Details - Information last confirmed on September 2, 2020
Successful location of nationally recognized pet brand that has been in business for 7 years. Multiple revenue streams operating including retail, food, and grooming. The Pet Stores industry will continue to capture more consumer dollars from pet owners over the five years to 2024 with revenues projected to increase at an annualized rate of 1.6% to $20.9 billion in 2024.
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The founding family opened the first location in 1977, and today they have over 50 locations nationwide. This store opened in 2014 with a strong emphasises on grooming along with all the natural food selections. Competitive Overview The Pet Stores industry will continue to capture more consumer dollars from pet owners over the five years to 2024 as pets are increasingly treated as family members. In addition to rising pet ownership, improving economic conditions will boost consumer spending on premium pet-related products and services. As a result, industry revenue is projected to increase at an annualized rate of 1.6% to $20.9 billion over the five years to 2024. 73% of millennials own pets. More than any other age group. Pet care spending in 2018 reached a record-breaking high of $72.56 billion compared to $69.51 billion in 2017, an increase of over 4 percent. Humanization and premiumization of pet care is growing with consumers driving higher spending, especially in the higher demographics.
Potential Growth The pet industry has been experiencing explosive growth. According to The American Pet Products Association, almost 85 million households have a pet and over the last 30 years pet ownership has gone from 56% to 68% of all households. Focus on home delivery and community involvement.
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