The Standard Industrial Classification (SIC) code for businesses primarily engaged in the retail sale of hobby, toy, and game merchandise is 5945. This code specifically identifies establishments like dedicated hobby shops, toy stores, and game retailers within the broader economic framework.
Understanding SIC Codes
Standard Industrial Classification (SIC) codes are a system developed by the United States government for classifying industries by a four-digit code. Each code represents a specific industry and is used to categorize businesses based on their primary activities. This classification system is vital for:
- Statistical Analysis: Government agencies use SIC codes for data collection and analysis, providing insights into economic trends and industry performance.
- Business Identification: Companies often use SIC codes for internal classification, market research, and identifying potential clients or competitors.
- Regulatory Compliance: Some regulations and licensing requirements may be tied to a business's SIC code.
SIC Code 5945: Hobby, Toy, and Game Shops
The SIC code 5945 is dedicated to Hobby, Toy, and Game Shops. These establishments fall under Division G - Retail Trade, which encompasses a wide array of businesses involved in selling merchandise directly to consumers.
What Does SIC 5945 Cover?
This code specifically includes retail stores specializing in:
- Hobby Supplies: Such as model kits (cars, planes, trains), remote-control vehicles, craft supplies, art supplies (if hobby-oriented), and other materials for leisure activities.
- Toys: A broad range of children's toys, educational toys, and collectible action figures.
- Games: Including board games, card games, role-playing games, puzzles, and related accessories.
For example, a local store selling model trains, paints, and miniature figures would typically be classified under SIC 5945. Similarly, a specialized board game store or a large toy superstore would also fall into this category.
SIC Code Breakdown for Hobby Shops
To further clarify, here's a quick reference for the SIC code relevant to hobby retail:
| SIC Code | Description | Division | Sector |
|---|---|---|---|
| 5945 | Hobby, Toy, and Game Shops | G - Retail Trade | Miscellaneous Retail |
Importance of Correct Classification
Accurate SIC code assignment is crucial for businesses. It impacts how businesses are perceived by financial institutions, government bodies, and and market analysts. For hobby shops, correctly identifying as SIC 5945 ensures they are grouped with similar retail entities, allowing for more relevant market comparisons and industry-specific data.
For more information on the Standard Industrial Classification (SIC) system, you can refer to general resources like the OSHA SIC Code Manual.
