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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 Plano, Texas | ||
| Data | Plano, TX | Nationwide |
|---|---|---|
| Population | 291.83 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -10.4336% | 0.5% |
| Median Household Income | $162,097 | $74,580 |
| Median Age | 38.12 | 38.9 |
| Residents per Business | 1 to 13 | 10 to 1 |
| Annual Household Expenditures | $11.51 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
With a population of 291,827 in 2023 and a projected growth to 323,951 by 2028, Plano shows a healthy population increase. Given that the estimated average household income in 2023 is $162,097 and the median household income is $114,257, there is a significant consumer spending power in Plano. The high household net worth, estimated at $864,026, indicates a prosperous community. These factors make Plano a suitable environment for high-end retail franchises that offer premium products and services. The retail sector, with a total annual retail expenditure of $5.38 billion, could benefit from adding franchises that provide luxury goods, designer clothing, and upscale home furnishings that align with the affluent nature of the market.
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The housing data indicates a strong presence of owner-occupied housing units, with 58.6% being owner-occupied and a median home value of $391,873. This suggests a stable, homeowner-based community. Franchises in the home services industry, such as landscaping, renovation, and maintenance, could thrive in this environment. The presence of higher-value homes signifies a market for services that cater to property enhancement and upkeep. Additionally, with household operations expenditures at $465.95 million, there is an evident demand for services that assist with the daily management and functioning of these homes.
Lastly, the entertainment and food and beverage industries are considerable opportunities, with expenditures of $674.45 million and $1.65 billion, respectively. The significant spending in these areas shows a consumer base that enjoys dining out and entertainment, paving the way for food franchises that offer unique dining experiences. Entertainment franchises that provide family-oriented activities or novel experiences could also see success, tapping into the community's leisure spending habits.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Plano, Texas Franchise Opportunities (and Businesses for Sale)
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