Mintel: Pet products industry to see continued growth
CHICAGO — Expect to see the pet products industry grow more than 30% over the next five years, a new Mintel report released this week suggested.
Because more than three-quarters (76%) of dog or cat owners consider their pets to be part of the family, products that go beyond basic necessities (i.e., food), such as apparel, toys, treats, veterinary care and grooming, are expected to help the industry grow 33% by 2016. What’s more, pet food has gone beyond its basic purpose to become "functional," in order to offer four-legged companions additional health benefits. According to Mintel research, pet food that offered a "functional" claim has increased by 130% from 2006 to 2010.
"To maintain and continue such strong sales is an impressive feat in our tough economy and truly speaks to owners’ commitment to their pets and manufacturers’ ability to develop products that resonate with pet owners," Mintel senior analyst Fiona O’Donnell said. "We are noticing that innovations in the pet industry are mirroring innovations in human markets and since many owners consider pets as family members, this is not surprising.
"Despite the difficult economy, 50% of pet owners make unplanned toy and treat purchases for their pets and another 16% say they have cut back on extra household expenses in order to afford pet-related care … showing the true commitment of pet-parents," O’Donnell added.
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Sears, Kmart to ‘reward’ shoppers just in time for holiday season
HOFFMAN ESTATES, Ill. — With the holiday season just around the corner, Sears Holdings is aiming to make shopping more rewarding by offering five times the Shop Your Way Rewards points — equal to 5% back — on all qualifying purchases.
The offer, which is available to all Sears credit cardholders who also are Shop Your Way Rewards members, begins immediately at both Sears and Kmart stores, and will continue year-round at Kmart. Sears is providing the offer until Jan. 28, 2012.
"We know budgets are tight, so we want to reward our customers by offering them ways to stretch their dollar," Sears Holdings SVP and president of marketing Dave Friedman said. "We believe this program will help families get more out of every visit to Sears and Kmart when they use their Sears card."
The retailer is hoping that the five times the Shop Your Way Rewards points will prove particularly helpful this holiday season. According to the National Retail Federation, the average person will spend an additional $130.43 on holiday gifts this season to take advantage of sales and discounts on apparel, electronics, home goods and other items for themselves and family members, up from $112.20 last year.
"We’re presenting creative, money-saving options to our customers," added Friedman. "We want to reward them for their loyalty to both Sears and Kmart by helping them get the most out of their shopping experiences during the holidays and beyond."
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Kroger to make record investment in new Virginia store
RICHMOND, Va. — Charlotte, N.C.-based Crosland Southeast said it broke ground Friday on Richmond Metropolitan Statistical Area’s newest multi-use development, Stonebridge, which will include a 123,600-sq.-ft. Kroger Marketplace grocery store that will be the region’s largest — and the company’s most expensive — to date.
The Kroger Marketplace will be the region’s largest traditional grocery store in size and will represent the Kroger’s largest single-store investment in the company’s history. This first-of-its-kind store in Virginia offers shoppers an experience that combines a top-quality grocery store with 30,000 sq. ft. of nongrocery, home store offerings, ranging from furniture to home décor. The remaining square footage of the first phase of development will include a Kroger fuel station, 20,400 sq. ft. of smaller retail shops and four outlets.
Stonebridge is a joint venture between Crosland Southeast and Hartford-based Hutensky Capital Partners.
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