About Business Retail

Introduction

Almost everywhere you look you see a retail business. The news stations even use them as an economic indicator. Consumers rely on them for the goods, and services that they need. In turn, a retail business depends on consumers to buy what they sell in order to keep them in business. However, there are some things that you wouldn’t know about the retail business unless you stopped and took a deeper look at it.

About The Retail Business Marketplace

The retail industry is huge. Just how large it is depends upon the research firm you use and the report you read. Of course, there are also different segments of retail (i.e. drug stores, furniture, apparel, food, etc.). It is indicated that there are 100,000 retail stores that make $700 billion in sales within the U.S. alone each year. Consumer electronic sales make up approximately $50 billion of these annual sales. Then there are approximately 120,000 convenience stores that make up for $400 billion of these annual sales. These are just a few of the numbers that add up to show the true influence that retail business has on our economy.

Each retail business plays an integral part within the economy today. In fact, they are actually quite influential due to the numerous channels they have (i.e. catalog, online, phone, storefront). All of them exist to service customers and provide them with the goods, and services that you need. The product manufacturers and suppliers create yet another segment of the retail business: the business-to-business marketplace that is made up of retailers. Herein the retailers are able to dictate pricing strategies and force suppliers to comply or else go to some other place for their business. Herein you can clearly see how the supply chain, advertising, human resources, loss prevention and operational issues are closely tied to the economy’s health and why this business is so exciting.

While retailers make a lot of money each year, sales are actual quite cyclical. Apparel stores make their money before the school year begins while other retails only turn a true profit during the Christmas shopping season. Retailers have come to depend upon these times of the year in order for them to be viable. This is why you will see major sales, trying to lure shoppers in, during these times.

 

Global Markets

Retail stores exist throughout the world today. In fact, thanks to trade agreements, global sourcing, transitioning economics and the Internet the groundwork is being laid for a global retail marketplace. One report actually shows that Russia, India, China, Slovenia and Croatia are emerging as strong players within the global retail industry today.

 

 

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