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REI Co-op introduced throughout its 2021 earnings report Tuesday (April 12) that it’s increasing its Re/Provide trade-in program and used outside gear market to all shops by the center of the yr after launching it in choose shops final yr.
The Re/Provide initiative permits co-op members to commerce in and buy used gear, which generally avoids carbon emissions of fifty% or extra. The corporate grew its used gear enterprise by 86% in 2021 in comparison with one yr earlier, in line with a press launch saying the annual outcomes.
“We’re working to create the most important market for high-quality used outside gear and attire,” stated REI Co-op Chief Buyer Officer Ben Steele within the launch. “We’re welcoming a future the place used gear and leases will make up a good portion of the co-op’s enterprise.”
Within the broader monetary image, REI Co-op ended 2021 with $3.7 billion in gross sales, up 36% from one yr earlier, and grew its membership by 1.4 million to 21.5 million members by the top of the yr, the discharge said.
“2021 was an historic yr for the co-op,” stated REI Co-op President and CEO Eric Artz within the launch. “Our co-op workforce and our companions rose to fulfill each problem, from the continued pandemic to persistent provide chain disruptions, working collectively towards a standard imaginative and prescient. Our members continued to show to REI to assist assist the need to spend extra time outdoors, and their loyalty to our enterprise allows us to proceed investing within the communities we serve.”
The REI co-op distributed a record-setting $234 million in member rewards, greater than doubling final yr’s whole, and invested $128.9 million in worker revenue sharing, retirement and efficiency incentives to greater than triple final yr’s whole, in line with the discharge.
The corporate additionally invested $7.1 million in additional than 450 nonprofit companions which are “working to deal with trade inequities and shield the planet,” the discharge said.
Merrell, Goal and Pacsun are among the many retailers which have made latest strikes to spice up secondhand gross sales of their branded attire, checking off the sustainability field and promoting the gear at a fraction of the worth of latest merchandise at a time when many shoppers are searching for offers at each alternative.
Learn extra: Secondhand Retailers Are Actively Searching for Branded Companions
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
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