Definition of Industry and Company Business.
West Point market is a part of the specialty grocery industry in the Akron Ohio area. Along with a few other specialty stores and the large scale grocery stores, provide the Akron area with high quality grocery products such as meats, cheeses, and wines. West Point Market specializes in these areas and provides its customers with the highest quality products of this nature.
2. History of Industry.
a. Technological Advances.
Technology does not play a large role in this particular case other than West Point Market beginning its existence in 1936 and basically keeping up with all the trends of the past and today. They have all the expected technology that a grocery business, specialty or otherwise, would have today.
The trends in the specialty grocery industry are based on appearance and inventory. Most specialty stores like West Point Market are smaller than normal grocery stores and have a much more professional appearance. They are able to cook specialty foods on sight and can take orders from customers and have them ready that day or when needed. Specialty stores like this tend to have a wider variety than most other grocery stores of specialty items like wine, cheese, and meat and the showcase them in a more attractive manner.
3. Growth Patterns within Industry .
a. Demand Curve.
Demand in the industry has been high over recent years in the Akron area. West Point Market and its competitors have had to expand their sales floor to keep up with the high demand for their products and are currently seeking out ways to expand again. .
b. Per Capita Consumption.
Currently the industry for specialty foods is just now reaching the income levels of that of a normal grocery store. Gross profit margins are reaching 21 to 22 percent and weekly sales per square foot are $7.48. These are the current supermarket norms and the specialty food industry is just now catching up to these numbers.