"When Mary Beth Laughton became president and CEO of Recreational Equipment, Inc. (REI) earlier this year, she inherited an organization with a rich heritage: REI was founded in 1938 by Lloyd and Mary Anderson, who joined some fellow outdoor enthusiast friends to buy ice axes that were only available in Europe at the time. Since then, REI has retained its status as a cooperative (co-op)-a $30 lifetime membership fee unlocks member rewards, discounts, and free standard shipping-and now boasts 25 million lifetime members, 195 stores,"
"Laughton came into a company that was losing money and ceding ground to competitors. REI reported a net loss of $156.4 million in 2024; revenue fell 6.2% to $3.53 billion. To reverse the slide and position the brand to become "the most trusted retailer for people who love the outdoors," Laughton last week unveiled a multi-year strategic plan that aims to leverage REI's strengths while improving retail and membership experiences. She spoke exclusively with Modern CEO about the plan."
Mary Beth Laughton became president and CEO of REI earlier this year and inherited a cooperative with 25 million members, 195 stores, and 14,000 employees. REI reported a net loss of $156.4 million in 2024 and revenue declined 6.2% to $3.53 billion. Laughton unveiled a multi-year strategic plan aiming to leverage REI's unique cooperative assets while improving retail and membership experiences. The plan centers on four priorities: evolve culture, evaluate inventory to ensure comprehensive assortments, elevate customer service and experience, and engage members. The strategy emphasizes driving profit to reinvest in communities, employees, and the business.
Read at Fast Company
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