Construction to begin this week; scheduled to open spring of 2008
SIDNEY, Neb.--(BUSINESS WIRE)--July 17, 2007--Cabela's
Incorporated (NYSE: CAB), the World's Foremost Outfitter(R) of
hunting, fishing and outdoor gear, announced today it is moving
forward with plans to build one of its popular destination retail
stores in Scarborough, Maine, within the Gateway at Scarborough
development. To commemorate the event, a special groundbreaking
ceremony will be held at the site on Tuesday, July 17, 2007 at 10 a.m.
Noted speakers and attendees will include (in speaking order) Gene
Beaudoin, Partner, FELDCO Development Corp.; John Richardson,
Commissioner of the Department of Economic and Community Development;
Jeff Messer, Chair of the Scarborough Town Council; Mr. Lynn Ferguson,
Cabela's Senior Vice President of Retail Strategy and Real Estate
Development and Barry Feldman, Partner, FELDCO Development Corp.
The 130,000-square-foot Cabela's store will be the retail anchor
for the Gateway at Scarborough, a major mixed-use development that
will include 438,000 square feet of retail, commercial and office
space. The development is located on the Haigis Parkway at Exit 42 of
the Maine Turnpike, and recently received final approval from the
Scarborough Planning Board. Construction on the retail store is
scheduled to begin this week and the store is expected to open for
business by spring of 2008.
"We are extremely pleased to announce we can move forward with
this project," said Dennis Highby, Cabela's President and Chief
Executive Officer. "The Town Council, Planning Board and other town
officials have been very supportive during this process, and we
especially appreciate the support received from local residents and
the Scarborough Economic Development Corporation. We look forward to
bringing the Cabela's retail store experience to the thousands of
loyal Cabela's customers in the region."
According to developer Gene Beaudoin, the Gateway at Scarborough
has already received necessary approvals from the Maine Department of
Transportation, the Department of Environmental Protection and the
Maine Turnpike Authority.
"The Scarborough Cabela's store is expected to attract several
million visitors a year, drawing outdoor enthusiasts and their
families from across the Northeast and Canada," said Beaudoin. "It is
estimated that the entire Gateway at Scarborough project will generate
more than $100 million in annual retail sales and provide about 800
full and/or part-time job opportunities."
In addition to Cabela's, the Gateway at Scarborough will include
approximately 68,600 square feet of complimentary retail space, three
6,000 square foot restaurant facilities, a 4,000 square foot
full-service banking facility, a 200-room hotel and approximately
80,000 square feet of professional office space. When completed, the
entire project will consist of approximately 11 separate buildings,
all in a harmonious architectural design and integrated with a network
of roads, pedestrian walkways and landscape features including ponds
"The Gateway at Scarborough will be the catalyst for drawing new
businesses to the area, helping our existing businesses grow, and
creating new property tax revenue for our town," said Harvey
Rosenfeld, president of the Scarborough Economic Development
Corporation, which has worked closely with the developer throughout
the site location and permitting process. "This project is what good
economic development is all about. It is a win-win for everyone."
To operate the new store, Cabela's expects to employ as many as
250 people from Scarborough and the surrounding area who will join the
Cabela's family of employees famous for their excellent customer
service, outdoor lifestyle and detailed knowledge of outdoor products.
Product offerings will include hunting, fishing, camping, hiking,
boating and wildlife watching gear, as well as outdoor clothing and
outdoor-themed gifts and furnishings.
Cabela's currently operates 19 retail locations and plans to open
seven additional new stores in 2007, including Gonzales, La.; Hoffman
Estates, Ill.; East Hartford, Conn.; Hammond, Ind.; Reno, Nev.; Post
Falls, Idaho; and Lacey, Wash.
The Scarborough store will be built in Cabela's trademark style
that captures the look and feel of the great outdoors. Cabela's stores
are known as top-notch educational and entertainment attractions,
mixing museum-quality animal displays, aquariums stocked with native
fish and a centerpiece indoor mountain displaying trophy animals in
realistic re-creations of their natural habitats.
