Franchise Spotlight: Retail
Retail analysis shows that franchises are well placed to weather economic change.
American’s love to shop! And analysis shows that total retail sales are projected to amount to $5.94 trillion, in the US, by 2024. Retail is a huge industry and covers a wealth of different categories. Food, clothing, gifts, jewelry, videogames, flowers – you name it, someone will buy it! Unsurprisingly, there are therefore many different franchises on offer in the retail sector.
Retail franchise industry analysis
Retail can be a bumpy sector and tends to be hit the hardest by economic downturns. Being part of a franchise can be a good way to remain protected during the tough times. Franchisees can lean on the years of experience, support, marketing methods and tried and tested systems of the franchise brand during economic change, so the storm will not be weathered alone. During uncertainty, customers will turn to trusted brands and lower prices and so franchises are well placed to meet these demands.
Statistics show a dip in industry revenue in 2020, as the pandemic affected brick and mortar stores and retail outlets. However, e-commerce retail businesses have thrived. If you are not buying an online franchise, it is worth considering whether your business can be flexible and has the ability to move online. Furthermore, e-commerce businesses can be operated from the luxury of your own home and allows you more control over your working hours, which is perfect for obtaining a good work/life balance.
Retail can be a hugely exciting and lucrative industry to be part of. Do your research to ensure you get the right franchise for you and your success.