-with-extra-services/
40. Case Study – How evo Scaled Specialty Retail with ‘La Familia’ Network: https://www.grindtv.com/transworld-
business/features/case-study-how-evo-scaled-specialty-retail/
41. CAMPSAVER: https://www.ksl.com/?sid=29957422
42. Summit Hut Rises to New Heights: http://www.insidetucsonbusiness.com/news/summit-hut-rises-to-new-
heights/article_4b5ff6d2-6c42-11e5-8609-4ba3ad7ca8b8.html
43. How Niche Adventure Outfitter evo Thrives in the Shadow of Amazon: https://www.mensjournal.com/gear/how-niche-adventure-
outfitter-evo-thrives-in-the-shadow-of-amazon-w504542
44. Boutique to ‘Big Box’… 9 Online Gear Stores we Recommend: https://gearjunkie.com/where-to-buy-outdoor-gear-online
45. The Death of the Local Bike Shop: https://www.outsideonline.com/2126741/death-local-bike-shop
46. REI’s 2016 National Study on Women and the Outdoors: https://www.slideshare.net/REI_/2017-national-study-on-women-and-
the-outdoors
47. Best Local Athletic Store: https://www.boiseweekly.com/boise/best-local-athletic-store/BestOf?oid=3898319
48. Where Rafters, Hikers, Bikers and Anglers Meet: http://www.newsobserver.com/sports/outdoors/article27366076.html
49. Growing On The River: https://www.capitalatplay.com/growing-on-the-river/
50. The Cure for the Brick-and-Mortar Blues: https://www.pymnts.com/news/retail/2017/skava-yuval-yatskan-brick-and-mortar-
online-shopping/
51. This is Your Conversation: https://www.grassrootsoutdoors.com/retailers/
52. REI Financials: https://www.rei.com/about-rei/financial-information.html
53. Dick’s Financials: http://investors.dicks.com/
54. Cabela’s 2016 Financials: https://www.sec.gov/Archives/edgar/data/1267130/000126713016000150/cab-2015010216x10kq4.htm
55. TSG Consumer: http://www.tsgconsumer.com/portfolio/back-country-co
56. Adventure Tourism Development Index: The 2016 Report: https://www.adventuretravel.biz/research/2016-adventure-tourism-
development-index/
57. Outdoor Participation Report 2017: https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-
Participation-Report_FINAL.pdf
58. Adventure Tourism Market Study 2013: http://files.adventuretravel.biz/docs/research/adventure-tourism-market-study-2013-
web.pdf
59. Consumervue Segmentation Report: https://outdoorindustry.org/resource/oia-consumervue-segmentation-full-report/
60. Expert Tips and Trends on the Global Outdoor Retail Market: http://docplayer.net/34521615-Export-tips-and-trends-on-the-global-
outdoor-retail-market.html
61. One of the fastest growing sports; kayaking: http://www.starcourier.com/news/20170622/one-of-fastest-growing-sports-kayaking
62. Paddleboarding: http://www.liveoutdoors.com/news/241303-paddle-sports-fastest-growing-outdoors-activity/
63. Paddleboarding: https://en.wikipedia.org/wiki/Standup_paddleboarding#cite_note-1
64. REPORT: STANDUP PADDLING’S GROWTH CONTINUES: https://www.supthemag.com/news/report
65. Paddle Sports Retailer Show Announced: https://www.canoekayak.com/news/new-paddlesports-retailer-show-announced/
66. -standup-paddlings-growth-continues/
67. Standup Paddleboarding Trends: https://www.rapidmedia.com/adventurekayak/categories/departments/8413-standup-
