Introduction to Retailing:
“Retailing is a distinct, diverse and dynamic sector”. “It is an activity of enormous economic significance to most developed nations”. It generates revenue and wealth for nation, encourages investments and brings technological advancements. Stated that “it brings employment and creates wealth of the economy”. “It is a vibrant part of our changing society and a major source of employment”.
Retailing performs activities at larger level so it requires massive manpower to handle and manage it’s operations. Retailing also helps society in general by providing goods and services in reasonable price and increasing their standards of living. “Retailing activity can be viewed as a significant contributor to the economy in general”.
Retailing is the set of activities that markets products or services to final consumers for their own personal or household use. It does this by organizing their availability on a relatively large scale and supplying them to consumers on a relatively small scale.” Retailing makes products and services available in large quantities. Retailers produce or order the products/services in bulk so they can take advantage of economy of scale and thus they can formulate competitive pricing strategies. Products and services are generally sold through the store or on the internet.
Introduction to Retail Industry:
The first decade of modern retail in India has been characterized by a shift from traditional kirana shops to new formats including department stores, specialty stores hypermarkets, and supermarkets and across a range of categories. Modern retail formats have mushroomed in metros and mini-metros. In the last few years, modern retail has also established its presence in the small cities, exposing residents to shopping options like never before.
Some of these stores are branded stores(exclusive showrooms either owned or franchised out by a manufacturer), specialty stores(greater choice to consumer, comparison between brands is possible), department stores/supermarkets (one stop shop catering to varied consumer needs), hyper-mart (low prices, vast choice available including services such as cafeterias.), shopping malls (variety of shops available to each other ).