I remember my first caving course from 20 years ago. I was so excited, and like many beginners in a sports activity, I had zero equipment. Not only did I not have a tent, but I also had never been camping before.
Fast forward to 20 years later, and I am a caving instructor with three tents, several helmets, harnesses, lights, ropes, and a ton of other equipment.
Back then, I couldn’t afford any of it. I was a high school student, so I borrowed or bought used items, and saved money to buy items one by one. Good and affordable sporting retailers were my go-to places, and they still are.
Currently, the industry is experiencing a participation paradox. In 2024, the outdoor participant base reached a record 175.8 million people (57.3% of the U.S. population), according to data from the Outdoor Industry Association (OIA).
Despite the higher number of sports enthusiasts, however, retail growth only saw modest 1% growth in 2024, with outdoor retail sales totaling $28 billion, according to OIA’s report.
As expected with more people involved in the activities, casual product categories drove more sales than technical gear, reflecting a broader shift in consumer behavior.
In addition to equipment sales declines, outdoor retailers have also faced increasingly price-sensitive consumers, inflationary pressure, higher rents, and more competition from big-box retailers and online sellers.
These challenges have forced another sporting goods retailer to shut its doors.
Wilderness Exchange closes its doors after 26 years
A staple for outdoor enthusiasts in Denver for 26 years, Wilderness Exchange is set to close its doors on March 29. The store located at Platte and 15th streets has been known for providing a vast variety of affordable consignment, overstock, and used equipment, reported The Denver Post.
Moreover, the store was popular for selling brand-name gear at a fraction of the price, with some items going at a 80% discount.
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Owner Don Bushey announced the closure in a recent blog post.
“For 26 years, we’ve had the privilege and honor of serving the Denver and greater Front Range outdoor community. For 26 years, our customers and our staff have shared so many wild experiences — from our vast backyard playground at the foot of the Rockies to the ends of the earth,” Bushey stated.
The retailer opened in 2000, the same year that outdoor retail giant REI opened its Denver flagship, and just a few hundred yards away. Despite this fierce competition, Wilderness Exchange managed to differentiate itself through its offering and approach, building its own dedicated following, writes Denverite.
In late 2024, the store closed for extensive renovation. The following year it reopened, but also rebranded as a Black Diamond store on the main floor and as Wilderness Exchange in the basement.
A store employee confirmed to the Denverite that the Black Diamond portion of the store would also shut its doors.
Wilderness Exchange will continue operations online
Bushey didn’t disclose why Wilderness Exchange is closing, but he highlighted its mission once again.
“Having adventures — finding our place under the sun- writing our own epics; it’s a story that has been told and keeps writing itself in mountain shops — around campfires — from generation to generation. The wilderness teaches us a timeless lesson that lies at the heart of what it means to be human and alive. In this sense, Wilderness Exchange has always been way more than just a shop; it’s been a living and breathing community.”
Additionally, Bushey noted that the business will continue with its online business, and thanked Denver for “a great run.”
“We have always believed in the basic truth that the outdoors belongs to everyone,” he said.
AS project/Shutterstock.com
Sporting goods and outdoor gear retailers have been struggling
While reasons for the Wilderness Exchange sudden closure weren’t revealed, it is important to mention that the last couple of years have been challenging for retailers across many industries.
In fact, more than 8,100 stores closed across the country in 2025, up roughly 12% from 2024, according to retail industry analytics company Coresight Research, and as reported by CBS News.
Several industry reports reveal four key reasons why sporting goods and outdoor equipment retailers are at risk in 2026.
- The “casualization” of the outdoors: While participation is at a record high, most new participants are “casual” users, and they now drive more than 90% of market spending, according to the OIA 2025 Outdoor Consumer Trends Report. This shift in consumer behavior directly impacts specialty stores that depend on high-margin, technical gear.
- Tariff challenges: Recent geopolitical developments and enacted tariffs on various imported goods, and technical apparel and footwear already face “some of the highest baseline import duties under the tariff code — somewhere between 15% and 37%,” according to data from SwitchBackEvent. Moreover, iconic outdoor retailer Orvis has announced store closures, citing the “unprecedented tariff landscape,” as previously reported by TheStreet.
