Last week, PXG opened their eleventh stand-alone store, and this one is located in Dallas, Texas. Founder and CEO Bob Parsons attended the opening in celebration.
According to Golf Digest, Parsons talked about the company’s “overly simplistic” plan for success. The opening also showcased new apparel for PXG’s high-end line, headed by Parson’s wife Renee.
“We focus on two things,” Parson said during the event. “We focus on the product. And we focus on what the people think about it. The last thing we focus on is what makes sense from a P&L standpoint because primarily unless the first two are right, well, I can tell you the answer to the other one.”
Plans for PXG include having 24 stand-alone stores by the end of next year, according to Golf Digest. They have hopes to put additional stores in Europe.
In an interview a week before the opening, Parsons said the company has done well since the pandemic. They were only closed for five days.
According to Parson’s, they were even able to give back an $8 million PPP loan because “other businesses that couldn’t get it as easily as we could needed it.”
Current data for PXG’s sales are not available, but Parsons said revenue numbers are significantly higher than what Golf Datatech has tracked for this year.
During the Dallas opening, he said these numbers are mainly due to how PXG prices their products. He added that these numbers make them a competitor for other major players.
“Honestly, we fashioned that after what Mercedes does with their AMG and also their E-Class,” he said. “When you move from up-market to down-market, it’s a lot more achievable than if you try to move from down-market to up-market. It’s almost impossible. I give you the $100,000 Volkswagen. PXG’s business was good so what I did to take advantage of that was I cut prices. By cutting prices we gave more people a reason to try it and a reason to buy it. What happened was all the other guys moved up to come up closer to us so we went right underneath them.”
Parsons said the pricing and ads are part of attracting a new audience for their company.
“The thinking there is we’re doing this to excite and charge up our customers. There’s an old saying: You can shear a sheep many times, but you can only skin him once. That’s not an original, by the way,” he said.
According to Golf Digest, Parsons ended his speech by quoting scripture.
“It’s the one where the apostles come to Jesus and say Jesus there’s a man down the road who’s healing people in your name but he’s not one of us,” he said. “Should we go stop him? And Jesus said leave him alone. If he’s not against us, he is for us. That’s my philosophy. You didn’t think I would quote Scripture to you, did you? Well, in all honesty, it’s the only one I know.”