CHARLESTON, SC (WCSC) - A company well known for its outdoor gear and high-priced coolers is set to open a new store in downtown Charleston.
YETI currently only operates one store in the Austin, Texas area, but according to a filing with the Securities and Exchange commission, the company anticipates it will spend between $4 million and $6 million to open a storefront in Charleston as well as Chicago, Illinois in late 2018 or some time in 2019.
A lease memorandum filed in Charleston County in mid-August states YETI will takeover 360 King Street, which measures more than 5,400 square feet. According to the SEC filing, the term of the lease is 120 months, and the monthly payments over the lease term are approximately $28,000.
Brothers Roy and Ryan Seiders founded the company in 2006, the company has continuously put off its Initial Public Offering and took it off the table as recently as March, before refiling last Friday saying it could raise $300 million which is significantly lower than the $5 billion valuation it sought two years ago.
YETI has separated itself in the cooler market because of its price point with some models reaching $400. The brand has also built up a fervent following online, with many dedicated buyers posting YouTube videos claiming it keeps ice from melting for a longer period of time than other coolers.