Housing recovery’s unlikely beneficiaries: pet stores

New York /
Dec.December 03, 2012 11:00 AM

It’s not just home supply stores like Home Depot and Lowe’s that are poised to benefit from a housing recovery; it’s also pet supply stores like PetSmart — since families are more likely to buy or adopt a pet after they close on a home.

“There’s a high correlation to housing and pet acquisition,” PetSmart CEO Robert Moran told CNBC. “Right now about 62 percent of households, which equates to 73 million households, have pets. We believe we’re incredibly well positioned if there’s any type of housing recovery to take advantage of this.”

Pet adoptions are up, according to data from the Pethealth PetPoint Report, which aggregates numbers from more than 1,000 animal welfare organizations across the country. Adoption of cats increased 4 percent in October year-over-year, following an 8 percent year-over-year increase in both August and September. Dog adoptions inched up 1 percent year-over-year in October, but like cats were up 8 percent, year over year, in August and September,

This year, PetSmart expects a comparable store sales growth of 6 to 7 percent, and a total sales growth of 10 to 11 percent, CNBC said. [CNBC]Zachary Kussin


Related Articles

arrow_forward_ios
The parcel of land in Causeway Bay (Google Maps)
Hong Kong sells Causeway Bay site for $2.5B
Hong Kong sells Causeway Bay site for $2.5B
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
Nearly half of new shops in 2021 will be dollar stores. (Getty)
2021 is raining dollar stores
2021 is raining dollar stores
National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
National chains paid 93% of rent in April
National chains paid 93% of rent in April
(RIPCO, iStock)
Target, Five Below, Smashburger open in new Brooklyn shopping center
Target, Five Below, Smashburger open in new Brooklyn shopping center
Simon Property Group CEO David Simon. (Getty, Simon)
Simon says suburbia is hot, raises guidance for 2021
Simon says suburbia is hot, raises guidance for 2021
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...