When Was The Last Time You Raised Prices?
For many laundromat owners in North Texas, vend prices have been stagnant in the last decade due to a significantly more aggressive competitive landscape. Is it worth alienating loyal customers just for a slight bump in profits?
Right now prices across the board are inflating in a post pandemic economy and costs have never been higher. Labor being the main driver for increased costs in our industry as the supply and demand for workers is at a complete mismatch.
Taking into consideration that prices in all markets are going up, customers may be at a point where price increases on their day-to-day purchases (including their laundry) are not as big of a decision factor as it normally would be.
In short, now may be the best opportunity to price-correct the North Texas laundromat market as consumers are less price conscious.