The Journey of Brooklyn's JackRabbit Sports From Startup to Acquisition
Picture of JackRabbit Sports from its Facebook page Have you ever been one of the first people to discover a band? All you want is for them to become successful, because damn it, they deserve it. Then they get a big record deal, and they don’t play small gigs any more. Now they’re playing stadiums. Everyone…
Picture of JackRabbit Sports from its Facebook page
Have you ever been one of the first people to discover a band? All you want is for them to become successful, because damn it, they deserve it. Then they get a big record deal, and they don’t play small gigs any more. Now they’re playing stadiums. Everyone knows who they are, and no one cares that you knew them back before they were cool.
You really did want your favorite band to succeed. But now you can’t help but feel left behind.
A lot of people have similar feelings about Brooklyn’s popular running store JackRabbit Sports being sold to Finish Line’s Running Specialty Group, according to a recent piece in The New York Times.
Lee Silverman, founder of JackRabbit Sports. Photos via LinkedIn and Grete’s Great Gallop
Lee Silverman had primarily worked for tech firms when he started JackRabbit Sports in 2003. The story of how he became passionate about running is a familiar one: he sees 210 pounds on the scale, takes up running, enters marathons, loses 50 pounds, and it changes his life. What’s different here is that Silverman built a business around his new passion.
JackRabbit became a fast Park Slope favorite because of its knowledgeable and friendly staff, who had to go through eight hours of training before they were ready to help customers choose gear. Customers were put on the treadmill for slow-motion analysis to ensure they would receive the right shoe for their gait. JackRabbit created training programs, organized and sponsored races, and participated in the community.
And it wasn’t just a shoe store. They stocked gear for swimmers, cyclists, yoga practitioners, and triathletes.
One of the things that made JackRabbit successful was that he timed it right. Running was a growing sport. But Silverman’s intensity and focus on detail made JackRabbit a (pardon the pun) runaway success. It was only a matter of time before he expanded into Manhattan, with stores at Union Square and in the Upper East and West Sides. Inc. magazine recognized him as a leading Brooklyn entrepreneur.
JackRabbit had changed from a beloved neighborhood store to a New York phenomenon, a hub for runners and other athletes all over the city to not only shop, but to meet up with like-minded people.
With such a loyal fan base, many of whom would be wearing their Jackrabbit gear at JackRabbit-sponsored races that rivaled those organized by New York Road Runners, it came as a shock to hear that Silverman would sell JackRabbit Sports to a publicly traded company. They worried that JackRabbit would lose the neighborhood spirit that made it what it was.
Silverman, meanwhile, moved to Denver, where the Running Specialty Group was based, to supervise the brand. That apparently didn’t last. According to his LinkedIn page, he appears to be focused on being the owner and managing director of WIN Detergent, a popular choice for athletes trying to get hard-earned body odors out of their workout clothes.
JackRabbit loyalists have some legitimate concerns about the buyout. The new Finish Line stores won’t be stocking JackRabbit-branded gear, and specialized triathlon gear is disappearing from shelves to make room for more profitable running gear.
The demise of the Send Me Shoes feature
Hopefully, Finish Line will listen to Jackrabbit’s longtime customers and adapt to the needs of New York athletes.
As much as we all hate change — even as New Yorkers, who should be used to it by now! — it’s important to remember that this is what being a successful entrepreneur is about. Silverman saw what Brooklyn and New York needed. He kept expanding until his store was irresistible to outside investors. And though we may be sad to see him move on to his next venture, we should feel happy for him.
Or, as Michael Feigin, the “Fitness Guru,” told us:
I think Lee probably got to the point where he felt he had developed the business as far as he could without morphing it into something different. He was offered the opportunity to move on to new challenges and he took it.
If you run the same race often enough, you don’t question whether or not you’ll be able to finish. Sometimes it hurts, sometimes it doesn’t, but you know how it ends. So the challenge is gone. You need a new race, a new challenge. As much as it hurts to see him go, I’m sure his fans in the running and triathlon worlds can appreciate the need for new challenges.
Brooklyn is a laboratory for innovation. When a hometown boy (or girl) makes good, it’s worthy of celebration.
And hey… if Finish Line screws it up, there will be another Brooklyn entrepreneur to take its place. If your favorite band stops being good once they start playing arenas, maybe it’s time to check out the small clubs and see who else is coming up.
I don’t think I was that kind
http://whatyourdonotknowbecauseyouarenotme.blogspot.com/2015/05/a-bad-sign.html
Acquisitions happen. I hope that they don’t gut everything that made Jackrabbit appealing, unfortunately buyers tend to do that to maximize returns. They’ll find that cutting 2% of the inventory in one area will allow them to increase that margins on those sq ft by 100% if they sell unisex insoles instead of pedometers or something. Then in a few years jackrabbit is just a shell of what it was.
It would be nice for FL to look at JR business and say ‘they’re doing it right! lets let them keep doing it right.’