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We have been asked to say something about Freemasonry. This cannot be understood, however, until we have examined the original spiritual currents related to Freemasonry, which can be seen as its sources. An even more important spiritual current than Rosicrucianism was Manicheism. So first we need to speak about…
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Thanks for posting. I was looking at this also. Here are some industry/user observations from me and my friend (an avid gun guy).
1. When my wife & I visited a local store, we saw most of the folks in the gun section of the store. About 50% of the store is focused on hunting & guns but also apparel & fishing are there too. This is basically a “big box” duopoly for hunting with Cabella’s and Bass Pro Shops (BPS) as the other players Dick’s (via Field & Stream) & Gander Mountain (via bankruptcy & purchase by Camping World) have closed-down stores. In the Buffalo-Rochester-Syracuse market, you only have 3 stores to choose from (1 – SPWH & 1 each Cabella’s/BPS) in DMA of over 3 million folks with many hunters. The Rochester Gander Mountain used to sell the most guns & ammo of any store in NYS. Some Walmarts have some hunting guns & ammo but the selection is limited. The smaller shops have specialized into other areas as SPWH/Cabella’s/BPS have larger scale. Also, the reason for the merger falling apart was FTC rejection due to the potential monopoly described above.
2. It would be interesting to find what the situation is in other parts of the country. Also, as guns become more regulated it will favor large incumbents that have infrastructure to deal with the regulation. This may become a profitable niche like tobacco for convenience stores.
3. SPWH is a value targeted guns/hunting store vs. higher end Cabella’s & BPS. SPWH only has 100 stores & is located West of the Great Plains. It opened 10 stores last year. IMO it can open at least 100 more in the Midwest, East & South. They have been able to achieve 20% RoIC from new/existing stores as they are smaller than Cabella’s/BPS & focus on guns/hunting.
4. One downside is California is allowing folks to sue to gun companies & I am assuming the retailers (but they may have some protection as they follow/implement state law).