Bodegas are a common sight in New York City’s neighborhoods, giving locals easy access to a variety of snacks and daily necessities. Who, though, owns these little corner shops? The answer is varied and intricate since bodegas are frequently run by immigrant families who have fought hard to make a name for themselves in the city’s cutthroat retail sector.
Latin American nations including Mexico, Puerto Rico, and the Dominican Republic are home to many bodega owners. They frequently put in a lot of overtime while residing in flats above or close to their stores. More Yemeni immigrants have opened bodega businesses in recent years, particularly in Brooklyn’s Astoria and Bay Ridge.
Bodega owners commonly mark up things by 20–30% when it comes to pricing. However, this may change based on the product and the store’s location. For instance, a bodega in a more affluent region can have a larger markup than one in a less prosperous one.
Food goods typically carry a greater markup; some bodega prices can exceed 50% of the wholesale cost. This is due to the fact that food items have a shorter shelf life and need to be restocked more frequently. Additionally, the overhead costs for food products like sanitation and refrigeration are frequently greater for bodega operators.
It’s hard to generalize about which industry will be the greatest in 2021. However, statistics indicate that e-commerce, health and wellness, and technology-related firms are all growing. Businesses that provide online ordering and delivery alternatives are also experiencing greater demand as a result of the COVID-19 pandemic’s change in customer behavior.
Finally, some of the best industries for those seeking the most lucrative firms are real estate, banking, and technology. It’s crucial to remember that there are other factors to take into account when beginning a business than profitability. Additionally, market demand, talents, and passion should be considered.
In conclusion, diligent immigrant families who have made a name for themselves in New York City’s retail industry frequently operate bodegas. Pricing at bodega establishments often has a markup of 20–30%, with food items carrying a higher markup. Although statistics indicate that e-commerce, health and wellness, and technology-related enterprises are growing, profitability is not the only thing to take into account when launching a business.