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Variety Stores

Variety Stores

$1,000.00
$1,000.00
Sale Sold out

Executive summary

The Dollar and Variety Stores industry has experienced growth over the five years to 2022, as operators adopt new strategies to sustain growth. The most substantial platform for change within the industry has been its customer base. While the industry has historically targeted low-income earners, this consumer pool has expanded in recent years to include middle-class and even some high-income earners. Further, expansion in industry product portfolios to include different categories, such as healthcare products, has enabled larger operators to compete with other discount retailers. Overall, the combination of these trends has driven growth. As a result, IBISWorld expects total industry revenue to increase at an annualized rate of 3.5% to $101.3 billion, including a decrease of 0.4% in 2022 alone. In line with revenue, industry profitability is expected to increase during the same five-year period.
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Each report includes:

industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $ 0.333 of capital to $ 1 of labor; medium is $ 0.125 to $ 0.333 of capital to $ 1 of labor; low is less than $ 0.125 of capital for every $ 1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

Colloquial Terminology

BIG-BOX STORE
A retail store that is differentiated by its sheer size and large range of products, including electronics, household goods and other consumer products.

CONSUMABLES
Products intended to be used within a specific time frame. Examples include food, snacks and beverages.

FIT-OUT
The act of refurbishing a store's existing equipment or replacing it with new equipment.

HARDLINE
Products made from hard substances (e.g. plastic or metal) and those generally used in do-it-yourself projects (e.g. chemicals or paper products).

POINT-OF-SALE (POS)
A system used at checkout in retail stores using computers and cash registers to capture transaction data at the time and place of sale.

Details

The COVID-19 (coronavirus) outbreak had mixed effects on the industry; however, the results were largely positive.
Economic fallout in 2020 from the pandemic is expected to adversely affect national unemployment, decreasing consumer spending. As consumer spending contracts, the proportion of price-sensitive consumers increases, expanding customer bases for discount retailers. Furthermore, since many operators have expanded product portfolios to include items such as groceries and healthcare products, many industry establishments were deemed essential under federal guidelines. Still, stagnant business activity and threat of potential infection will offset any substantial industry gains, as smaller companies separate from national chains struggle to generate revenue.
Overall, industry revenue increased 11.9% in 2020 alone.

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