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Boot Barn Has Struck Gold In Fly-Over Country, A $20 Billion Market That Most Only Look Down Upon

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Boot Barn's revenues are expected to reach ~$1.4 billion in fiscal 2022. It's only just begun to tap the potential in a niche market it estimates at $20 billion.

For at least the last ten years, long before “Yellowstone” debuted, Boot Barn has successfully followed the same basic strategy, Conroy explained, as he went on to describe the company’s “virtuous cycle of growth.”It started with expanding the customer base from its legacy Western and work-related customer to a fashion-oriented consumer drawn to its cowboy-chic.

Reflecting that elevated presentation, Boot Barn was one of the first to sign on famed bull-rider Bonner Bolton to model its updated look. Bolton has since gone on to become the face for Tom Ford’s new western-inspired cologne “Ombre Leather.” Its stores are getting a makeover too to bring them “into the 21st century,” with a more contemporary look and improved customer experience.

Explaining that its working model to open a new 10,000 sq. ft. store is that it reach $1.7 million in revenues with a three-year payback period, Conroy said its recent experience has blown that model out of the water. “Our business is about 85% store based and 15% online and that percentage has remained intact for several years in a row,” he explained. In the most recent quarter, online sales represented 16% of its total, but it grew 69.3% over two-years ago.

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