PetSmart

Leader

Phoenix BC Partners-owned largest North American specialty pet retailer at $10B FY2023 revenue with 1,500+ stores, Banfield vet clinics, and Chewy equity stake competing with Petco and Chewy for pet care market share.

Updated March 2026

Company Overview

About PetSmart

PetSmart is a Phoenix, Arizona-based specialty pet retail chain — privately held since BC Partners' $8.7 billion leveraged buyout in 2015 — operating 1,500+ stores across the United States, Canada, and Puerto Rico as the largest specialty pet retailer in North America, generating approximately $10 billion in revenue in fiscal year 2023 (with Q3 2024 sales of $1.50 billion, +8% year-over-year), serving pet owners with an integrated retail, services, and healthcare ecosystem that includes pet food and supplies, grooming salons, PetsHotel boarding and day camp, Banfield Pet Hospital veterinary clinics (an in-store Mars Inc. franchise), dog training classes, and adoption events partnering with local rescue organizations and shelters. PetSmart holds a significant equity stake in Chewy, Inc. (NYSE: CHWY), having acquired Chewy in 2017 for $3.35 billion before Chewy's 2019 IPO.

Business Model & Competitive Advantage

PetSmart's store format creates the 'pet care destination' positioning that differentiates from online competitors: the typical 12,000-25,000 square foot store combines retail (pet food, supplies, toys, accessories for dogs, cats, fish, birds, reptiles, and small pets) with services (grooming studios with bathing, haircut, and nail trim; day camp and overnight boarding in PetsHotel facilities; obedience and training classes; veterinary clinics). The in-store veterinary presence (Banfield Pet Hospital clinics inside PetSmart locations) drives recurring vet visit traffic that makes PetSmart a destination visit rather than a transactional commodity purchase — the 900+ Banfield locations inside PetSmart stores create 12+ million annual patient visits that no online retailer can replicate. The adoption center partnerships (100+ pets find homes each day through PetSmart Charities' adoption events at PetSmart stores) create community goodwill and convert adopters to ongoing customers.

Competitive Landscape 2025–2026

In 2025, PetSmart (BC Partners private) competes in the $150+ billion US pet care market with Petco (NASDAQ: WOOF, 1,500+ stores, health-focused specialty pet retail), Chewy (NYSE: CHWY, PetSmart-backed online pure-play, $11B+ annual sales), and Amazon (NASDAQ: AMZN, pet food and supplies) for pet owner spending. The US pet industry has been resilient through economic cycles — the humanization of pets (Americans spending on premium food, health, and enrichment for pets as family members) has driven pet market growth even during consumer spending pullbacks. PetSmart's BC Partners ownership has focused on operational improvement and debt management (from the $8.7B leveraged buyout financing) rather than aggressive market share expansion. The 2025 strategy focuses on the services revenue growth (grooming, boarding, training provide higher margins than retail pet food), PetSmart Vet clinic expansion, and digital omnichannel integration with petsmart.com and app to compete with Chewy's subscription model.

Revenue
$10000M
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Key Differentiators

Market Leader

PetSmart is recognized as a market leader in the Pet Care sector, demonstrating strong industry presence and customer trust.

Enterprise Scale

With $10000M in revenue, PetSmart operates at enterprise scale with proven market validation.

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