paddleboarding-trends
68. Engaging and Retaining Millennial Consumers: Path to Purchase: https://outdoorindustry.org/research-tools/
69. Engaging and Retaining Millennial Consumers: Attitudes Toward Outdoor Activities:
https://outdoorindustry.org/pdf/MillenialsAuthenticity-OutdoorIndustryAssociation.pdf
https://outdoorindustry.org/pdf/MillennialsActivitiesAndBrands-OutdoorIndustryAssociation-FINAL.pdf
70. Engaging and Retaining Millennial Consumers: The Importance of Authenticity:
71. Engaging and Retaining Millennial Consumers: Use of Technology: https://outdoorindustry.org/pdf/MillenialsTechnology-
OutdoorIndustryAssociation.pdf
72. The 2007 Outdoor Business Top 25 Retailers:
73. The Outdoor Recreation Economy: https://outdoorindustry.org/wp-content/uploads/2017/04/OIA_RecEconomy_FINAL_Single.pdf
74. The Outdoor Participation Report 2017: https://outdoorindustry.org/wp-content/uploads/2017/05/2017-Outdoor-Recreation-
Participation-Report_FINAL.pdf

83. Image AttributionsTitle Slide
1. Backcountry Image: https://www.backcountry.com/
Slide 2
1. Store Closing Image: http://www.pennlive.com/news/2017/07/retailer_shutting_1000_stores.html
2. Backcountry.com Image: https://www.backcountry.com/
3. REI Image: https://www.rei.com/
4. Evo Image: https://www.evo.com/
5. Tent Image: https://pixabay.com/en/tent-sport-leisure-camping-outdoor-1324847/
6. Light bulb: http://www.lgam.info/ideas
7. Backcountry companies Images: https://www.backcountry.com/
Slide 3 – N/A
Slide 4
1. Amazon Image: https://www.wired.com/2011/09/amazon-bigger-than-tablet/
2. Store Closing Image: http://www.pennlive.com/news/2017/07/retailer_shutting_1000_stores.html
3. Mobile Shopping Image: http://maxpixel.freegreatpicture.com/Mobile-Phone-Shopping-Online-Clothing-2900303
4. Mobile Shopping Image: http://maxpixel.freegreatpicture.com/Mobile-Phone-Shopping-Online-Clothing-2900303
Slide 5
1. Sport Chalet Closing Image: https://drawinglics.com/photos/983931/its-over-sport-chalet-closing-all-stores-ends-online-
sales.py
2. Hudson Trail Outfitters Image: https://www.yelp.com/biz/hudson-trail-outfitters-rockville-3
3. Sports Authority Closed Image: http://money.cnn.com/2016/03/03/news/sports-authority-stores-closing/index.html
4. MooseJaw+Walmart Image: https://techcrunch.com/2017/02/15/walmart-acquires-outdoor-retailer-moosejaw-for-51-million/
Slide 6
1. Outdoor climbing Image: http://maxpixel.freegreatpicture.com/Man-Outdoors-Guy-Hiking-Adventure-Trekking-People-
2618010
2. Outdoor Industry Association Image: https://outdoorindustry.org/
3. Outdoor gear Image: https://pixabay.com/en/hiking-map-orientation-hiking-shoes-1312226/
4. Shopping Bag Image: https://pixabay.com/en/bag-purchasing-shopping-bag-sale-1230527/
5. Rafting Image: https://pixabay.com/en/rafting-rubber-boat-river-2224487/
6. Camping Image: https://pixabay.com/en/camping-nature-guitar-cold-holiday-1646504/
7. .Hiking Image: http://www.scott.af.mil/News/Article-Display/Article/159978/singles-trip-airmen-hike-into-ozark-mountains/
Slide 7
1. Adventure Tourism Image: Adventure Tourism Development Index, 2016 Report, published September 2016
