Now Serving: Golfsmith Tennis
FOR IMMEDIATE RELEASE
Contact: Matt Corey
512-821-4800
matt.corey@golfsmith.com
04/21/05 - Austin, Texas–Multi-channel retailer Golfsmith International Holdings, Inc., has plans to ace a new market.
The company today announced its strategy to add tennis centers in up to 60 percent of its stores in major tennis markets by summer 2005. Golfsmith recently began operating tennis centers in Atlanta, Austin, Dallas, Denver, Houston, Orlando and the San Francisco Bay Area under the Golfsmith Golf & Tennis brand. Its 2005 plans call for a continued roll out to its stores in Chicago and future locations in Florida. Most of these states fall into the United States Tennis Association’s (USTA) top 10 regions for number of tennis players.
“Tennis is a natural complement to our national golf business,” said Jim Thompson, president and CEO of Golfsmith, a portfolio company of Atlantic Equity Partners III, L.P., a fund operated by First Atlantic Capital, Ltd. “Tennis consumers will benefit from all the best brands at guaranteed low prices, certified racquet stringing and Golfsmith’s 38 years of quality customer service.”
Tennis participation in the U.S. has remained steady since 2000 at 24 million players, according to the “2003 U.S. Tennis Participation Study” that was commissioned by the USTA and the Tennis Industry Association (TIA). According to the findings, more than 50 percent of those surveyed are regular – or “continuing” – tennis players and are also likely to play golf.
“Golfsmith’s entry into the U.S. tennis market is a positive development for the industry and the health of our game,” noted Jolyn de Boer, executive director of the TIA. “Golfsmith’s decision reinforces our belief that tennis is gaining in popularity. We hope to leverage the strength of their national brand to highlight the sport of tennis and ultimately grow the game.”
Tennis consumers will benefit from Golfsmith Golf & Tennis’:
- Choice – Golfsmith Golf & Tennis offers an extensive selection of pro-line tennis equipment, apparel, shoes and accessories from the industry’s foremost brands, such as: Adidas®, Babolat®, Dunlop®, Head®, Nike®, Prince®, Reebok®, Wilson® and Yonex®.
- Certified Racquet Stringing – In partnership with the U.S. Racquet Stringing Association, Golfsmith offers certified tennis racquet stringing and re-gripping in every store and 24-hour turnaround on all stringing services.
- Specialty Retail Services – The retailer delivers innovative services to help consumers derive the most value and satisfaction from their purchases. A sampling of services include: 115 Percent Low Price Guarantee, certified racquet stringers, Golfsmith Gift Cards and special financing programs.
- “90/90 Playability Guarantee” – Customers have 90 days to return their tennis racquet purchases and receive an in-store credit for a different tennis racquet worth up to 90 percent of the original purchase price. Golfsmith is the first golf retailer to introduce such an aggressive playability guarantee nationwide, which ultimately gives consumers the ability to buy with confidence that they can return products that don’t match their needs.
According to “The Tennis Marketplace,” the TIA’s research-based 2004 Mid-Year Executive Summary, “frequent” tennis players prefer to purchase racquets, shoes and apparel from “Pro/Specialty” retailers, such as Golfsmith Golf & Tennis.
“We believe the tennis retail market is very similar to the golf retail market in that there is a strong base of dedicated players; a fragmented national retail market; and the absence of a true national specialty brand,” said Thompson. “After serving tennis consumers for decades in the San Francisco Bay Area, we are convinced that this is a viable national market with real revenue generating potential.”
With superstores reaching from New York to California, Golfsmith is a true national retailer. Its superstores, which range in size from 10,000 to 30,000 square feet, are located in the following 16 markets: Atlanta (3); Austin (2); Chicago (4); Columbus, Ohio; Dallas (4); Denver (3); Detroit (3); Houston (3); Los Angeles (6); Minneapolis; Moorestown, New Jersey; New York (5); Orlando; Phoenix (3), San Diego and San Francisco (6).
About Golfsmith
Golfsmith International Holdings, Inc., is a multi-channel retailer of golf and tennis equipment, merchandise and training curriculum for consumers and golf clubmaking businesses. With approximately 1,200 employees worldwide, Austin-based Golfsmith today operates 47 retail superstores throughout the United States, distributes the Golfsmith golf clubmaker and golf accessories catalogs, and runs an online store at www.golfsmith.com. Through each channel, the company offers consumers a wide range of pro-line equipment and apparel, as well as Golfsmith’s proprietary golf brands. Since its inception in 1967, Golfsmith has designed and marketed golf clubs, golf club components and accessories, which today are sold under the following proprietary brands: Lynx®, Zevo®, Snake Eyes®, Golfsmith®, Killer Bee®, Gear for Golf® and Gifts for Golf®. It sells tennis equipment, apparel and services under the Golfsmith Golf & Tennis® brand. Golfsmith also conducts year-round golf training programs for clubmakers and hosts the Harvey Penick Golf Academy, which has taught Mr. Penick's renowned golf techniques to more than 17,000 golfers. The company also operates wholly owned distribution centers in the United Kingdom and Canada, and it works with distributors in Italy and Japan. Golfsmith reported fiscal 2004 net revenues of $296.2 million. Atlantic Equity Partners III, L.P, a fund operated by First Atlantic Capital, Ltd., is the majority stockholder of Golfsmith.
Links:
tennis.golfsmith.com
