Petco

Petco is a national pet health and wellness retailer that focuses on everyday products, services, and veterinary care for companion animals across the United States, Mexico, and Puerto Rico. The company operates under the Petco name and runs a large network of pet care centers that combine merchandise with services like grooming, training, and in-store vet hospitals, supported by e‑commerce, mobile app ordering, and same‑day fulfillment from its stores.

The business began in 1965, when founder Walter Evans started United Pharmaceutical Company in California to distribute veterinary medicines and pet health products to the trade. In the late 1970s it shifted from wholesale to retail, adopted the Petco banner, and started building a consumer-facing chain of pet supply stores. Through the 1980s and 1990s Petco expanded from a small base of roughly a few dozen locations to hundreds of stores across the country, went public in 1994, and later attracted private equity investment before returning to the public markets with a Nasdaq listing in 2021.

As of June 2024, Petco operates about 1,575 locations, including full-line pet care centers, in-store veterinary hospitals, and smaller neighborhood formats in the U.S., Mexico, and Puerto Rico. The core footprint is concentrated in suburban and urban retail corridors and power centers across major metropolitan areas, with additional presence in growth suburbs and select infill urban trade areas. Physical stores remain central to its model, serving as hubs for same-day pickup and delivery, as well as in-person services that drive repeat visits.

Over roughly the past five years, Petco has shifted from being primarily a pet supply retailer to a more service- and health-focused platform. The company has invested heavily in in-store veterinary hospitals, grooming, and training, expanded its digital capabilities, and positioned its stores as integrated service centers rather than just product showrooms. At the same time, it has been pruning underperforming locations, upgrading stronger sites, and rolling out more vet clinics in trade areas that support long-term performance.

Recent earnings commentary describes a multi-phase transformation aimed at improving profitability and strengthening the balance sheet. Petco has been managing a meaningful debt load and is working to improve earnings through cost controls, a higher mix of services, and selective store closures and relocations. The appointment of new leadership, including CEO Joel Anderson, reflects an active effort to streamline operations and refocus the portfolio on markets and formats with better returns.

For landlords, brokers, and developers, Petco represents a mature, traffic-driving tenant in the resilient pet category, with flexible concepts that can anchor or complement a wide range of retail environments. Its mix of recurring consumables, veterinary care, and grooming supports consistent visits, while its long operating history, national brand recognition, and continued investment in omnichannel capabilities give it staying power in shopping centers, power centers, and mixed-use projects.