2. Top Outdoor activities chart: Outdoor Participation Report 2017
Slide 8
1. Paddle Sorts Retail show logo: https://www.paddlesportsretailer.com/
2. Paddle boarding image:
Slide 9
1. Kayaking Growth Chart: https://www.npd.com/wps/portal/npd/us/news/press-releases/2016/as-warmer-weather-
approaches-recreation-kayak-sales-see-double-digit-growth-driven-by-fishing-kayaks-npd-reports/
Slide 10
1. Alite Image: https://alitedesigns.com/
2. Cotopaxi Image: https://www.cotopaxi.com/
3. REI Image: https://www.rei.com/
4. Hipcamp Image: https://www.hipcamp.com/
Slide 11
1. Packing box Image: https://pixabay.com/en/box-paper-delivery-box-1252639/
2. Outdoor Paddling Image: https://pixabay.com/en/paddle-board-lake-water-paddle-1629165/
Slide 12
1. Goat chasing Images: https://www.backcountry.com/
Slide 13
1. Backcountry.com Reviews: https://www.glassdoor.com/index.htm
2. REI Statistics: https://www.rei.com/
3. Cotopaxi: https://www.cotopaxi.com/
Slide 14
1. Camping Image: https://pxhere.com/en/photo/206150
2. Basin & Range Image: https://www.backcountry.com/
Slide 15
1. Cotopaxi Image: https://www.cotopaxi.com/
2. Couch Potato Image: https://www.flickr.com/photos/richardsummers/542629880
3. Gear Trade Image: https://www.geartrade.com/
Slide 16
1. Plant with Money Image: This Photo by Unknown Author is licensed under CC BY-NC
2. M&A Image: http://creative-commons-images.com/handwriting/m/mergers-acquisitions.html
Slide 17
1. Backcountry office 1: https://www.glassdoor.com/Photos/Backcountry-com-Office-Photos-E39515.htm
2. Backcountry office 2: https://www.glassdoor.com/Photos/Backcountry-com-Office-Photos-E39515.htm
Slide 18 – N/A
Slide 19
1. REI Logo: https://www.rei.com/
Slide 20 – N/A
Slide 21
1. Amazon Logo: https://www.amazon.com/
Slide 22
1. MooseJaw Logo: https://www.moosejaw.com/moosejaw/shop/home
2. Walmart Logo: https://www.walmart.com/
Slide 23
1. Aamzon/whole Foods Image: http://money.cnn.com/2017/11/15/news/companies/amazon-whole-foods-price-
cuts/index.html
2. Moosejaw & Walmart Image: https://techcrunch.com/2017/02/15/walmart-acquires-outdoor-retailer-moosejaw-for-51-
million/
Slide 24
1. The Grass Roots Outdoor Alliance Logo: https://www.grassrootsoutdoors.com/
2. Bullseye Image: https://pixabay.com/en/target-aim-darts-dart-board-297821/
Slide 25
1. Outdoor Shop: https://gearpatrol.com/2016/06/20/best-outdoor-stores-america/
Slide 26
1. Backpacker Logo: https://www.backpacker.com/
2. Outside Logo: https://www.outsideonline.com/
3. National Geographic Logo: https://www.nationalgeographic.com/
4. RootsRated Logo: https://rootsrated.com/
Slide 27
1. Outdoor Paddling: http://maxpixel.freegreatpicture.com/Kayak-Lake-Adventure-Exercise-Clear-Water-Female-1836601
2. Outdoor running: https://pixabay.com/en/hikers-mountain-sunset-hiking-1147796/
3. Outdoor Skiing: http://maxpixel.freegreatpicture.com/Ski-Snow-Skiing-Kid-Person-Boy-Cold-Goggles-1835416
Slide 28
1. Outdoor Participation: https://outdoorindustry.org/participation/outdoor-foundation-research/
Slide 29
1. Backcountry Logo: https://www.backcountry.com/
Slide 30
