How a $45 fishing fly purchase built an outdoor retail empire
In short: In 1961, Dick Cabela spent just $45 on fishing flies at a Chicago expo. What began as a local newspaper advertisement in Nebraska evolved into a massive retail phenomenon, eventually becoming a multi-billion dollar subsidiary of Bass Pro Shops.
The origins of Cabela's trace back to December 1961 in Chappell, Nebraska. After an initial local advertisement yielded only a single response, founder Richard N. Cabela turned to a national audience via Sports Afield magazine. This shift transformed a small-scale operation into a growing mail-order business, which eventually moved through various locations, including a former American Legion Hall and a John Deere dealer facility in Sidney, Nebraska.
By the late 20th century, the company had expanded significantly. In 1991, it opened a 75,000-square-foot store in Sidney, and by 2014, the chain operated 50 locations across the U.S. and Canada. The retail experience was designed to be a destination, featuring wildlife exhibits, mounted animals, and aquariums. One Michigan location even drew 6 million annual visitors, becoming the state's largest tourist attraction.
The business model was diverse, with 2012 revenues split between physical retail (59%), direct sales (30%), and a financial subsidiary (11%). While hunting-related merchandise accounted for roughly half of sales, firearms and ammunition contributed about one-third. The company's trajectory changed permanently in 2017 when Bass Pro Shops acquired Cabela's in a $5.5 billion deal.
The company's history also includes complex legal and financial chapters. Cabela's engaged in patent and trademark litigation with competitors like Gander Mountain and managed a banking subsidiary, World's Foremost Bank. While the bank held over $3.7 billion in assets by late 2012, it faced a $10.1 million restitution settlement with the FDIC in 2011 regarding certain practices.
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- Summary by Intellect · source: Cabela's
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