- Competition from big-box giants: Large players like Dick’s Sporting Goods and Academy Sports are aggressively expanding, making it harder for smaller, local stores to stay in the game. More precisely, big-box chains now control 73% of all outdoor retail sales, while independent specialty shop sales declined by 1% in the last year, according to OIA and as reported by SGB Media.
- Direct-to-consumer (DTC) growth: Major outdoor brands are increasingly bypassing retailers to sell directly to consumers online. DTC now accounts for roughly 35% of major outdoor brand revenue, according to Rawshot.ai: Outdoor Apparel Industry Statistics 2026.
John Mercer, head of global research at Coresight Research, explained that legacy retailers are also affected by online giants.
“We think Temu and Shein together worldwide are a $100 billion threat effectively to retailers. “We reckon they made about $100 billion in global sales last year. The vast majority of that will be peeled away from legacy retailers… taking sales, taking market share at their expense,” Mercer told Fox Business.
Outdoor and sporting goods retailers closing stores
- Orvis: Plans to shut 31 full-price stores and five outlets by early 2026 to rescale amid high tariffs and shifting demand, according to previous reporting by TheStreet.
- Moosejaw: Shuttered its final physical stores and fully integrated its website into Dick’s Sporting Goods’ Public Lands in August 2024, according to the Detroit Free Press.
- Bob’s Stores: Liquidated and permanently closed all locations in July 2024 after failing to secure bankruptcy financing, according to TheStreet.
- Eastern Mountain Sports (EMS): Liquidated a significant portion of its store fleet in 2024, with only a small number of stores saved by a new buyer, reported TheStreet.
- Next Adventure: This Portland institution announced it would close all locations by late 2025 due to owner retirement and economic pressures, according to Next Adventure FAQ.
- Liberated Brands (Quiksilver/Billabong): Filed for Chapter 11 in February 2025 and announced the closure of all 122–124 U.S. retail locations, according to prior reporting by TheStreet.
- Foot Locker & Champs Sports: Projected to close 400 underperforming mall-based stores by 2026 to focus on “experiential” standalone concepts, wrote TheStreet.
- JAX Ames Outdoor Gear: Liquidated its 70-year-old Iowa location and closed permanently in August 2025 to wind down operations, according to Iowa State Daily.
- Big 5 Sporting Goods: Closed eight stores in early 2025 and planned approximately seven more closures to optimize its footprint against macroeconomic headwinds, according to SGB Media.
- Gamma Sports: The tennis and pickleball brand filed for Chapter 11 bankruptcy in March 2026 due to slowing demand and internal litigation, according to prior reporting by TheStreet.
- Sportsman’s Warehouse: Identified at least five underperforming stores for closure in early 2026 as it struggles with high debt and declining margins, according to TheStreet.
- HatStop: This regional headwear and fan-apparel chain filed for Chapter 11 bankruptcy in January 2026 after closing three of its five locations, TheStreet previously reported.
- Eddie Bauer (retail operator): The U.S. physical retail operator for the brand filed for bankruptcy in early 2026 and began winding down its store count, wrote TheStreet.
Outdoor enthusiasts and Wilderness Exchange customers react to the closure
On platforms including Reddit and Instagram, a number of Wilderness Exchange customers expressed frustration over the changing character of the neighborhood. Users widely acknowledged the store as a necessary, technical alternative to the nearby flagship REI.
While many were saddened to lose the physical store, a few users commented that high prices, aggressive competition, and rising commercial rents made the store closure inevitable.
“It was the last truly great consignment store for technical gear. This is such a bummer. Now we’re stuck with REI and their very beginner selection of climbing and mountaineering gear,” wrote user kddog98.
User Skico42 echoed that thought. “This is really sad news. I always thought they provided the counterargument to the flagship REI just down the block. I have gotten so much gear from them and at the gear swaps over the years. I wonder who will fill this void?”
“It’s always been more than a shop. I’m so grateful that I was able to have started a career here, and that it brought so many amazing people into my life. WEU4E,” wrote Instagram user theheavymetal.hashira.
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