Bob Kennedy and Meb Keflezighi Buying 3 San Diego Movin Shoes Running Stores

snappyone wrote:

Boulder Running Company (3 locations) sold to RSG in June. I heard 8 million.

http://www.dailycamera.com/ci_23376554/gart-companies-division-acquires-boulder-running-company

It's crazy how quickly RSG is taking over the specialty running business nationally. BRC was easily one of the best specialty stores (all three of them) in the country and arguably one of the most profitable. Specialty is hurting with online stores thriving. These stores need to do more than simply support the local running community. They need to innovate.

I worked for Bob Kennedy for The Running Company (now the Blue Mile) in Indianapolis for quite some time. Ashley Johnson was the presence in the stores but it was very clear Bob was the brains behind the business. He's a very good business man and helped the business grow very quickly. It was a very well run business and the Kennedy's were great people to work for. My former co-worker is now managing the stores in San Diego and I know they will do well there with Bob at the top and many of the key players from The Running Company in management. It is sad to see the Blue Mile sell out, but without Bob I don't think Ashley had many options.

Many are asking:

Why is the Meb Foundation so secretive about the revenue it generates and the expenditures it incurs?

Where are the audited financial statements?

How much do Meb family members, including brother, get paid by the Foundation?

What are the travel expenses incurred?

Why does the Meb Foundation not disclose its IRS Form 990 tax filings, as required, for the past 5 years as other 501 (c) tax exempt organizations do?

Why so secretive?

RSG is making people offers they can't refuse. BRC stores are great but 8 million? The whole thing could blow up on them.

Graeme McDowell wrote:

RSG is making people offers they can't refuse. BRC stores are great but 8 million? The whole thing could blow up on them.

Can you list all the stores that RSG currently owns? Purchase date (if you know), and price paid would also be awesome. Just curious!

try 12 million

its higher than that wrote:

try 12 million

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tops $2 million , you don't know the stores , run down , zero investment by prior owner , Bob can clean up , modernize , do a little marketing and should be fine.

I think he was talking about BRC but no way it sold for 12 million. If Movin Shoes sold for 2 million the former owners got a great deal as your points about the condition of the business are accurate. Bottom line is that if you own a store and are thinking about selling the market is at it's peak. In 5 years you may not be able to sell at all and a lot of the stores RSG bought will be out of business or they will have sold all of them to Road Runner Sports.

Running category shoe sales are very hot at the moment , race participation at an all time high , great time to sell. Key will be in how RSG and other purchaser's operate the stores , if they become mini big boxes , they are dead , keep a community feel , engage the locals , build and add to the running community they will succeed.

Hansons stores will be picked up by RSG over the next year.

brc, 12 million

This is a pretty ignorant post. Movin' Shoes has been around just a bit. They were one of my first shoe sponsors over twenty years ago. If you do the math, you'll know that's before Road Runner evolved into what it is today, I think the guys had just opened the second store out in the valley when Road Runner first bought floor space. Well before online whoring became popular with the penny-wise and pound foolish crowd.

Taco Truck wrote:

Sounds like a business I would not even think of investing. Way too much competition even from smaller players like the Running Warehouse. And how about Amazon? They're selling Kinvara 3s for $60. It would have been a good business to get into in late 80s.

Movin Shoes isn't really a competitor for Roadrunner though. Yes they both have stores in San Diego, but I think that newer Roadrunner store up in Carlsbad probably does more revenue than all 3 movin shoes combined. At that store is way less busy than the first roadrunner store. I just don't know what movin shoes is really going to do differently. The only people that really know meb and bob are hardcore runners. Those guys aren't shopping roadrunner anyways.

Movin Shoes is the long-time running store in Madison, WI. It is probably from the 1970s. Is there any connection to these stores. I have bought shoes from a couple of USA 1500m Champions there and some other stellar runners.

Movin shoes has a very loyal following in San Diego. The guys that worked in those stores did a fantasic job. Hope it stays profitable.

getting stronger% wrote:

Graeme McDowell wrote:

RSG is making people offers they can't refuse. BRC stores are great but 8 million? The whole thing could blow up on them.

Can you list all the stores that RSG currently owns? Purchase date (if you know), and price paid would also be awesome. Just curious!

Run.com store locator shows all locations in RSG portfolio

FYI, bumping this thread to mention that RSG strikes again...

bought Bob Roncker's Running Spot in Cincinnati. 4 stores and has been a presence in the Cincinnati area for 32 years.