With more companies allowing their employees to work from home during the Covid pandemic, young urbanites have been moving into suburban and rural areas that give their pets more space to roam, said Petco CEO Ron Coughlin in a “Squawk on the Street” interview.
“There are people, millennials, who couldn’t have pets in apartments, who are now buying homes,” he said. “There could be a second wave of pet buying.”
Last year, 3.3 million new pets found homes as the pandemic made people long for a furry friend to keep them company during Covid lockdowns.
As a result of this shift to the suburbs, Coughlin noted that Petco’s 1,500 store locations across the U.S. and Mexico gave them a competitive…