Compass: Charting the Evolution of Outdoor Gear

REI History

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1938

Recreational Equipment, Inc. (REI) created by group of 23 climbers, led by Lloyd Anderson

1944

opens its first retail location - three shelves in the back of a fuel station in downtown Seattle

1953

generating $72,000 a year in sales

hire first full-time employee, Jim Whittaker (later to be first US Everest summiter)

1967

establish THAW, a product-testing subsidiary

1975

second REI store opens in Berkeley, California

1976

third store opened in Jantzen Beach, Oregon

1979

Jim Whittaker, resigns as president, after disputes with Board over growth (he starts "Because It's There" label)

1980

New President, Jerry Horn, an ex-Sears executive, begins series of expansion and acquisition

1981

acquire Mountain Safety Research (MSR)

1982

sales of $72 million, (with annual profits of almost $9 million, dispensed to co-op's 465,000 customer-owners)

1983

mail-order catalog business (five million distributed annually) generates about 25% of REI’s yearly income

Jerry Horn resigns

1987

open first store on the East Coast—Reading, Massachusetts

the co-operative now operates 17 stores

1990

22 stores in 13 states

1991

27 stores across 16 states

1993

acquire tent manufacturer Walrus, Inc.

1994

40 stores in 18 states with $432 million in sales

ranked as the sixth largest US sports apparel retailer

acquire Moss Tent

1996

open new 100,000 square feet flagship store in Seattle

establish online web presence

2000

open store in Japan

2001

sell MSR to Cascade Designs

close Japan store

2004

77 stores, with sales of almost $890 million, and profits of $25 million, with 6,500 employees

Recreational Equipment, Inc. now