Industry analysis and trending reports for Pet Stores is showing a steady growth over the next 5 years heading into 2020. The reason is simple, pet owners love their animals as if they were family members and as such the household budget includes the necessary expenses. Moreover, the economy is influencing the spending of discretionary income with the increase in employment. According to the industry, food and services will lead the inventories for sales, boosting revenues of premium products and services beyond the current $18 billion dollars annually, by a rate of 2.8% yielding over $20 billion dollars annually. Pet ownership is expected to grow increasing the number of pet-owning households as well as number of pets per household creating a market demand that’s expected to continue into 2020.
The biggest challenge in the market like any other business is competition between small neighborhood stores and large retailers. Consumers are cost sensitive even for basic pet supplies, so the competition from supermarkets, discount department stores and online-only retailers is expected to speed up as consumer spending increases with the larger chains holding on to the lion’s share of the market.
There’s also a second challenge that is overlooked by some and
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The store’s inventory consist of the best and newest product lines in nutrition – ensuring good, better, best options for the pet’s health. Affordable product line options for all income levels and merchandise selections will be organized and arranged throughout the store. Food is the absolute most important product any pet store business sells, because a pet’s health and wellness are dependent on the maintenance of a healthy diet. For this reason Neighborhood Pet employees will be educated about proper pet nutrition, and the best pet food brands on the