Business
Petco Unveils New Small-Town and Rural Retail Test Concept Tailored to the Health and Wellness Needs of Pets and Farm Animals
Committed to making comprehensive health and wellness solutions more accessible nationwide, Petco designs innovative concept to meet growing pet specialty
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"Committed to making comprehensive health and wellness solutions more accessible nationwide, Petco designs innovative concept to meet growing pet specialty demand \nSAN DIEGO, June 16, 2022 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) today announced the launch of a new community-driven test concept designed to serve the health and wellness needs of pets and farm animals in small towns and rural communities. The grand opening of the first location will be in Floresville, Texas, this Friday, June 17.\n\"These are rapidly-growing markets where pet parents are looking for an experienced, pet-dedicated partner like Petco to help them care for the health and wellness of their animals,\" said Petco CEO, Ron Coughlin. \"This is an exciting opportunity for us to serve more pets by dramatically expanding local access to healthy pet products and services.\"\nPetco's new Neighborhood Farm & Pet Supply pet care centers feature brand-new, stand-alone retail locations strategically and conveniently situated at the heart of small-town and rural communities. Featuring the pet-focused support, and curated assortment of high-quality products and pet care services Petco is known for, while leveraging the strength of the company's omnichannel ecosystem, the Neighborhood Farm & Pet Supply pet care centers will serve as one-stop shops for health and wellness solutions for pets and farm animals such as horses, cows, pigs, sheep, goats and more.\nWith 14% of the U.S. population living in rural areas and that number rapidly growing, there is an estimated $7 billion total addressable market in small-town and rural locations*, providing Petco with an opportunity to capture significant incremental market share and share of wallet gains. According to the Economic Innovation Group and federal statistics, more than two-thirds of large urban counties saw their populations decline in 2021 — an exceptionally high share by historical standards. Additionally, for the first time in 50 years, counties with an urban center and more than 250,000 people experienced negative growth as a category. Exurban counties saw the biggest increase in population growth across the board, with about 80% gaining new residents.\nThe launch of the test concept is expected to inaugurate a handful of Neighborhood Farm & Pet Supply pet care centers in 2022, and br...