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Happy Tails: Pet Stores in Canada Industry Market Research Report Now Available from IBISWorld
Date:6/10/2013

Los Angeles, CA (PRWEB) June 10, 2013

Despite some headwinds along the way, the Pet Stores industry has performed fairly well over the five years to 2013. Industry growth has been fuelled by high pet ownership rates, with an increasing number of "pet parents" (i.e. those who treat their four-legged companions as family members) bolstering demand. Nevertheless, says IBISWorld industry analyst Anna Son, “the recession took a toll on a number of industry operators as cash-strapped consumers turned to cheaper pet products supplied by supermarkets and mass merchandisers.” As a result, industry revenue contracted 2.1% in 2009. Revenue growth has picked up since then, though, driven by higher household income levels and rising consumer confidence that encouraged consumers to loosen up their purse strings and spend on pet products. During the past five years, IBISWorld estimates that industry revenue will grow at an average annual rate of 1.7% to $1.7 billion, including a projected 2.3% jump in 2013.

Pet stores, which are traditionally small and independently owned operations, are facing mounting competition from grocery retailers, supermarkets and mass merchandisers. In addition to luring consumers with competitive prices, these retailers offer the convenience of one-stop shopping. As a result, time-poor consumers have turned to this type of store to streamline and simplify errands. In response to heightened competition, pet stores are placing greater emphasis on providing specialty services, such as one-to-one consultation with pet nutritionists and veterinarians. “In addition, pet stores are actively engaged in community initiatives and partnerships with animal shelters, charities and adoption services,” Son says. “Such involvement helps raise consumer awareness and drives foot tra
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