One of the most common reasons why some investors don’t invest in laundromats, even in the 2020’s, is because they think the laundromat industry is dying, when that couldn’t be further from the truth.
Like any great industry over the last 100 years, the laundromat industry is changing and adapting to the needs of consumers who will likely continue needing laundromats for the next 100 years.
How Are Laundromats Changing?
Customers want multiple payment options – Washers and dryers cannot accept just cash or coin any longer, they must also accept all forms of payment, including payment from a customer’s mobile phone.
Customers want to do more than just sit and wait – Even though most customers will still be open to spending 1-2 hours at their local laundromat, there are more customers every year who want more than just wait.
Today’s modern laundromat must be climate controlled, have comfortable seating, WIFI, and cable television so that customers can keep themselves visually and mentally stimulated while they wait for their laundry to be finished.
Some customers want to drop off their laundry – Yes, there will be a large percentage of laundromat customers who will be content to wait for their laundry to be finished but, there’s also a growing number of laundromat customers who want the option of dropping off their laundry and picking it up later when its finished.
The demand for laundry services only continues to grow worldwide and this means another revenue stream for laundromat owners.
Customers want automation – Another important way laundromats are changing in the 2020’s is the average laundromat customer wants their laundromat to be automated so that they can manage their loads of laundry from their smart phones.
Mobile apps like Kiosoft make doing laundry fun and easy for customers because they can easily start their laundry, pay with their phones, and receive a notification when the load in their washer or dryer is finished.
A Recession Resistant Business
Even though the economy is predicted to be heading into a recession, the good news about the laundromat industry is that it’s only projected to continue growing because there are more renters than ever before, and everyone needs clean laundry.
With the largest share of the coin-operated laundry industry in North America, now is the right time for investors to claim their share of the industry while they are prepared to adapt to the changes the industry faces in 2023 and beyond.
By Jeremy Raglin, Content Writer