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Good morning, Jared. Another fine column today, thanks much for sharing.

RE: 'Topgolf has had a challenging last four quarters, with an accelerated decline in same-venue sales. The story is worth a full piece, and I’ll write it in the coming weeks.' I would be super curious if in researching that piece, you would also be able to aggregate any information about Top Golf-like places.

E.g. Des Moines is due to have a Top Golf open very soon. But TG was just one of 3 golf-entertainment type places that were approved to be built in 2022. I believe Suite Shots has chosen not to open its Des Moines location today, and Bombers Golf has delayed opening until next summer now. A place called Pinseekers opened late last year near the I-80/I-380 intersection. The quad cities has a place called Iron Tee. And so on.

My point is that Top Golf is not the only name in the game today. And if Des Moines/Waterloo/Iowa City/Cedar Rapids/Quad Cities people were driving over to Chicago or Minneapolis to make an event of a day at Top Golf, chances are the nearby 'generic version' are going to be considered good enough going forward, and that is less sales directly to TG.

Put another way, what I would like to know if you can find it for the future article: is the entire golf-entertainment industry decelerating or is Top Golf's product getting diluted by the imitators opening all around them?

Much thanks for whatever you may be able to dig up on it. Keep up the great work.

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