Petco has opened its 100th in-store veterinary hospital, this one located in Encinitas, California.
According to the retailer, the opening of the hospital is an important step in Petco’s journey of rapid expansion into the veterinary field, given the increased need for accessible and affordable veterinary care.
“Petco has doubled its plans to expand full-service veterinary care over the past year, and we are delighted to open our 100th in-store veterinary hospital in Encinitas – a location adjacent to our offices in San Diego,” said said Mike Nuzzo, PetcoCFO and COO. “We are particularly proud to continue to expand during this time as veterinary care is in greater demand than ever. The pandemic has caused adoption and foster care rates to increase, and pet ownership is expected to increase by around 4% this year. “
Almost 70% of American households own at least one pet, according to the American Pet Products Association (APPA). Spending on pet veterinary products and care will reach about $ 30.2 billion in the United States in 2020, the Stamford, Connecticut-based group said, up about 3% from 2019. Aggregate U.S. consumer spending on pet products – including food, toys, drugs, insurance, and other supplies and services – will reach $ 99 billion this year, up about 3.4 billion dollars. % compared to the previous year. These numbers promise to increase as the rates of pet ownership among younger consumers, i.e. Gen Z and Millennials, increase.
“Millennials may be the largest generational segment of pet owners overall, but they also make up more than half of owners of reptiles, small animals and saltwater fish,” said APPA President and Chief Executive Officer Robert Vetere. “This is a very passionate, active and connected group, and it’s very exciting to see how our industry is working to meet the demands of this powerful demographic. “
Such trends, of course, are favorable for retailers such as Petco.
In-store Encinitas Hospital opening involves partnership with Austin, Texas Affordable veterinary care Thrive, with which Petco established a relationship in 2017 as a priority regional veterinary partner. Other regional veterinary partners contributing to veterinary growth plans include Global Veterinary Partners (GVP), VetnCare, and Vetco Total Care. Petco said its regional comprehensive veterinary services partnerships complement the company’s range of health and wellness services and experiences for pets and pet parents.
Petco said it has more than doubled its number of full-service in-store veterinary hospitals in the past year. The retailer’s current pet health care ecosystem includes access to preventative care, vaccination clinics, full-service hospitals, telehealth, pharmacy services, pet insurance and membership programs. Building on the growth of veterinary hospitals over the past year, Petco expects to increase momentum through the end of fiscal 2020.
“We remain committed to making positive changes to the health and well-being of companion animals, and the growth of in-store veterinary hospitals at Petco helps us deliver on this commitment,” said Dr. Whitney Miller, director of the veterinary medicine at Petco. “Our ultimate goal with rapid veterinary expansion is to provide more opportunities for pet parents to establish and maintain a lifelong relationship with their veterinarian. The continued expansion of our network and setting new growth goals allows us to make this possible for pets and pet parents on a large scale.
The growth of pet health care options in retail stores comes as other marketers expand their own human health care offerings. In September, for example, Walmart shed light on the growth of its healthcare. In addition to the six Walmart health centers currently operating in Georgia and Arkansas, the company plans to open seven more locations in Georgia by the end of the fiscal year, two in the Chicago area this fall and seven locations in Jacksonville, Fla., Area in 2021, with at least one opening early next year.
Meanwhile, pet retailing in general continues to gain momentum during this pandemic year, particularly through e-commerce. Take the recent example of Chewy, based in Dania Beach, Florida. The online pet retailer saw a 47% year-over-year increase in revenue in the second quarter of 2020 – and said it would use an expanding distribution network and offerings from prescription for further growth as the holidays approach, according to company executives.