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  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
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  "notes": "Uses a map-based case study to contrast Boot Barn's core customer profile with the demographic of nearby discount stores.",
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      "kind": "callout",
      "text": "Customer Demographic: Our core customer is the 25-49 year old woman, with an average annual household income of $25,000-$100,000...",
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      "text": "Typical Ross Customer: About 70% female, shopping for herself and other family members. Wide range of household incomes - 'want a bargain' versus 'need a bargain'",
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      "text": "Discount stores primarily appeal to women bargain hunters whereas BOOT's core customer has skewed to 65% men.",
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      "text": "Photos of boot sections in Ross, Gabe's, and Burlington",
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      "text": "Spruce Point has identified several newer BOOT stores located near Ross Dress For Less (Ross). One peculiar example is BOOT's Cherry Hill, NJ store which is located next to three discounts stores: Ross, Burlington and Gabe's. Discount stores primarily appeal to women bargain hunters whereas BOOT's core customer has skewed to 65% men. The discount stores also offer an assortment of workwear and western boots, though in a more limited variety.",
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      "kind": "source-note",
      "text": "Source: BURL 10-K, ROSS Aug 2023 Investor Presentation, Spruce Point research, BOOT Investor Presentation, slide 6",
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      "kind": "title",
      "text": "Is Boot Trying To Attract Women Bargain Hunters? Case Study: Cherry Hill, NJ Opened Aug 2022",
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      "evidence": "Contrasts Boot Barn's stated core customer demographic with the location strategy near discount retailers.",
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