Bass Pro Shops' CEO says brand will focus on affordability amid rising costs: 'Inflation is here'
Inflation Crisis: Can Bass Pro Stay Affordable?
Johnny Morris, CEO of Bass Pro Shops, emphasizes the company's focus on affordability despite ongoing inflation, which remains high at 3.4%. The brand ended its inflation buster savings program but continues to offer payment plans for boat purchases to maintain customer value. Additionally, Morris recently unveiled Thunder Ridge Nature Arena in Missouri, enhancing the brand's commitment to nature and conservation.
What was the peak inflation rate mentioned, and how does the current rate compare to the Federal Reserve's inflation goal?
The peak inflation rate mentioned was 9.1% in June 2022. The current inflation rate is 3.4%, which is still above the Federal Reserve's inflation goal of 2%.
What specific strategies is Johnny Morris, CEO of Bass Pro Shops, implementing to maintain affordability in response to inflation?
Johnny Morris, CEO of Bass Pro Shops, is implementing several strategies to maintain affordability in response to inflation. These strategies include:
- Ending the inflation buster savings program in late 2023, but still working with consumers on belt-tightening opportunities to combat elevated inflation.
- Focusing on delivering value to customers, a principle instilled by his father. This involves offering payment plans as low as $5 and $10 per day to make boat ownership more accessible.
- Building boats in the Ozarks and selling them directly, as well as partnering with a few select dealers. This allows the company to offer competitive pricing while maintaining quality.
These strategies demonstrate Johnny Morris' commitment to keeping his products affordable for customers, despite the challenges posed by inflation.