1. Bergzeit logo: https://www.bergzeit.co.uk/
2. Idaho Mountain Touring logo: https://www.idahomountaintouring.com/
3. USOUTDOOR.com logo: https://www.usoutdoor.com/
4. Summit Hut logo: http://www.summithut.com/
5. Tower paddleboards logo: https://www.towerpaddleboards.com/
6. Rutabaga logo: http://www.rutabaga.com/
7. Black Creek Outfitters logo: https://blackcreekoutfitters.com/
8. NOC logo: https://noc.com/
9. Evo logo: https://www.evo.com/
10. Campsaver logo: https://www.campsaver.com/
11. Campmor logo: https://www.campmor.com/

84. Image Attributions
Slide 31
1. Evo image: https://www.evo.com/
2. Bryce Philips image: https://www.powder.com/the-peoples-skier/
3. Evo Store image: https://www.powder.com/the-peoples-skier/
Slide 32
1. Evo Store 1: https://www.evo.com/locations
2. Evo Store 2: https://www.evo.com/locations
3. Evo Store 3: https://www.evo.com/locations
4. Evo Store 4: https://www.evo.com/locations
Slide 33
1. Evo logo: https://www.evo.com/
Slide 34
1. Maximilian Hofbauer Photo: www.soq.de/5-fragen-an-maximilian-hofbauer-geschaeftsfuehrer-bergzeit/
2. Bergzeit store: https://www.yelp.com/biz/bergzeit-alpin-holzkirchen?page_src=best_of_yelp
3. Bergzeit logo: https://www.bergzeit.co.uk/
Slide 35
1. Bergzeit logo: https://www.bergzeit.co.uk/
Slide 36
1. Woman SUP boarding image: https://blackcreekoutfitters.com/lessons-classes/sup-lessons/
Slide 37
1. Black Creek logo: https://blackcreekoutfitters.com/
2. Outfitters review 1:
https://www.google.com/search?q=blackcreek+outfitters+google+reviews&ie=&oe=#lrd=0x88e5caa041cd652d:0x5134
e1b43789e993,1,,,
3. Outfitters review 2:
https://www.google.com/search?q=blackcreek+outfitters+google+reviews&ie=&oe=#lrd=0x88e5caa041cd652d:0x5134
e1b43789e993,1,,,
4. Outfitters review 3:
https://www.google.com/search?q=blackcreek+outfitters+google+reviews&ie=&oe=#lrd=0x88e5caa041cd652d:0x5134
e1b43789e993,1,,,
5. Boat image:
https://www.facebook.com/BlackCreekOutfitters/photos/a.465892181953.253779.35045571953/10154327485326954/
?type=3&theater
6. SUP boarding image:
https://www.facebook.com/BlackCreekOutfitters/photos/a.465892181953.253779.35045571953/10154545297336954/
?type=3&theater
Slide 38
1. Black Creek logo: https://blackcreekoutfitters.com/
Slide 39
1. Campmor logo: https://www.campmor.com/
Slide 40
1. Campmor google ratings: Google ratings
2. Campmor google review:
https://www.google.com/search?safe=active&ei=pVM6Wv2RNsjWjwO_7Z5w&q=campmor+nj&oq=campmor+nj&gs_l=
psy-ab.3..0l2j0i22i30k1l4.9376.13238.0.13655.18.9.1.0.0.0.219.1185.1j6j1.8.0....0...1.1.64.psy-
ab..11.7.1019...0i67k1.0.z2oPMzZUkQE#lrd=0x89c2e4d76cc1f241:0x109b3a2dbb4e88af,1,,,
3. Campmor store image: https://outdoors.campmor.com/welcome-to-the-campmor-outdoors-blog/
Slide 41
1. Campmor logo: https://www.campmor.com/
Slide 42
1. Campsaver store image:
https://www.google.com/maps/uv?hl=en&pb=!1s0x8754807b0914474d%3A0x15df84ad7be0e328!2m21!8m3!7m2!3
e3!4e18!16m16!1b1!2m2!1m1!1e1!2m2!1m1!1e3!2m2!1m1!1e6!2m2!1m1!1e4!2m2!1m1!1e5!3m1!7e115!4shttps%
3A%2F%2Fpicasaweb.google.com%2Flh%2Fsredir%3Funame%3D115506542744858976962%26id%3D6359208830240