Innovatively designed and showcasing thousands of products from
Cabela's world-famous catalogs, Cabela's stores are known as top
shopping and tourism destinations, drawing customers not only from the
local area, but also from hundreds of miles away.
Many traveling outdoor enthusiasts are attracted by the familiar
Cabela's script logo and the company's world-famous reputation for
quality merchandise, value and extraordinary customer service.
Features of the Scarborough Cabela's store will include:
-- A towering mountain replica, the centerpiece of the store's
open showroom, with trophy animals in re-creations of their
distinct habitats. Similar mountains, each called Conservation
Mountain, have been built in other Cabela's stores as
monuments to wildlife and salutes to the sportsmen and women
who support wildlife conservation.
-- A freshwater aquarium stocked with fish native to the area.
-- Museum-quality representations of many wild-game species.
-- A World-class Gun Library, providing gun collectors and
aficionados the opportunity to browse through a collection of
fine examples of the gun-making art.
-- An Indoor archery range where archers can test and fine-tune
-- A Bargain Cave, featuring discount prices on returned and
-- An atrium interior with authentic fieldstone accents and wood
About Cabela's Incorporated
Cabela's Incorporated, headquartered in Sidney, Nebraska, is the
world's largest direct marketer, and a leading specialty retailer, of
hunting, fishing, camping and related outdoor merchandise. Since the
Company's founding in 1961, Cabela's(R) has grown to become one of the
most well-known outdoor recreation brands in the world, and has long
been recognized as the World's Foremost Outfitter(R). Through Cabela's
well-established direct business and its growing number of destination
retail stores, it offers a wide and distinctive selection of
high-quality outdoor products at competitive prices while providing
superior customer service. Cabela's also issues the Cabela's CLUB(R)
Visa credit card, which serves as its primary customer loyalty rewards
Caution Concerning Forward-Looking Statements
Statements in this press release that are not historical or
current fact are "forward-looking statements" that are based on the
Company's beliefs, assumptions and expectations of future events,
taking into account the information currently available to the
Company. Such forward-looking statements include, but are not limited
to, the Company's statements regarding the construction and
anticipated opening date of a destination retail store in Scarborough,
Maine, and the Company's plans to open seven additional new stores in
2007. Forward-looking statements involve risks and uncertainties that
may cause actual results to differ materially from the expectations of
future results that the Company expresses or implies in any
forward-looking statements. These risks and uncertainties include, but
are not limited to: the ability to negotiate favorable purchase,
lease, and/or economic development arrangements for new destination
retail store locations; increasing competition in the outdoor segment
of the sporting goods industry; supply and delivery shortages or
interruptions; delays in traffic planning and/or road construction
around new destination retail stores; the ability to secure required
governmental permits and approvals, adverse weather conditions;
adverse economic conditions causing a decline in discretionary
consumer spending; labor shortages or increased labor costs; the
acceleration of new destination retail store openings; the cost of
fuel increasing; increased government regulation; other factors that
the Company may not have currently identified or quantified; and other
risks, relevant factors and uncertainties identified in the Company's
filings with the SEC (including the information set forth in the "Risk
Factors" section of the Company's Form 10-K for the fiscal year ended
December 30, 2006), which filings are available at the Company's
website at www.cabelas.com and the SEC's website at www.sec.gov. Given
the risks and uncertainties surrounding forward-looking statements,
you should not place undue reliance on these statements. The Company's
forward-looking statements speak only as of the date they are made.
Other than as required by law, the Company undertakes no obligation to
update or revise forward-looking statements, whether as a result of
new information, future events or otherwise.
CONTACT: Cabela's Incorporated
Joe Arterburn, 308-255-1204
Chris Gay, 308-255-2905
SOURCE: Cabela's Incorporated