July 6, 2020
By: Caity Witucki
Contributing Editor, Main Street Monday
Main Street Monday – The Impact of COVID-19 On Small Business Retail Opportunities
The coronavirus pandemic has greatly influenced the kind of products and services consumers are interested in. As a result, new business opportunities are emerging across four main sectors: health and fitness, home goods, experiential goods, and food services.
According to Main Street America, here are some of the most promising post-COVID-19 business opportunities:
- Retail bicycle sales have skyrocketed over the past few months. According to Statista, year over year leisure bike sales are up 121% and electric bike sales are up 85%.
- Virtual fitness gaming subscriptions are also gaining traction. Overall, fitness gaming has increased 94% in the last year.
- According to the Organic Trade Association, organic produce sales were up more than 20% in the spring of 2020.
- As more businesses move to remote operations, existing furniture and home decor stores should evaluate growth opportunities through furnishing lines designed for the home office.
- Grocery store sales have now surpassed restaurant sales. Consequently, this has opened new opportunities for retail stores focused on kitchen equipment and cooking accessories.
- A greater percentage of households starting gardens in their yards or balconies may lead to more business opportunities in niche seed markets, gardening accessories, and tools.
- Online marketplaces for artisans, artists, and makers will have new opportunities because they are not dependent on foot traffic.
- Restaurants may want to consider focusing on value-add services like delivery and pick-up, as well as providing in-house recipes with ingredients to make at home.
For place managers and business owners alike, new growth opportunities in a post-COVID world will require a renewed entrepreneurial spirit that embraces changes in consumer habits.
Learn more about post-covid business opportunities here.