The Bass Pro Shops store in downtown Memphis, Tennessee is a true marvel. Housed in a 32-story metal pyramid on the banks of the Mississippi River, this location is the largest Bass Pro Shops in the world. With over 535,000 square feet of retail space, it’s nearly five times the size of an average Walmart. But its grandeur goes beyond its size.
Walking through the store, you’ll be immersed in a Disney-level production that showcases the best of hunting, fishing, and camping gear. The store is beautifully merchandised with man-made streams, faux cypress trees adorned with Spanish moss, and even live alligators. It’s an experience that brings back memories of old-school department stores from the turn of the century.
In those days, department stores like Macy’s and Wanamaker’s were more than just places to shop. They were centers of city life, offering restaurants, entertainment, and even child care. However, most of these stores have faded away, losing their ability to captivate customers. The rise of Walmart, Amazon, and other factors contributed to their demise. Many retailers blamed the preference for online shopping as the main culprit, but that explanation doesn’t hold up under scrutiny.
Recent data points support the idea that consumers still crave the in-person shopping experience. Despite the closure of national chains like Bed Bath & Beyond, there has been a net increase in brick-and-mortar retail stores opening this year. Notably, high-end shopping centers and malls in affluent areas have seen the most new openings. It seems consumers are willing to pay higher prices for a more pleasurable shopping experience with better service.
Bass Pro, despite not being traditionally considered a luxury store, follows the same logic. The Memphis flagship store is lavishly appointed and serves as a marketing vehicle for the brand. While it’s unclear if every aspect of Bass Pro’s business is profitable, leaked information indicates a 50 percent gross profit margin. The company is also expanding with new megastores in Texas, Ohio, and Colorado. Outdoor gear can be expensive, and Bass Pro caters to serious enthusiasts as well as suburbanites looking to embrace the outdoors lifestyle.
Unfortunately, the math for well-run stores has become increasingly difficult, especially at the lower end of the price spectrum. Companies strive to keep prices low, leading to understaffed, poorly merchandised, and disorganized stores. To succeed, retailers need to understand and prioritize the reasons why people enjoy in-person shopping. Despite the growth of online shopping, over 80 percent of retail purchases still happen in physical stores, and that number isn’t expected to drastically decrease in the near future.
One example of a unique approach to physical retail is the partnership between Forever 21 and Shein. Forever 21, a struggling company that filed for bankruptcy in 2019, will allow Shein, a popular Chinese online retailer, to stock its clothes in their stores. This “shop in shop” concept offers advantages to both companies. Forever 21 gains access to Shein’s trendy and affordable products, while Shein can showcase its clothes to American customers who value the ability to try before they buy.
In conclusion, physical retail has a staying power that should not be underestimated. People still want to leave their homes and have real-life experiences. The success of Bass Pro Shops, as well as the emergence of new retail stores, demonstrates the enduring appeal of in-person shopping. While challenges exist, retailers who prioritize creating a pleasant and engaging shopping environment can continue to thrive in this digital age.
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