Philadelphia, Pennsylvania Franchise Market Analysis
To gain comprehensive insights into Philadelphia, Pennsylvania, consider these figures in the table below, which include demographic segments, household dynamics, and financial averages, all pivotal in assessing the viability and promise of your franchise endeavor.
Philadelphia, Pennsylvania Demographic Insights | ||
Households (2023) | 646,922 | |
Households (2028) | 638,074 | |
Population (2023) | 1,575,634 | |
Population (2028) | 1,496,906 | |
Per capita Income (2023) | $40,304 | |
Total Household Expenditures | $44,198,668,485 | |
Total Retail Expenditures | $20,654,750,947 | |
Average Household Income (2023) | $97,451 | |
Average Household Income (2028) | $107,854 | |
City Data retrieved from https://sitesusa.com/Data |
Local Insights
With the annual consumer expenditure on education at $1.42 billion in 2023, there is a clear demand for educational services in Philadelphia. Additionally, the city's population is sizable, with an estimated population of 1.58 million. Franchises that offer tutoring services, test preparation, and other educational support could capitalize on this opportunity. The average household income is substantial at $97,451, indicating that families might have discretionary income to invest in supplemental education for their children.
Read MoreThe healthcare and senior care industry is another sector that shows potential for franchise growth in Philadelphia. The annual health care expenditure of $3.67 billion suggests a robust market for health-related services. Given the estimated average household net worth of $806,600, there may be a substantial market for higher-end health services, including fitness franchises that offer specialized wellness programs.
In the retail sector, Clothing and Clothing Accessories Stores show a promising gap, particularly Family Clothing Stores, which exhibit a potential sales figure of $391.88 million against actual sales of $338.2 million, reflecting a $53.68 million sales gap. This indicates a potentially strong market for new clothing retailers.
Home services franchises also have a solid case for growth, given the city's housing data. With a total of 769,608 housing units and a homeowner-occupied rate of 48.7%, services such as home renovations, landscaping, and maintenance could be in demand. The median home value for owner-occupied units sits at $222,097, indicating a stable real estate market that could support investments in home improvement and upkeep.
Lastly, the food franchise industry cannot be overlooked in a city with a $6.51 billion annual expenditure on food and beverages. The Food and Beverage Stores sector, particularly Grocery Stores, have potential sales of $2.7 billion compared to actual sales of $2.17 billion, revealing a $530 million opportunity for new food franchises. With 37.9% of households being single-person, there could be a high demand for quick-service and casual dining options that provide convenience to this significant segment of the population.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Philadelphia, Pennsylvania Franchise Opportunities (and Businesses for Sale)
Sniffing around for a great new opportunity? Zoomin Groomin is expanding our Mobile Pet Grooming business nationwide. Set your own schedule, be your own boss and work with pets all day. We’ll be right by your side, every…
100k Minimum Cash Required
My Business Venture gives you the ability to start an online business from your home. We provide you access up to 1 million products & you chose up to 2,000 you want to feature on your website! MBV’s 10% Price Guarantee on…
3,995 Minimum Cash Required
VOTED TOP PART TIME - WORK AT HOME BUSINESS! Are You Looking to Make an Additional $100,000 in the Next 12 Months - No Employees to Hire - No Equipment to Rent/Buy - No Office/Warehouse to Rent/Lease - Start Making money in…
30k Minimum Cash Required
First on the scene and best in its class, Sky Zone created the world’s first wall-to-wall trampoline park in 2004, bringing healthy, high-flying fun to people across the globe. Now you can be part of this international…
500k Minimum Cash Required
Get started for as little as $15,000. Make an investment in your future. No franchise fees, setup fees or training costs. 100% of your investment goes to your business. Do you need work that can fit around your family…
15k Minimum Cash Required
Here at The UPS Store franchise, we know first-hand how important a healthy work-life balance is. When you become an owner of a The UPS Store, you are assisted with finding the right balance as you pursue your entrepreneurial…
75k Minimum Cash Required
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As of May 4, 2024: