SIC 5731 - Radio, Television, And Consumer Electronics Stores
Establishments primarily engaged in the retail sale of radios, television sets, record players, stereo equipment, sound reproducing equipment, and other consumer audio and video electronics equipment (including automotive). Such establishments may also sell additional lines, such as household appliances; computers, computer peripheral equipment, and software; musical instruments; or records and prerecorded tapes. Establishments in this industry may perform incidental installation and repair work on radios, television sets, and other consumer electronic equipment. Establishments primarily engaged in the installation and repair of these products are classified in Services, Industry 7622. Establishments primarily engaged in the retail sale of computer equipment are classified in Industry 5734, and those selling electronic toys are classified in Industry 5945.
Industry trends:
The Radio, Television, and Consumer Electronics Stores industry (NAICS 5731) is undergoing significant transformation driven by evolving consumer preferences and technological advancements. One of the latest qualitative trends is the shift towards omnichannel retailing. Consumers expect a seamless shopping experience across online and offline platforms, prompting stores to integrate their e-commerce capabilities with physical operations. This trend is further accentuated by the growing adoption of augmented reality (AR) and virtual reality (VR) technologies, enabling customers to visualize products in their home environment before making a purchase.
Another emerging trend is the increasing focus on smart home products. There is a rising consumer inclination towards interconnected devices, such as smart speakers, home automation systems, and security cameras. Retailers are expanding their product lines to include these smart home solutions, which are becoming a significant revenue driver. Additionally, sustainability is gaining prominence; consumers are becoming more eco-conscious, and this is reflected in their purchasing decisions. Stores are responding by stocking energy-efficient and environmentally friendly electronics.
Looking forward, the industry is expected to see continued growth in demand for wearable technology and personal health monitoring devices. The pandemic has heightened awareness around health and wellness, accelerating interest in these products. Retailers that can swiftly adapt to these trends and leverage digital technologies are likely to outperform their counterparts. Overall, maintaining an agile approach to inventory and customer engagement strategies will be crucial for success in the near future.
This industry is comprised of:
Antenna stores, household-retail
Consumer electronic equipment stores-retail
High fidelity (hi-fi) equipment-retail
Phonograph stores-retail
Radio stores-retail
Radio-phonograph stores-retail
Tape recorders and players-retail
Television set stores-retail
Video camera stores-retail
Video tape recorder stores-retail
This report includes the ability to segment your Industry by:
- Region
- Employees
- Net Sales
- Company Age
- Total Assets
- Ownership Type
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