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  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-05-08 00:00:00",
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  "notes": "The table highlights specific locations in red that contradict the CEO's stated strategy.",
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      "text": "We analyzed recent store openings and find that at least three stores were very close to Tractor Supply which is a growing competitor.",
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      "text": "CEO Conroy said that “with very few exceptions” it seeks locations near home improvement chains or sporting goods stores. We analyzed recent store openings and find that at least three stores were very close to Tractor Supply which is a growing competitor.",
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      "text": "We want to have co-tenants that are meaningful to us. So often times, we'll look at the home improvement chains or sporting goods stores where we believe we can share customers and siphon off some traffic from them. And with very few exceptions, we haven't gone off of that model.",
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      "text": "\"We want to have co-tenants that are meaningful to us. So often times, we'll look at the home improvement chains or sporting goods stores where we believe we can share customers and siphon off some traffic from them. And with very few exceptions, we haven't gone off of that model.\" — CEO Conroy, Q3'22 Jan 27, 2022",
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      "text": "Source: Spruce Point research, Q3'22 Earnings Call",
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      "text": "An Analysis of New Store Locations",
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