Dick’s Sporting Goods’ Competitive Edge Is Based on Strong Relationships With Vendors and Athletes

We assign a narrow moat rating to Dick’s Sporting Goods. Although sporting goods are sold through many channels, we believe that Dick’s has earned a competitive edge based on a brand intangible asset. The retailer is a key destination for consumers and athletic apparel and equipment vendors, standing resilient while many peers have shuttered. Supporting brand loyalty, we believe consumers are drawn to a vast, on-trend product assortment and differentiated in-store experience and service model. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.