Goodbye, Topgolf. Hello, Golf Ranch

Topgolf was once a Wall Street darling, riding billion-dollar growth and pandemic-era hype as its popularity exploded nationwide. But the boom has since turned into a bust: sales are sliding, the stock has collapsed 75% from its 2021 peak, and now the chain is being forced to split from Callaway. The question is simple: what went wrong?

The answer comes from former Topgolf executives Devin Charhon and Michael Canfield, who told Golf Digest in a recent interview that while Topgolf introduced many new players to the game, it failed to retain them or help them improve their swing. Recognizing this gap between entertainment golf and traditional courses, the two recently launched Blue Jeans Golf. 

Charhon and Canfield noted that Topgolf spent tens of millions building state-of-the-art facilities. Yet, the experience created little real value for customers and did not significantly improve their game. On average, customers returned less than twice a year – an obvious sign that Topgolf failed to retain them.

“The one key insight that I left Topgolf with was, ‘Hey, people love Topgolf. It’s an amazing sort of top-of-the-funnel experience to introduce people to the game. But people aren’t necessarily going back there frequently to practice and get better. It’s not a place for the core golfer. So that was kind of the thesis. This jump from entertainment golf to traditional golf is still a really big and intimidating one. How do we create the experience and the environment that should exist between those two ends of the spectrum? And how do we retain golfers?” Charhon pointed out. 

The duo left Topgolf and started a company called Blue Jeans. With the help of long-term equity and debt partners, they purchased preexisting public driving ranges, with the move to create “Golf Ranch” that blends Topgolf-style amenities (food, drinks, music, Toptracer tech) with traditional range elements (bring your own clubs, unlimited practice time, short-game areas, putting greens). The goal is to modernize aging driving ranges and build community hubs where golfers of all levels feel comfortable.  

Growth & Expansion

• First purchase: Golf Quest (Brookfield, CT) in 2021.

• By 2023: three more sites added (Richardson, TX; Lee’s Summit, MO; Kansas City, MO).

• Amenities include par-3 courses, heated bays, mini golf, batting cages, premium balls/mats, and food & beverage upgrades.

Funding & Future Plans

• Closed a $20M Series B in Sept 2025 (led by Old Tom Capital and Creator Sports Capital).

• Plans: grow to 10–12 locations by 2026, aiming for 50 total and 100k members long-term.

• Currently over 8,000 active “Ranch Pass” members ($20/month subscription).

• Positioning Golf Ranch as “Topgolf for golfers”—scalable, community-driven, and welcoming to both beginners and core players.

Apparently, golfers don’t need all the fancy gadgets at Topgolf. 

They want an actual practice facility.

Sure, maybe each bay has a Trackman, but that’s about it.

Golf Ranch’s rise and expansion come as Topgolf Callaway Brands is preparing to split into two independent companies. 

Sales for Topgolf Callaway Brands have stalled. Suggesting the Topgolf hype is over. 

The stock has tumbled 75% from the 2021 peak. 

Topgolf might be fun, but it’s expensive. The consumer has moved on. Now welcome the more affordable Golf Ranch.