Shopping & Retail Franchise Prospects
Quick Info on the Shopping and Retail Industry
- Retail is the largest private employer in the US, directly and indirectly supporting about 42 million jobs. This translates to $1.6 trillion of labor income and a $2.6 trillion annual contribution to the country’s GDP
- Due to developments in online shopping, traditional retail has faced challenges. Chief among these challenges stems from the growth of Amazon, including their Amazon Prime option
- Franchises can connect with local vendors and local community needs. This presents a huge advantage that franchises are using against the growing e-commerce competition
- Most retail companies are in fact small businesses and franchises and nearly all retail businesses employ less than 50 people. Furthermore, franchise retail products were predicted to see a 5.5 percent growth in financial output in 2017.
- more retail services are looking to improve and push for improved, affective customer service. With about 97 percent of consumers saying that customer service ranks as “very important” or “somewhat important” in their retail experience, the industry is looking to improve this experience.
- A knowledge of current trends and markets can give any retail franchise an edge over their competition when it comes to marketing campaigning.