45942 - Gift, Novelty, and Souvenir Retailers
The retail landscape is vast and diverse, but one niche that continues to shine, especially in tourist hubs and gift-giving seasons, is captured under NAICS code 45942 — Gift, Novelty, and Souvenir Retailers. Whether you're a business owner in the retail trade sector or someone interested in government contracting, understanding this code is crucial for compliance, market analysis, and opportunity exploration.
What is NAICS Code 45942?
NAICS Code 45942 specifically covers establishments primarily engaged in retailing gifts, novelty items, and souvenirs. These stores provide a range of products, such as decorative pieces, collectibles, and memorabilia, frequently sought after by tourists, gift buyers, and collectors alike.
Sector: Retail Trade
This NAICS code falls within the Retail Trade sector, which includes enterprises that sell merchandise for personal or household consumption. In this niche, businesses specialize in unique gift items and keepsakes that hold sentimental or commemorative value.
Definition and Scope of Gift, Novelty, and Souvenir Retailers
Businesses under NAICS Code 45942 typically engage in:
- Selling decorative and collectible items
- Offering memorabilia associated with specific locations or events
- Providing novelty products that often serve as gifts
- Operating in tourist-heavy areas or shopping centers
- Catering to customers seeking unique or personalized presents
These establishments can range from small gift shops to larger souvenir stores located in airports, museums, or city centers.
Typical Business Activities and Examples
Here are common business types or activities encompassed by NAICS 45942:
- Gift Shops: Retailers specializing in a broad array of gift items, including cards, home décor, and artisan crafts.
- Souvenir Stores: Shops located near landmarks or attractions selling location-specific memorabilia.
- Novelty Item Retailers: Businesses focusing on quirky or unique products often intended for fun or collectibles.
Examples of businesses in this category include:
- Museum gift shops
- Theme park souvenir outlets
- Local artisan craft stores
- Airport novelty kiosks
Size Standards for NAICS Code 45942
For business owners interested in government contracts or SBA programs, size standards are critical. The Small Business Administration (SBA) defines size standards for eligibility based on annual receipts or the number of employees:
| Criterion | Size Standard |
|---|---|
| NAICS Code | 45942 |
| Industry Title | Gift, Novelty, and Souvenir Retailers |
| Sector | Retail Trade |
| Annual Receipts Limit | $41.5 million (varies by specific contract and agency) |
| Employee Limit | Generally not defined for this code* |
*Note: The SBA size standard typically focuses on annual receipts for retail trade industries rather than number of employees.
NAICS Code 45942 Details Table
| Attribute | Description |
|---|---|
| NAICS Code | 45942 |
| Industry Title | Gift, Novelty, and Souvenir Retailers |
| Sector | Retail Trade |
| Description | Establishments primarily engaged in retailing gifts, novelty items, and souvenirs. Includes decorative items, collectibles, and memorabilia. |
| Typical Establishments | Gift shops, souvenir stores, novelty item retailers |
| Size Standard (SBA) | $41.5 million in annual receipts |
Frequently Asked Questions (FAQs)
What types of products are sold under NAICS code 45942?
Products include gifts, novelty items, souvenirs, decorative articles, collectibles, and memorabilia often purchased by tourists or as presents.
Where are Gift, Novelty, and Souvenir Retailers commonly located?
Common locations include tourist attractions, airports, shopping malls, and cultural or historical sites.
Can a business with multiple types of merchandise fall under NAICS 45942?
If the primary activity is retailing gifts, novelties, and souvenirs, it can be classified under 45942. Mixed merchandise stores might fall under different classifications depending on the main revenue source.
How do size standards affect small businesses under this NAICS code?
Size standards determine eligibility for small business programs and government contracts. For NAICS 45942, the threshold is based primarily on annual receipts, currently set at $41.5 million.
Is NAICS code 45942 only for small businesses?
No, the code applies to all businesses engaged in these retail activities regardless of size, but size standards help define which businesses qualify as small.
Conclusion
NAICS code 45942 plays a vital role in categorizing the diverse and vibrant segment of retailers dealing in gifts, novelties, and souvenirs within the retail trade sector. For entrepreneurs, suppliers, and government contractors, understanding this code provides a strategic advantage in navigating market opportunities, compliance, and growth strategies. Whether you operate a quaint museum shop or a bustling souvenir store, NAICS 45942 accurately reflects your industry identity and business focus.
Keywords: NAICS code 45942, Gift Novelty Souvenir Retailers, Retail Trade, Gift Shops, Souvenir Stores, Novelty Item Retailers, SBA Size Standards, Retail Industry