594962%26target%3DPHOTO&imagekey=!1e10!2sAF1QipMd0rld3h6deQWG4-
H_oFRq8WXrcnKR370z0tQm&sa=X&ved=0ahUKEwj9j_68yJjYAhVBS2MKHfxOBCsQoioIhwEwCg&activetab=in-store
2. Campsaver logo: https://www.campsaver.com/
Slide 43
1. Campsaver store image: https://www.yelp.com/biz/camp-saver-nibley
2. Campsaaver review:
https://www.google.com/search?q=campsaver+nibley,+UT&ie=&oe=#lrd=0x8754807b0914474d:0x15df84ad7be0e32
8,1,,,
Slide 44
1. Campsaver logo: https://www.campsaver.com/
Slide 45
1. Idaho Mountain Touring Logo: https://www.idahomountaintouring.com/
2. Idaho Mountain Touring Store:
https://www.google.com/maps/uv?hl=en&pb=!1s0x54aef8e64f8e0495%3A0x2f56ba52cd83e9d1!2m22!2m2!1i80!2i8
0!3m1!2i20!16m16!1b1!2m2!1m1!1e1!2m2!1m1!1e3!2m2!1m1!1e5!2m2!1m1!1e4!2m2!1m1!1e6!3m1!7e115!4shttp
s%3A%2F%2Fpicasaweb.google.com%2Flh%2Fsredir%3Funame%3D114886102639898299925%26id%3D64345941329
52195298%26target%3DPHOTO!5sidaho%20mountain%20touring%20boise%20-
%20Google%20Search&imagekey=!1e10!2sAF1QipN5_zf6UsMlGULgcPfuaOXNy8ZyvZiVHwKEEm4r&sa=X&ved=0ahUK
Ewj_guGIypjYAhVB3mMKHU7RBicQoioIgAEwDA
Slide 46
1. Idaho Mountain Touring Bike Jersey: https://www.idahomountaintouring.com/product/pearl-izumi-idaho-mountain-
touring-pbr-jersey-17966.htm
2. Idaho Mountain Touring Logo: https://www.idahomountaintouring.com/
3. Idaho Mountain Touring Store: https://www.idahomountaintouring.com/contact/customer-service-pg325.htm
Slide 47
1. Idaho Mountain Touring Logo: https://www.idahomountaintouring.com/
Slide 48
1. Sutton Bacon Image: https://www.capitalatplay.com/growing-on-the-river/
2. NOC logo: https://noc.com/
Slide 49
1. NOC Google Review:
https://www.google.com/search?safe=active&ei=bqs7WrDwDY3YjwPr7KSYCQ&q=NOC+Store&oq=NOC+Store&gs_l=
psy-ab.3..0l6j0i22i30k1l4.4806.6248.0.6385.9.8.0.0.0.0.136.903.1j7.8.0....0...1.1.64.psy-
ab..1.8.902...0i67k1j0i131k1j0i131i67k1j0i10k1.0.cD-QHCd4MHQ#lrd=0x885934cab03c8a47:0xb8200aac785b701b,1,,,
2. NOC Yelp Review: https://www.yelp.com/biz/nantahala-outdoor-center-bryson-city
3. NOC Rafting Image: https://www.capitalatplay.com/growing-on-the-river/
4. NOC Awards: https://noc.com/
Slide 50
1. NOC Restaurant: https://noc.com/places/restaurants
2. NOC Paddle boarding image: https://noc.com/
3. NOC facilities: https://noc.com/stay-at-noc/dogwood-motel
4. Ziplining image: https://noc.com/trips/mountaintop-zip-line-tour
Slide 51
1. NOC logo: https://noc.com/
Slide 52
1. Darren Bush Photo: www.prweb.com/releases/rutabagapaddlesports/kayakshop/prweb10269323.htm
2. Rutabaga logo: http://www.rutabaga.com/

85. Image Attributions
Slide 53
1. Canoecopiaa Logo: www.canoecopia.com/canoecopia/page.asp?pgid=1001
2. Darren Bush photo: https://www.snewsnet.com/gear/hot-not-rutabaga
3. Paddlesports Retailers logo: https://www.paddlesportsretailer.com/
4. Paddlesports retail show image: https://www.paddlesportsretailer.com/
Slide 54
1. Ratings Image 1: https://www.facebook.com/rutabagapaddlesports/
2. Rutabaga boating image:
https://www.facebook.com/rutabagapaddlesports/photos/a.10155294634719121.1073741837.177747399120/101552
94635194121/?type=3&theater
3. Google review 1: https://www.google.com/search?safe=active&ei=L607WsjPJ9-
