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Sharp seasons, bulky kit, and gear people research hard before buying.
Sport is brutally seasonal and the seasons are specific. Ski kit and paddleboards do not sell at the same time of year, and a business carrying both is really running two businesses with opposite calendars. That can be a strength, but only if you plan the cash around it.
Equipment is bulky and often expensive, so both shipping and stock investment run high. A rack of bikes represents a great deal of money that is not doing anything until someone buys, and the buying window may be three months long.
Buyers research heavily and compare on spec. That keeps margins under pressure and makes advertising costs meaningful, because you often pay for the click and lose the sale to someone twenty pounds cheaper.
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