Eyeing a Piece of the $320 Billion Furry Economy
Walmart, the retail behemoth, is extending its offerings to include something that'll make tails wag—a pioneering pet care center. Recently launched in an Atlanta suburb, this dedicated space offers a gamut of services, from basic $15 pet nail care to essential $25 rabies vaccinations. Following the addition of in-store vet services in 2019, Walmart also rolled out free virtual pet consultations for its Walmart+ members. This standalone pet center, operated in collaboration with PetIQ, a reputable name in pet wellness, aims to be the first of many, as Walmart targets a broader rollout in the near future.
Tapping into America's Pet Craze
Pet ownership is not just common but almost a norm in American households. As more people seek regular check-ups for their furry friends, the footfall in vet clinics is witnessing an upswing. This trend provides a fertile ground for enterprises to dig in.
Retail's Pivot Toward Pet Care
Adoption of pets might have seen a slowdown since the onset of the pandemic, but that hasn't dampened the spending spirits of American pet parents. A jaw-dropping $137 billion was shelled out on pet care last year, marking an 11% rise from the previous year. Other retailers are also boarding the pet care train. Lowe's is set to multiply its in-store Petco mini-stores, while Petco itself has massively expanded its veterinary services since 2018. Kohl's has even announced plans to expand its assortment of pet products.
Walmart's Strategic Move: Double-Duty Shopping
The retail giant sees an average of 31 million daily visitors, most of whom are on the hunt for budget-friendly groceries and other staples. By placing a pet care center right next door, Walmart aims to turn single-item errands into multipurpose shopping ventures. As per industry insiders like Chewy and Petco, pet owners are increasingly favoring economical pet care options, and Walmart, known for its discounts, is perfectly poised to tap into this shift in consumer behavior.
Walmart's entry into the pet care sector is more than just an expansion; it's a calculated maneuver to alter and capitalize on the shopping patterns of millions of Americans. In a market that shows no signs of contracting, Walmart's initiative could very well redefine the retail experience for pet owners.