qjQObmpigCg&q=rutabaga+paddlesports+store&oq=rutabaga+paddlesports+store&gs_l=psy-
ab.3...5248.7570.0.7678.7.7.0.0.0.0.125.733.3j4.7.0....0...1.1.64.psy-
ab..0.5.544...0j33i21k1j0i22i30k1j33i160k1.0.iTAbrB143q0#lrd=0x88065228aafc31f3:0x97d5ce84f6b03e96,1,,,
4. Facebook review: https://www.facebook.com/rutabagapaddlesports/
5. Google Review 2: https://www.google.com/search?safe=active&ei=L607WsjPJ9-
qjQObmpigCg&q=rutabaga+paddlesports+store&oq=rutabaga+paddlesports+store&gs_l=psy-
ab.3...5248.7570.0.7678.7.7.0.0.0.0.125.733.3j4.7.0....0...1.1.64.psy-
ab..0.5.544...0j33i21k1j0i22i30k1j33i160k1.0.iTAbrB143q0#lrd=0x88065228aafc31f3:0x97d5ce84f6b03e96,1,,,
Slide 55
1. Rutabaga logo: http://www.rutabaga.com/
Slide 56
1. Summit Hut logo: http://www.summithut.com/
2. Summit Hut owners photo: http://www.summithut.com/pages/about-us/
Slide 57
1. Summit Hut logo: http://www.summithut.com/
Slide 58
1. Summit Hut logo: http://www.summithut.com/
Slide 59
1. Stpehen Aarstol photo: https://www.towerpaddleboards.com/v/stephan-aarstol.htm
2. Tower Paddleboards Logo: https://www.towerpaddleboards.com/v/tower-paddle-boards-press.htm
Slide 60
1. Tower paddle board image: http://thewetlife.com/tower-inflatable-paddle-board-sup-
review/#iLightbox[gallery1094]/0
2. Tower retail store image: https://www.towerpaddleboards.com/v/sup-retail.htm
Slide 61
1. Tower paddle boards logo: https://towerpaddleboards.recruiterbox.com/
Slide 62
1. USOUTDOOR.com logo: https://www.usoutdoor.com/
2. US outdoor store image: https://www.usoutdoor.com/about-us/
Slide 63
1. US Outdoor Store Image: https://www.yelp.com/biz/us-outdoor-store-portland
2. Yelp Review: https://www.yelp.com/biz/us-outdoor-store-portland
Slide 64
1. USOUTDOOR.com logo: https://www.usoutdoor.com/
Slide 65 – N/A
Slide 66 – N/A
Slide 67
1. Backcountry logo: https://www.backcountry.com/
Slide 68
1. Guide to Giving: https://balancebydeborahhutton.com.au/a-guide-to-giving-cotopaxi/
2. REI OPT Outside: http://summittoshore.blogspot.com/2015/11/optoutside.html
3. Cotopaxi Image: https://www.active.com/lehi-ut/adventure-racing/races/cotopaxi-24h-questival-2014
4. Patagonia Jacket : http://www.adweek.com/brand-marketing/ad-day-patagonia-136745/
Slide 69
1. Backcountry glassdoor rating: https://www.glassdoor.com/Reviews/Backcountry-com-Reviews-E39515.htm
Slide 70
1. Bain & Range Image: https://www.trademarkia.com/basin--range-86631747.html
2. Stoic photo: https://www.backcountry.com/sc/exclusive-brands
Slide 71
1. Campmor logo: https://www.campmor.com/
2. Black Creek logo: https://blackcreekoutfitters.com/
3. Bergzeit logo: https://www.bergzeit.co.uk/
4. Evo logo: https://www.evo.com/
Slide 72 – N/A
Slide 73 – N/A
Slide 74
1. Backcountry.com Indeed.com ratings: https://www.indeed.com/cmp/Backcountry
Slide 75
1. REI Indeed.com ratings: https://www.indeed.com/cmp/Rei
Slide 76
1. Moosejaw Indeed ratings: https://www.indeed.com/cmp/Moosejaw
Slide 77
1. Amazon Indeed ratings: https://www.indeed.com/cmp/Amazon.com
Slide 78
1. Sierra Trading Post Indeed ratings: https://www.indeed.com/cmp/Sierra-Trading-Post