REI
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| Consumers' co-operative | |
| Industry | Sporting goods and outdoor gear |
| Founded | 1938 |
| Headquarters | Kent, Washington (as of 2016), United States |
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Number of locations
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145 (May 2016) |
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Key people
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| Revenue | US$2.38 billion (2015) |
| US$136 million (2012) | |
| US$29 million (2012) | |
| Members | 6.02 million |
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Number of employees
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12,000 (2015) |
| Website | rei.com |
Recreational Equipment, Inc., commonly known as REI, is an American retail and outdoor recreation services corporation. It is organized as a consumers' co-operative. REI sells sporting goods, camping gear, travel equipment, and clothing. It also offers services such as outdoor-oriented vacations and courses.
REI operates 149 retail stores in 36 states. It also receives orders via catalogs and the Internet. REI's annual revenue for 2015 was $2.4 billion.
Lloyd and Mary Anderson founded REI in Seattle, Washington in 1938. The Andersons imported an Akadem Pickel ice axe from Austria for themselves, and decided to set up a cooperative to help outdoor enthusiasts acquire good quality climbing gear at reasonable prices.Jim Whittaker, the first American to summit Mount Everest, was hired as the first full-time employee of REI and served as CEO during the 1960s. Through the 1970s, it identified itself prominently as REI Co-op, focusing primarily on equipment for serious climbers, backpackers and mountaineering expeditions.
However, in the 1980s, with changes to its Board of Directors, the emphasis shifted toward family camping and branched out into kayaking, bicycling, and other outdoor sports. Clothing, particularly "sport casual" clothes, also became a greater part of the company's product line. Although the company remained a cooperative, providing special services to its members, the "co-op" moniker was dropped from much of its literature and advertising. Today, it is consumer-oriented goods, particularly clothing and family camping equipment, that is the mainstay of REI's business. REI continues to sell climbing and backpacking gear.
Beginning in 2014, with the introduction of the REI Co-Op line of clothing, REI has publicly re-emphasized the cooperative aspect of its business model.
In October 2015, the company launched a redesigned logo, which includes the word "co-op" for the first time since 1983. On Black Friday 2015, REI closed all of its stores, halted the processing of orders on its website, and gave all employees a paid day off. Although Black Friday has been one of REI's top 10 days for annual sales, the company abstained from Black Friday and launched an #OptOutside marketing campaign, urging people to spend their time outside. REI is the first major retailer to forgo operations on Black Friday.
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Wikipedia