REI Co-op announced during its 2021 earnings report Tuesday (April 12) that it is expanding its Re/Supply trade-in program and used outdoor gear marketplace to all stores by the middle of the year after launching it in select stores last year.
The Re/Supply initiative allows co-op members to trade in and purchase used gear, which typically avoids carbon emissions of 50% or more. The company grew its used gear business by 86% in 2021 compared to one year earlier, according to a press release announcing the annual results.
“We are working to create the largest marketplace for high-quality used outdoor gear and apparel,” said REI Co-op Chief Customer Officer Ben Steele in the release. “We’re welcoming a future where used gear and rentals will make up a significant portion of the co-op’s business.”
In the broader financial picture, REI Co-op ended 2021 with $3.7 billion in sales, up 36% from one year earlier, and grew its membership by 1.4 million to 21.5 million members by the end of the year, the release stated.
“2021 was an historic year for the co-op,” said REI Co-op President and CEO Eric Artz in the release. “Our co-op team and our partners rose to meet every challenge, from the ongoing pandemic to persistent supply chain disruptions, working together toward a common vision. Our members continued to turn to REI to help support the desire to spend more time outside, and their loyalty to our business enables us to continue investing in the communities we serve.”
The REI co-op distributed a record-setting $234 million in member rewards, more than doubling last year’s total, and invested $128.9 million in employee profit sharing, retirement and performance incentives to more than triple last year’s total, according to the release.
The company also invested $7.1 million in more than 450 nonprofit partners that are “working to address industry inequities and protect the planet,” the release stated.
Merrell, Target and Pacsun are among the retailers that have made recent moves to boost secondhand sales of their branded apparel, checking off the sustainability box and selling the gear at a fraction of the price of new merchandise at a time when many consumers are looking for deals at every opportunity.
Read more: Secondhand Retailers Are Actively Seeking Branded Partners
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More