SEATTLE (BRAIN) — A week after announcing a strategic plan to employees that would involve difficult decisions to grow sales, REI Co-op said it will close three stores next year, including the New York City SoHo location.
In addition to the New York City store, REI will close its Boston location in late 2026. Its Paramus, New Jersey, store will close in Q1.
In conveying a three-year plan last week, CEO Mary Beth Laughton said the co-op will update its membership program. In May, when REI announced its yearly net sales, it said a million new members joined in 2024, with its total now more than 25 million.
Net sales for 2024 declined 6.2% year-over-year as Laughton acknowledged a challenging marketplace. Net sales for the year were reported at $3.53 billion, compared with $3.76 billion in 2023. Net loss for the year was $156.4 million, compared with $214.6 million in 2023.
The SoHo location was the first REI location to unionize, after a vote in March 2022. A year later, workers with the Retail, Wholesale and Department Store Union filed 80 nationwide unfair labor practice complaints against the outdoor retailer for bad-faith bargaining practices. That came after worker walkouts at the Boston; Chicago; and Maple Grove, Minnesota, locations.
