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  "docSlug": "3f714c68343e",
  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
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  "notes": "Uses a comparison of store formats and design to critique management's expansion strategy.",
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      "kind": "callout",
      "text": "Spruce Point does not believe that BOOT is pursuing the right strategy of expanding its physical retail footprint with an average of 10,800 square foot stores in an era where consumers are increasingly shopping online to save time and money.",
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      "text": "square footage: 14,000 sqft",
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      "text": "Spruce Point does not believe that BOOT is pursuing the right strategy of expanding its physical retail footprint with an average of 10,800 square foot stores in an era where consumers are increasingly shopping online to save time and money.",
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      "kind": "quote",
      "text": "Yes. So we have grown our new store target to be from 10,000 -- roughly 10,000 or 11,000 to 12,000 to 14,000 square feet. We've seen really nice successes. We've increased the store size.",
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      "kind": "quote",
      "text": "Yes. So we have grown our new store target to be from 10,000 -- roughly 10,000 or 11,000 to 12,000 to 14,000 square feet. We've seen really nice successes. We've increased the store size. — Goldman Sachs Conf. Sept 13, 2023",
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      "kind": "source-note",
      "text": "Source: Company store images.",
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      "kind": "table",
      "text": "Comparison of store formats: Lucchese/Tecovas (5,000 sqft, Sleek) vs Boot Barn (10,800 sqft, Warehouse)",
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      "kind": "title",
      "text": "Why Believe BOOT Is Pursuing The Wrong Strategy To Sell High-Priced, Infrequently Purchased Items In Larger And Larger Retail Stores To Mass Market",
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      "evidence": "Direct comparison of store size and design between Boot Barn and competitors.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Contradictions in BOOT's statements and actions",
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      "evidence": "Detailed critique of BOOT's big-box strategy",
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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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