Committed to making comprehensive health and wellness solutions more accessible nationwide, Petco designs innovative concept to meet growing pet specialty demand
SAN 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.
"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."
Petco'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.
With 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.
The launch of the test concept is expected to inaugurate a handful of Neighborhood Farm & Pet Supply pet care centers in 2022, and bring Petco's curated assortment of products and services more quickly and at a lower cost than national and regional players, thanks to differentiated digital fulfilment offerings. To satisfy high customer interest in a specialty retailer with farm and companion animal food and supplies, Petco's full suite of offerings will include:
- High-quality nutrition
- Curated farm and feed assortment
- Live companion animals
- Mobile vaccination and grooming services
- Self-wash stations
- Same-day delivery
- Buy online, pick up in store
- Curbside pickup
Tailored to pets and farm animals of all shapes and sizes, the pet care centers will also serve as places for safe community gathering and connection. Each location will offer local events and an in-store community board to support safe, pet-friendly interaction amongst neighbors. In partnership with Petco Love (formerly Petco Foundation), the neighborhood farm and pet supply locations will offer adoption services and other health and wellness programs to further support local pets.
*Source: Synergos Technologies, Inc. Popstats demographics, Q4 2021.
About Petco, The Health + Wellness Co.:
Founded in 1965, Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners. We've consistently set new standards in pet care while delivering comprehensive pet wellness products, services and solutions, and creating communities that deepen the pet-pet parent bond. We operate more than 1,500 pet care centers across the U.S., Mexico and Puerto Rico, which offer merchandise, companion animals, grooming, training and a growing network of on-site veterinary hospitals and mobile veterinary clinics. Our complete pet health and wellness ecosystem is accessible through our pet care centers and digitally at petco.com and on the Petco app. In tandem with Petco Love (formerly the Petco Foundation), an independent nonprofit organization, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, we've helped find homes for more than 6.5 million animals.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact. Although Petco believes that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, including the risk factors that Petco identifies in its Securities and Exchange Commission filings, and actual results may differ materially from the results discussed in such forward-looking statements. Petco undertakes no duty to update publicly any forward-looking statement that it may make, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
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SOURCE Petco Health and Wellness Company, Inc.