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Topgolf’s Struggles were Always Coming
Year two is when reality sets in.
Terence Daniels & TJ Schier
September 08, 2025 • Estimated Reading Time: 6 minutes
The Playbook | No. 11
Topgolf’s hype was never the whole story.
Year one is fool’s gold, year two brings sales cliffs, fading novelty, and investor panic. Guests show up less, costs pile up, and the cracks widen. The real question isn’t if Topgolf stumbles…
It’s who learns to fix the model.
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“Year one is the party, year two is the hangover”
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