Industry and Market Analysis – Drip Hub
Industry Analysis – Local Fashion Retail Sector (Terrace, BC)
The clothing market in Terrace is led by well-known brands like Ardene, Walmart, Winners, and Mark’s. Each brand focuses on different types of customers, which helps understand where Drip Hub can stand out. The table below shows the main strengths and weaknesses of these competitors.
| Competitor | Strengths | Weaknesses |
| Ardene | Popular among young women and teens. Always has new styles and low prices. | Very limited options for men and kids. Quality is not very high. |
| Walmart | Big variety of clothes for all ages. Known brand and good prices for families. | Clothes are basic and not trendy. Quality can vary. |
| Winners | They have branded clothes at good discounts. Attracts shoppers looking for deals. | Stocks change fast and sizes sell out quickly. Hard to find the same item again. |
| Mark’s | known for strength, work and outdoor clothing. Trusted for quality. | Does not offer stylish or modern designs. Prices are higher than others. |
Market Analysis
The 4Ps below show how Drip Hub compares with other clothing stores in Terrace. It explains what each business offers in products, pricing, location, and promotion.
| Element | Drip Hub | Ardene | Walmart | Winners | Mark’s |
| Product | Trendy clothes for men, women, and kids. Imported from India for unique designs. | Trendy fast fashion for young women. | Basic, everyday wear for all ages. | Branded clothes at low prices but limited stock. | Workwear and outdoor clothing with good durability. |
| Price | Affordable and competitive with local stores. | Low cost and frequent sales. | Lowest price range but lower quality. | Medium to high depending on brand. | Medium to high, focused on quality. |
| Place | Located in Skeena Mall, easy to reach for shoppers. Plans to start online sales. | In malls with strong foot traffic. | Large stores with good parking. | Located in shopping centers with good visibility. | Near hardware and plaza areas. |
| Promotion | Uses social media, local ads, and seasonal discounts. | Frequent sales and influencer promotions. | Uses flyers and online ads. | Seasonal events and brand tie-ups. | Loyalty programs and discount offers. |
NAICS Code for Business
Drip Hub falls under the North American Industry Classification System (NAICS) code for clothing retail. According to Statistics Canada, the suitable code for this type of business is:
• NAICS Code: 458114 – Family Clothing Retailers
This category includes stores that sell clothing for men, women, and children in one location.
References
Statistics Canada. (2022). North American Industry Classification System (NAICS) Canada 2022 Version 1.0 – Clothing and clothing accessories retailers (4581). Retrieved from https://www23.statcan.gc.ca/imdb/p3VD.pl?CLV=2&CPV=458&CST=27012022&CVD=1369848&Function=getVD&MLV=5&TVD=1369825
SICCODE.com. (2024). NAICS Code 448 – Clothing and Clothing Accessories Stores. Retrieved from https://siccode.com/naics-code/448/clothing-clothing-accessories-stores
CCH iFirm. (2024). NAICS Codes Reference. Retrieved from https://support.cchifirm.ca/en/assistance/T2/2024/content/taxhelp/naicscodes.htm