Major growth could come in California and New York, two states where Cabela's does not have a location, yet has a significant subscriber base to the company's catalog, Castner says. Management is also looking north of the border. "Given the propensity of people who hunt and fish, we need to be there," Castner says.

Cabela's is also rolling out smaller stores. Two recent openings, in Idaho and Nebraska, have been 130,000 sf and 120,000 sf, respectively, compared with the 160,000-sf average in the chain. It's two smallest stores are 80,000 sf, a format that the company could look at opening more of as well, Castner says.

The Sydney, NE-based retailer currently sends out 121 million catalogs a year and also sells items on its website, though Castner says that 80% of its customers prefer to shop at Cabela's retail locations. Guns and ammunition are currently the retailer's best-selling items.