Steven Lawrence on consumer behavior
From Customer spending is bifurcated between value and newness, says Academy Sports' Steve Lawrence · · CNBC Television
“We saw a bifurcation in the customer in the first quarter. One end, the customer is gravitating towards value, any place they can stretch dollars that's working. And the other thing is newness. If we have a brand in our store less than a year, we launched Birkenstocks, Blackstone or Yeti with new colors, that's worked well for us.”
On , Steven Lawrence, Chief Executive Officer & Director at ACADEMY SPO AND OU INC, spoke about consumer behavior during Customer spending is bifurcated between value and newness, says Academy Sports' Steve Lawrence on CNBC Television.
About Steven Lawrence
In September 2023, Steve Lawrence, CEO of Academy Sports + Outdoors, discussed consumer spending trends and the company's growth plans. Lawrence stated that the company announced a new long-range plan in early April with three pillars: opening 120 to 130 new stores over five years, expanding its e-commerce business from 10% to 15% or higher penetration, and increasing productivity in existing stores. He expressed confidence in the company's plans and said the company is not focused on which competitors it takes market share from, citing its value proposition and operating model. Lawrence described a "bifurcation" in customer behavior in the first quarter of 2023, with customers gravitating toward value and toward newness, such as recently launched brands like Birkenstocks, Blackstone, and Yeti. He added that customers are not paying more for the same items, noting that supply chain pressures pushing prices up have not been accepted by consumers.