The Five Hottest Retail Franchise Categories Right Now

The retail industry is constantly evolving, with new trends and consumer preferences emerging all the time. However, some retail franchise categories have proven to be more popular and recession-resistant than others in recent years. 

The retail franchise category is one of the most diverse in the industry. Options range everywhere from clothing to grocery to pet care and more. With that said, it can be hard to narrow down your options. 

The good news is that there is plenty of opportunity within the space. And these five categories are a great place to start. 

Health and Wellness

As more people begin to prioritize self-care, the number of health and wellness franchises and individual franchisee locations have grown steadily. In 2021, McKinsey and Company estimated the global wellness market to be valued at more than $1.5 trillion. 

This impressive growth is in line with increasing interest in being healthy, as 42% of consumers consider health and wellness a top priority in their lives. With that said, there are plenty of health and wellness-centered franchises to choose from, ranging from food stores to supplement-focused shops.  

Pet Care

People are splurging on their pets now more than ever. Americans spent approximately $99 billion on their pets in 2020, according to the American Pet Product Association. And even in a tough economy, people don’t cut costs when it comes to their furry friends. Less than 20% of pet owners had plans to switch brands of pet foods or supplies despite difficult financial circumstances.  

Convenience Stores

Convenience stores have become a true staple of American life, and the petroleum and convenience store franchise segment is one with high customer demand. There are more than 150,000 convenience stores in the U.S., and the majority of them are franchised. 

There are a wealth of successful convenience store franchises that offer both a high level of support and a proven operational model, as well as access to a strong brand awareness and customer loyalty.

Home Services

After stay-at-home orders caused people to spend more time than ever in their residences in 2020, people began investing money to upgrade their homes. Coupled with the element of a booming housing market, now is the perfect time to invest in a home services retail franchise. Options can range from hardware stores, such as Ace Hardware, to furniture stores, such as BoConcept*. 

Electronics

From computers to cell phones to gaming, people love their electronics. As technology has evolved over the years, a wide range of franchises have developed. With both individuals and businesses looking for technology support, electronics franchises have the opportunity to meet that demand. 

These are just a few of the retail categories for anyone interested in this franchise industry to consider. No matter what, consumers are always looking for the most enjoyable way to purchase goods and services. With so many retail franchise opportunities available, prospective franchisees have a chance to find a way to give it to them.