III. Industry Analysis
Humans have loved owning pets throughout all of human history. There is no bond like that with a pet, so it’s no wonder why people will do everything to give their pet the best life possible. This creates a strong demand for high-quality pet stores that provide the best food, treats, toys, and other supplies to make their pets happy.
One challenge to the industry is the increasing popularity of online stores like Chewy. These stores sell their supplies at lower prices which makes them significant competition. We will sell items both online and in-store. All pricing will be moderate so that everyone can afford the supplies they need for their pets.
Despite these challenges, pet stores are still thriving and proving to be essential businesses for pet lovers. According to Fortune Business Insights, the industry was valued at $208 billion last year and is expected to grow at a CAGR of 5.6% over the next five years. This shows that the industry is still flourishing, despite the present challenges, and will continue to thrive for the foreseeable future.