This industry comprises (1) establishments primarily engaged in operating facilities with coin-operated or similar self-service laundry and drycleaning equipment for customer use on the premises and (2) establishments primarily engaged in supplying and servicing coin-operated or similar self-service laundry and drycleaning equipment for customer use in places of business operated by others, such as apartments and dormitories.
The drycleaning and laundry services industry (NAICS 8123) has seen several qualitative trends emerge in recent years. One significant trend is the increasing consumer demand for eco-friendly and sustainable practices. Many businesses are now adopting green technologies and biodegradable detergents to cater to environmentally conscious customers. Another notable trend is the growing utilization of digital platforms for service bookings and customer engagement. Mobile apps and online scheduling systems have become essential tools for modern drycleaners and laundromats, streamlining operations and improving customer convenience.
The COVID-19 pandemic has also accelerated the adoption of contactless services and hygiene-focused protocols, which are likely to continue in the near future. Additionally, the trend of offering pickup and delivery services has gained traction, providing consumers with greater flexibility and saving time.
Forecasts for the near future suggest that the industry will continue to innovate in response to changing consumer preferences and technological advancements. The integration of artificial intelligence and automation into sorting and cleaning processes could enhance efficiency and reduce operational costs. Lastly, as remote work and casual dressing remain prevalent, there may be a shift in the types of garments processed, with reduced demand for formal wear cleaning and a rise in casual and athleisure garment services.
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.