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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 Philadelphia, Pennsylvania | ||
Data | Philadelphia, PA | Nationwide |
---|---|---|
Population | 1.58 million | 333.2 million |
Proj. 5 Year Population Growth | 5.1246% | 0.5% |
Median Household Income | $97,451 | $74,580 |
Median Age | 34.54 | 38.9 |
Residents per Business | 1 to 28 | 10 to 1 |
Annual Household Expenditures | $44.2 billion | $23.9 trillion |
City Data retrieved from https://sitesusa.com/Data |
The city of Philadelphia presents an interesting mix of demographics and economic trends that could be conducive to franchising ventures. The business environment here is competitive, yet harbors opportunities for new entrants especially in emerging or under-served market segments. Here are some key aspects to consider for potential franchisees:
Read MoreBusiness to Person Ratio
A notable point for potential franchisees is the business to person ratio in Philadelphia. With a ratio of 24 residents per business within a 5 mile radius of the city center, this data suggests there's a substantial customer base for business services franchises. The national average stands at just 10 to 1, which further accentuates the favorable market conditions in Philadelphia for an expansive range of business opportunities.
Age Demographics
The relatively young median age of 33.8 years in Philadelphia presents a dynamic and potentially tech-savvy market, which might be receptive to new business models such as home-based franchising.
Transportation to Work
The data shows that a significant portion of the working population in Philadelphia opts for different modes of transportation, which could open avenues for a variety of service franchises systems. For instance:
43.5% drive to work alone.
12.5% travel to work by public transportation.
1.5% bicycle to work.
6.1% walk to work.
27.8% work at home.
Consumer Expenditure
The total retail expenditure amounts to $12.15 billion, indicating a substantial consumer market. Some of the notable consumer expenditure categories include:
Food and Beverages: $3.83 billion
Shelter: $5.6 billion
Transportation: $4.6 billion
Health Care: $2.15 billion
The significant consumer spending in the food and beverages sector reflects a strong consumer base and presents a lucrative opportunity for food franchises to tap into this ready market.
Employee Population per Business
Boasting an employee to business ratio of 11.5 to 1, this metric portrays a vibrant business landscape with a sizable employee populace. This could potentially lead to a consistent customer traffic for franchises located in business districts or those providing business services.
This data collectively suggests a market ripe for both conventional and modern franchise models. The economic indicators coupled with a receptive demographic could create a conducive environment for businesses looking to establish or expand their footprint in Philadelphia.
Explore the franchise listings below and take the first step towards a rewarding business venture.
At Franchise Ventures, we prioritize transparency and objectivity to empower your franchise decisions. Unlike brokers or franchisors, our motivations are unclouded by financial incentives tied to your choices. We don't earn based on the franchise you opt for, instead, our mission is to present you with impartial insights. Navigate through a realm of franchising opportunities with information you can trust.
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