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The table below offers a collection of data aimed at giving potential franchisees a glimpse into their market landscape. Click Read More to delve deeper, uncovering additional information to assist you in making a well-informed decision. These insights are tailored to highlight the opportunities in your city as you consider a franchise purchase.
| Key Data Points for Petersburg, Virginia | ||
| Data | Petersburg, VA | Nationwide |
|---|---|---|
| Population | 33.58 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -4.7568% | 0.5% |
| Median Household Income | $69,689 | $74,580 |
| Median Age | 36.39 | 38.9 |
| Residents per Business | 1 to 22 | 10 to 1 |
| Annual Household Expenditures | $798.56 million | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Considering the largest annual consumer expenditure category in Petersburg, VA is food and beverages ($119.38M), a food franchise could capitalize on the considerable spending in this sector. A franchise focusing on affordable dining or fast-casual restaurants could attract a broad customer base, especially since the majority of households are 1 to 2-person households (39.2% and 29.9%, respectively), which may indicate a preference for convenience and value in dining options.
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The data also shows that 77.6% of housing units are occupied, with 64.4% being renter-occupied. This high percentage of renters suggests that there may be a demand for cleaning or handyman services, which renters might utilize more than homeowners due to the temporary nature of their living situations. Moreover, with 35.6% of housing units being owner-occupied, franchises that offer home improvement services could find a receptive market as homeowners invest in maintaining and upgrading their properties.
The automotive franchise industry could also be promising in Petersburg, given that households with 1 or more vehicles constitute 85.7% of the population, and transportation expenses are significant at $143.9M annually. Automotive franchises offering repair, maintenance, or car wash services could be successful in this environment, especially since the average travel time to work is 20.1 minutes, suggesting a dependency on personal transportation.
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Petersburg, Virginia Franchise Opportunities (and Businesses for Sale)
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