Recreational Equipment, Inc., known as REI, announced this morning the 26,500-square-foot store will cover two floors and offer camping, climbing, cycling, fitness, and hiking gear.
The location is the company’s first in Richmond; they have two in Northern Virginia. The company has stores in 28 states. The corporate headquarters are located in Kent, Wash.
The West Broad Village location will feature a full service bike shop, gear rentals, and educational programs. The retailer also offers adventure travel packages.
REI started as a cooperative for outdoor enthusiasts in 1938. The company still operates a customer co-op program that pays its members an annual refund on their purchases of about 10 percent, according to their website. Earlier this year $72.7 million was distributed to $3.7 million members.
According to KIRO news in Seattle, REI reported a $15 million profit from sales of $1.4 billion in 2008, a 65 percent drop in profit from the year before.