Industry Analysis & Industry Trends
The Vitamin and Supplement Stores industry has toughened up after a lacklustre performance during the global financial crisis. Over this period, consumer expenditure on vitamins and supplements fell, amid low sentiment and increased levels of savings. Consumers seeking vitamins and supplements shifted to cheaper, low value added varieties sold through supermarkets, grocery stores and pharmacies. However, as the economy picked up, consumers returned to specialist vitamin and supplement stores.
The industry has been further assisted by recovering consumer confidence and growing health consciousness. Employee product knowledge has been a key area of industry growth, with customers willing to pay extra for advice on healthy eating and suitable dietary supplements... purchase to read more
Industry Report - Starting a New Business Chapter
The Vitamin and Supplement Stores industry exhibits low barriers to entry. Capital requirements for starting a vitamin and supplement store are relatively small, especially since most stores are rented rather than purchased. The most significant requirements are purchasing initial supplies of vitamins and supplements. However, over the past five years, rental costs have soared as industry operators compete for prime location in a bid to boost store traffic. Technological changes for the industry are minimal, which means businesses need not worry about constantly reinvesting in new equipment. In addition to this, the industry is in the growth phase of its life cycle, with high consumer demand meaning there is room for more players to enter the market... purchase to read more