If you’re looking for a growing market, it’s gone to the dogs – literally. From veterinary care to specialty pet foods to luxury boarding, the pet industry brought in $60.28 billion according to Pet Product News.
What’s driving this trend? Millennials – the first generation to fully accept the title as “pet parents,” and like any good parent, this generation of pet parents wants the best for their fur babies. Since this generation now has the buying power, it’s time to take note.
For the Love of Dogs
Some call it practice parenting. Some choose to have pets instead of children. Whatever the reason, it’s no secret Millennials love their fur babies. As spending in the pet industry grows, so do the pet-related services and businesses. In the Wilmington area, two new boarding facilities are scheduled to open including Camp Run-A-Mutt on Carolina Beach Road.
Jason Windham, with Maus, Matthews, Warwick & Co., represented the seller in the Camp Run-A-Mutt transaction. “With the population growth in Wilmington as well as pet ownership trends, a luxury boarding facility, like Camp Run-A-Mutt, is a great addition to this part of town.”
With any business, location and the area’s demographics are part of the key to success. Luckily for the pet industry and animal lovers, Wilmington makes a great place to set up shop.
“It’s just that kind of community. People have to bring their dogs on the boat. People are constantly taking their dogs everywhere. You see people at coffee shops with their dogs,” Jenna Johns, owner of Camp Run-A-Mutt said to the Greater Wilmington Business Journal. “And I think people want to spend money to make sure their dogs get taken care of the best that they can.”
Home is Where the Dogs Are
Did you know that 79 percent of pet-owning homebuyers who closed on a property this year reported they would pass up a perfect home if it didn’t meet the needs of their pets? This is according to a Realtor.com survey.
Not only was the “pet-friendliness” of the home itself a deciding factor, but the surrounding area was as well. Being near pet supply stores, trainers, dog-friendly restaurants, parks, and other pet businesses are all a big plus!
This stretches beyond single-family homes. Several apartment and multi-unit developers in the Wilmington area have already jumped on this trend by offering onsite dog parks and pet-friendly amenities.
Finding the ‘Pawfect’ Partner
As a developer or business owner in the pet industry, it’s important to work with a broker who shares your passion and understands your business. Stop by our office and you might just be greeted by one of our well-mannered dogs – thanks to MWM client, Diane Gallagher, owner of Dog Train. After years of Diane training several of our dogs, Steve Warwick helped Diane find a new location on N. Kerr to accommodate her growing business.
With over 30 years of experience in southeastern NC, we can help you take advantage of the most current opportunities in the market to make sure you find the pawfect – yep, we went there – location for your pet business.
Contact us today if we can help you buy, lease or sell commercial property.