Cabela's® Announces Plans for Greenville, SC., Store
100,000-Square-Foot Location Scheduled to Open in Spring 2014
SIDNEY, Neb. (Jan. 15, 2013) - Cabela's Incorporated (NYSE: CAB), the World's Foremost Outfitter® of hunting, fishing and outdoor gear, announced today plans to open a store in Greenville, S.C., bringing Cabela's extraordinary retail experience to customers in Greenville and the surrounding area.
Cabela's expects to open the store - its first South Carolina location - in spring 2014. The 100,000-square-foot store will be located in Magnolia Park, a newly redeveloped shopping center located at the junction of Interstates-385 and -85 on Woodruff Road. Magnolia Park, being developed by Menin Development, already includes Costco, Regal Cinemas, Rooms to Go, Cheddar's and other retailers and restaurants, with plans for additional expansion.
"South Carolinians are part of an exceptional outdoor tradition and share the Cabela's lifestyle and values. We wanted to build a store in the Greenville area to recognize that," said Cabela's Chief Executive Officer Tommy Millner. "We are also excited about the opportunity to expand our retail footprint in the Southeast."
The store is expected to employ approximately 235 full-time, part-time and seasonal employees, and most will come from Greenville and the surrounding area. Cabela's typically attracts as staffers experienced outdoor recreationalists, who join the Cabela's family of employees known for their passion for and knowledge of the outdoors as well as excellent customer service skills.
"We are excited that Cabela's has chosen Greenville for its first South Carolina location," said Greenville Mayor Knox White. "Cabela's unique retail experience is a great fit for Greenville and will complement other unique retail offerings in Magnolia Park. We welcome Cabela's and look forward to their opening."
The building's exterior will reflect Cabela's popular store model with log construction, stonework, wood siding and metal roofing. A large glass storefront will allow customers to view much of the store's interior as they approach the building. The inside will feature the company's next-generation layout, designed to surround customers in an outdoor experience, including museum-quality wildlife displays and trophy animal mounts displayed on a mountain. The store will also feature a Gun Library, Bargain Cave, Fudge Shop and indoor archery range. The start of construction is still to be determined.
"We are pleased and proud that Cabela's has chosen Magnolia Park as their point of entry into the Southeast." said Craig Menin, President of Menin Development. "The fact that Cabela's, with all of the various options available to it, chose Magnolia speaks directly to the quality of our market and of our project. We welcome Cabela's to Magnolia and join everyone in the area as we eagerly await the opening of their store in 2014."
Also today, Cabela's announced plans to build a store in Woodbury, Minn., opening in 2014. Cabela's has previously announced plans to open stores in Saginaw, Mich.; Columbus, Ohio; Grandville, Mich.; Louisville, Ky.; Green Bay, Wis.; Thornton, Colo.; Lone Tree, Colo.; Regina, Saskatchewan, Canada; Kalispell, Mont.; Anchorage, Alaska; Bristol, Va.; and Christiana, Del. It also will relocate its Winnipeg, Manitoba, Canada, store. Currently, Cabela's operates 40 retail stores across the United States and Canada.
Cabela's stores showcase thousands of products, including hunting, fishing, camping, hiking, boating and wildlife-watching gear, as well as clothing and outdoor-themed gifts and furnishings. The company is famous for its strong brand and world-renowned reputation for delivering quality merchandise, value and legendary customer service.
About Cabela's Incorporated
Cabela's Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world's largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company's founding in 1961, Cabela's® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World's Foremost Outfitter®. Through Cabela's growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela's also issues the Cabela's CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela's stock is traded on the New York Stock Exchange under the symbol "CAB".
About Menin Development, Inc.
Menin Development, Inc. has been a privately held owner, developer and manager of commercial real estate since its founding in 1985. Menin has owned and developed in excess of $1 billion of retail and mixed use properties throughout Florida, Virginia, Tennessee, Louisiana and North and South Carolina including Downtown at the Gardens, Palm Beach Gardens, Shoppes of Jupiter, Jupiter, Florida and Downtown Short Pump, Richmond, VA. Menin currently has $400 million of mixed use commercial projects on going in South Carolina and Florida. Principals are Craig Menin, Chief Executive Officer; Rob Jacoby, Chief Operating Officer; Marc Yavinsky, Executive Vice President, and Tony Morrison, Chief Legal Officer. www.menindevelopment.com
Caution Concerning Forward-Looking Statements
Statements in this press release that are not historical or current fact are "forward-looking statements" that are based on the Company's beliefs, assumptions and expectations of future events, taking into account the information currently available to the Company. Such forward-looking statements include, but are not limited to, the Company's statements regarding opening a retail store in Greenville, S.C., in spring 2014. Forward-looking statements involve risks and uncertainties that may cause the Company's actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition that the Company expresses or implies in any forward-looking statements. These risks and uncertainties include, but are not limited to: the state of the economy and the level of discretionary consumer spending, including changes in consumer preferences and demographic trends; adverse changes in the capital and credit markets or the availability of capital and credit; the Company's ability to successfully execute its multi-channel strategy; increasing competition in the outdoor sporting goods industry and for credit card products and reward programs; the cost of the Company's products, including increases in fuel prices; the availability of the Company's products due to political or financial instability in countries where the goods the Company sells are manufactured; supply and delivery shortages or interruptions, and other interruptions or disruptions to the Company's systems, processes, or controls, caused by system changes or other factors; increased or adverse government regulations, including regulations relating to firearms and ammunition; the Company's ability to protect its brand, intellectual property, and reputation; the outcome of litigation, administrative, and/or regulatory matters (including a Commissioner's charge the Company received from the Chair of the U. S. Equal Employment Opportunity Commission in January 2011); the Company's ability to manage credit, liquidity, interest rate, operational, legal, and compliance risks; the Company's ability to increase credit card receivables while managing credit quality; the Company's ability to securitize its credit card receivables at acceptable rates or access the deposits market at acceptable rates; the impact of legislation, regulation, and supervisory regulatory actions in the financial services industry, including the Dodd-Frank Wall Street Reform and Consumer Protection Act; and other risks, relevant factors and uncertainties identified in the Company's filings with the SEC (including the information set forth in the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended December 31, 2011, and Form 10-Q for the fiscal quarter ended June 30, 2012), which filings are available at the Company's website at www.cabelas.com and the SEC's website at www.sec.gov. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. The Company's forward-looking statements speak only as of the date they are made. Other than as required by law, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.