Optical industry is undergoing major changes
The optical retail industry generated revenues of more than $36.05 billion in the United States in 2020 (The Vision Council VisionWatch Q4 2020).
Growing customer base
The vision care industry is experiencing rapid growth. As America grows older, the demand for eye care is increasing. According to the U.S. Census Bureau, there will be 73 million Americans age 65 or older by 2030. By 2050, that number is expected to grow to 84 million, with 19 million of those age 85 or older (U.S. Census Bureau). As people age, regular eye exams and corrective lenses are key to maintaining vision, overall health, and independence. At the same time, the even larger Millennial generation will provide a massive new base of patients for vision care providers. Over the past two decades, more employers have begun offering vision coverage for adults. Coverage has encouraged more adults to take advantage of eye exams, and has helped more adults receive the vision care they need.
Demographic changes and the increasing pool of insured patients has attracted new competition to the industry. Private equity groups are investing in optical stores because they recognize the long-term sustainable demand for eye care.
Pearle Vision’s position in the industry
Pearle Vision® sets itself apart in the industry through its commitment to genuine eye care. Our business model is designed to allow optometrists and opticians to stay focused on building trusting relationships with patients in their community, and building a bond as the neighborhood eye care provider of choice.
We have staked out a premium position within the eye care industry, offering better service, better selection, and a better patient experience. Pearle Vision’s support and streamlined systems help optical stores generate higher sales and profit margins by providing:
- A brand name that patients know and have respected for five decades.
- Millions each year in continued marketing to attract new customers.
- A robust local web presence that allows patients to book appointments online 24/7.
- Combined buying power that allows Pearle Vision Licensed Owners to obtain discounted pricing on frames, lenses, lab services and supplies.
- A point of sale system that is integrated into data-driven inventory management systems, allowing you to automatically re-order supplies based on buying trends in your area and maximize sales volume.
- Dedicated business coaches to help you analyze and boost the performance of your business.
- Help recruiting team members.
- Ongoing training opportunities to help you improve both the optometric practice and retail sides of your business.
- A network of fellow Pearle Vision owners with whom you can share ideas.