While others are floundering – Pet Smart is growing and adding 50 stores every year. How – they aim to sell for a ‘member of the family’:
“Unlike some big-box retailers — like, eh-hem, Best Buy Co. — PetSmart has seen its stock nearly triple since the 2008 financial crisis to about $71 a share.
In its most recent financial report, for the second quarter of this year, earnings were up, revenue was up, and same-store sales — the key metric for any retailer — were up 7 percent despite lackluster U.S. consumer confidence.
I wouldn’t have predicted such success. I’d read stories about the foreclosure crisis causing an increase in abandoned pets. But Moran said his company plans to keep adding 50 new stores a year for the next eight years.
In an interview, Moran said he calls this trend the “humanization of pets.”
“We have seen dogs go from the barnyard, to the backyard, to the back porch, to inside the house, to inside the bedroom, to under the sheets,” he said.
And if dogs are going to be under our sheets, they should be as clean as we are. They should at least be free of fleas, ticks and mange, necessitating a whole range of products and services that never would occur to a barnyard dog. Might as well feed them organic food and vitamins, too.”
It’s simple, really. If you connect with people, provide good service and speak to their emotions, they will stay loyal even in bad times. I can think of a few businesses that could do with this advice.