Small Specialty Retail Stores in the US - Industry Market Research Report

Small Specialty Retail Stores in the US - Industry Market Research Report

Small Specialty Retail Stores in the US

The Small Specialty Retail Stores industry is driven by broad macroeconomic variables rather than product-specific trends. Still, individual segments do respond to specific shifts in consumer preferences. Over the past five years, rising per capita disposable income has sustained demand throughout the retail sector. A recovery from the pandemic boosted consumer spending and encouraged consumers to return to brick-and-mortar stores. Specialty retailers were relatively unaffected by coronavirus declines as high-income consumers and tobacco users, two significant markets for the industry, continued to spend. Competition from online and big-box retailers has risen, putting downward pressure on industry profit. Overall, industry revenue has expanded at a CAGR of 6.4% over the past five years, reaching an estimated $73.7 billion in 2023, when profit will comprise an estimated 5.3% of revenue.

Industry operators retail specialized lines of goods: kitchenware, art supplies, cigarettes and cigars, collectors’ items, fireworks and trophies. This industry also includes general merchandise auction houses (except electronic auctions), but excludes mass merchandisers, department stores, grocery stores, warehouse clubs and supercenters.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.