Roots: past and future

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A look at the company’s timeline and what is next,

The past. 1961: Don Green joins Michael Budman at Camp Tamakwa in Algonquin Park. The Detroit natives are enchanted by Canada’s wilderness. 1973: Budman and Green open their first Roots store, on Yonge St. in Toronto, selling the Negative Heel Shoe. The logo, featuring a beaver, will remain essentially unchanged over four decades. 1976: Roots becomes an official sponsor of the Toronto International Film Festival. Over the years, collaborations between Roots and celebrities will help its partners fulfil Albert Budman’s advice to his son: “Never, ever have an opening without a celebrity.” 1993: Roots expands to Asia, opening stores in Japan, South Korea and Taiwan. 1998: Roots begins its official Olympic involvement, outfitting the Canadian team at the Winter Games in Nagano, Japan. Roots becomes the official outfitter for members of the Canadian Olympic and Paralympic Teams from 2000 to 2004. 2001: Not everything has gone right for Roots. In 2001, Roots Air launched and closed a few weeks later. 2013: Roots collaborates with Target to launch Roots Outfitters. Roots will also become one of the creditors seeking payment when Target Canada files for bankruptcy protection in January 2015. The future. Erol Uzumeri, a founder partner of Searchlight, was formerly head of private equity for the Ontario Teachers’ Pension Plan. Uzumeri said his firm bought into Roots because he is a longtime fan of the brand. “We feel they occupy a niche and we saw an opportunity for continued growth,” said Uzumeri. “We love iconic heritage brands.” There are currently 115 stores in Canada, 125 in Taiwan and China and five in the U.S. Uzumeri sees potential for as many as 20 to 30 more stores in Canada over the next several years, as well as in U.S. border states and in European countries with similar climates. He also sees potential for a bigger wholesale market in the U.S., selling to retailers such as Nordstrom. He’s targeting key, high-end malls for growth in Canada. Retail analyst Mark Satov, of Satov Consultants Management, says Roots needs to innovate more in order to remain relevant. “They haven’t done enough new stuff alongside their classics,” says Satov.