455 - General Merchandise Retailers
When navigating the world of retail trade, understanding the NAICS code 455 is crucial. This code specifically covers General Merchandise Retailers, a vital segment within the retail sector. Whether you're a business owner, government contractor, or investor, knowing what NAICS 455 entails can help you identify opportunities and classify your retail operations accurately.
What is NAICS Code 455?
NAICS (North American Industry Classification System) code 455 is assigned to establishments primarily engaged in retailing a broad range of merchandise. These retailers typically operate department stores, variety stores, and other outlets that offer diverse product lines all in one convenient location. This diversity allows them to meet various consumer needs under a single roof.
Description:
General Merchandise Retailers encompass establishments primarily engaged in retailing a wide range of merchandise, including department stores, variety stores, and other general merchandise outlets. These retailers offer diverse product lines under one roof, catering to various consumer needs.
Sector: Retail Trade
NAICS 455 falls under the Retail Trade sector, one of the most dynamic and consumer-driven sectors of the economy. This sector focuses on direct-to-consumer sales across numerous merchandise categories.
Typical Business Types or Activities Include:
-
Department Stores
Large-scale retail establishments organized into departments offering clothing, household goods, cosmetics, electronics, and more. -
Variety Stores
Retailers offering a wide selection of low-cost goods, including toys, kitchenware, stationery, and seasonal products. -
General Merchandise Stores
Outlets that sell a mixture of product types such as clothing, electronics, groceries, and home furnishings without specialization.
SBA Size Standards for NAICS 455
To determine eligibility for small business programs, the U.S. Small Business Administration (SBA) establishes size standards based on either average annual receipts or number of employees. For NAICS code 455:
- Size Standard:
Generally, businesses under NAICS 455 qualify as small with average annual receipts of up to $38.5 million.
This size standard is essential for companies looking to participate in government contracting, qualify for loans, and receive various support services.
Examples of Businesses Under NAICS 455
Some well-known examples of businesses that fall under NAICS code 455 include:
- Macy’s, Inc. — a classic department store with a wide product mix.
- Dollar General — popular variety store offering low-cost general merchandise.
- Target Corporation — a general merchandise store with a vast inventory of products from groceries to electronics.
These companies exemplify the diversity and scale that can exist within the General Merchandise Retailers category.
Frequently Asked Questions (FAQs) About NAICS 455
What type of products do General Merchandise Retailers sell?
They sell a wide assortment of products including clothing, electronics, home goods, groceries, toys, and seasonal merchandise.
Are online-only retailers covered under NAICS 455?
NAICS 455 primarily covers physical retail outlets. Online retailers fall under different NAICS codes related to electronic shopping and mail-order houses.
How do I know if my business fits under NAICS 455?
If your primary business activity is retailing a diverse range of merchandise under one roof, such as department stores or variety stores, NAICS 455 is the best fit.
Why is knowing the NAICS code important for my business?
Knowing your NAICS code helps in government contracting, eligibility for loans, market research, and competitive analysis.
Can businesses with multiple specialized stores fall under NAICS 455?
If each store specializes narrowly, they likely fall under different NAICS codes. NAICS 455 applies when the store operates as a general merchandiser offering diverse products.
Conclusion
Understanding NAICS code 455 - General Merchandise Retailers is key for anyone involved in the retail trade industry. This classification helps businesses identify their market segment accurately and tap into resources like government contracts and SBA support. Whether you're running a large department store or a neighborhood variety store, NAICS 455 captures the broad scope of retailers that provide extensive product assortments to consumers.
Optimize your business classification and leverage NAICS 455 to unlock new retail opportunities today!
