Retail

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A cheese retail store Saluhallen i Helsingfors (2).jpg
A cheese retail store

Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain. The term "retailer" is typically applied where a service provider fills the small orders of many individuals, who are end-users, rather than large orders of a small number of wholesale, corporate or government clientele. Shopping generally refers to the act of buying products. Sometimes this is done to obtain final goods, including necessities such as food and clothing; sometimes it takes place as a recreational activity. Recreational shopping often involves window shopping and browsing: it does not always result in a purchase.

Contents

Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers. Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era.

Most modern retailers typically make a variety of strategic level decisions including the type of store, the market to be served, the optimal product assortment, customer service, supporting services and the store's overall market positioning. Once the strategic retail plan is in place, retailers devise the retail mix which includes product, price, place, promotion, personnel, and presentation. In the digital age, an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing. Digital technologies are also changing the way that consumers pay for goods and services. Retailing support services may also include the provision of credit, delivery services, advisory services, stylist services and a range of other supporting services.

Retail shops occur in a diverse range of types and in many different contexts – from strip shopping centres in residential streets through to large, indoor shopping malls. Shopping streets may restrict traffic to pedestrians only. Sometimes a shopping street has a partial or full roof to create a more comfortable shopping environment – protecting customers from various types of weather conditions such as extreme temperatures, winds or precipitation.[ relevant? ] Forms of non-shop retailing include online retailing (a type of electronic-commerce used for business-to-consumer (B2C) transactions) and mail order.

Etymology

The word retail comes from the Old French verb tailler, meaning "to cut off, clip, pare, divide in terms of tailoring" (c. 1365). It was first recorded as a noun in 1433 with the meaning of "a sale in small quantities" from the Middle French verb retailler meaning "a piece cut off, shred, scrap, paring". [1] At the present, the meaning of the word retail (in English, French, Dutch, and German) refers to the sale of small quantities of items to consumers (as opposed to wholesale).

Definition and explanation

Retail refers to the activity of selling goods or services directly to consumers or end-users. [2] Some retailers may sell to business customers, and such sales are termed non-retail activity. In some jurisdictions or regions, legal definitions of retail specify that at least 80 percent of sales activity must be to end-users. [3]

Retailing often occurs in retail stores or service establishments, but may also occur through direct selling such as through vending machines, door-to-door sales or electronic channels. [4] Although the idea of retail is often associated with the purchase of goods, the term may be applied to service-providers that sell to consumers. Retail service providers include retail banking, tourism, insurance, private healthcare, private education, private security firms, legal firms, publishers, public transport and others. For example, a tourism provider might have a retail division that books travel and accommodation for consumers plus a wholesale division that purchases blocks of accommodation, hospitality, transport and sightseeing which are subsequently packaged into a holiday tour for sale to retail travel agents.

Some retailers badge their stores as "wholesale outlets" offering "wholesale prices." While this practice may encourage consumers to imagine that they have access to lower prices, while being prepared to trade-off reduced prices for cramped in-store environments, in a strictly legal sense, a store that sells the majority of its merchandise direct to consumers, is defined as a retailer rather than a wholesaler. Different jurisdictions set parameters for the ratio of consumer to business sales that define a retail business.

History

Marketplace at Trajan's Forum, the earliest known example of permanent retail shopfronts Traiano mercati.jpg
Marketplace at Trajan's Forum, the earliest known example of permanent retail shopfronts
Grand Bazaar, Istanbul (interior). Established in 1455, it is thought to be the oldest continuously operating covered market 2013-01-02 Grand Bazaar, Istanbul 04.jpg
Grand Bazaar, Istanbul (interior). Established in 1455, it is thought to be the oldest continuously operating covered market

Retail markets have existed since ancient times. Archaeological evidence for trade, probably involving barter systems, dates back more than 10,000 years. As civilizations grew, barter was replaced with retail trade involving coinage. Selling and buying are thought to have emerged in Asia Minor (modern Turkey) in around the 7th-millennium BCE. [5] In ancient Greece markets operated within the agora, an open space where, on market days, goods were displayed on mats or temporary stalls. [6] In ancient Rome, trade took place in the forum. [7] The Roman forum was arguably the earliest example of a permanent retail shop-front. [8] Recent research suggests that China exhibited a rich history of early retail systems. [9] From as early as 200 BCE, Chinese packaging and branding were used to signal family, place names and product quality, and the use of government imposed product branding was used between 600 and 900 CE. [10] Eckhart and Bengtsson have argued that during the Song Dynasty (960–1127), Chinese society developed a consumerist culture, where a high level of consumption was attainable for a wide variety of ordinary consumers rather than just the elite. [11] In Medieval England and Europe, relatively few permanent shops were to be found; instead, customers walked into the tradesman's workshops where they discussed purchasing options directly with tradesmen. [12] In the more populous cities, a small number of shops were beginning to emerge by the 13th century. [13] Outside the major cities, most consumable purchases were made through markets or fairs. [14] Market-places appear to have emerged independently outside Europe. The Grand Bazaar in Istanbul is often cited as the world's oldest continuously-operating market; its construction began in 1455. The Spanish conquistadors wrote glowingly of markets in the Americas. In the 15th century, the Mexica (Aztec) market of Tlatelolco was the largest in all the Americas. [15]

The retail service counter was an innovation of the eighteenth century Ana Marie Wirth Apotheke.jpg
The retail service counter was an innovation of the eighteenth century

By the 17th century, permanent shops with more regular trading hours were beginning to supplant markets and fairs as the main retail outlet. Provincial shopkeepers were active in almost every English market town. [16] As the number of shops grew, they underwent a transformation. The trappings of a modern shop, which had been entirely absent from the sixteenth- and early seventeenth-century store, gradually made way for store interiors and shopfronts that are more familiar to modern shoppers. Prior to the eighteenth century, the typical retail store had no counter, display cases, chairs, mirrors, changing rooms, etc. However, the opportunity for the customer to browse merchandise, touch and feel products began to be available, with retail innovations from the late 17th and early 18th centuries. [17]

Galeries de bois at au Palais-Royal, one of the earliest shopping arcades in Europe Galeries de bois (ancien camp des Tartares), au Palais-Royal, 1825.jpg
Galeries de bois at au Palais-Royal, one of the earliest shopping arcades in Europe

By the late eighteenth century, grand shopping arcades began to emerge across Europe and in the Antipodes. A shopping arcade refers to a multiple-vendor space, operating under a covered roof. Typically, the roof was constructed of glass to allow for natural light and to reduce the need for candles or electric lighting. Some of the earliest examples of shopping arcade appeared in Paris, due to its lack of pavement for pedestrians. [18] While the arcades were the province of the bourgeoisie, a new type of retail venture emerged to serve the needs of the working poor. John Stuart Mill wrote about the rise of the co-operative retail store, which he witnessed first-hand in the mid-nineteenth century. [19]

Department stores, such as Le Bon Marche of France, appeared from the mid nineteenth century AA446b copy.jpeg
Department stores, such as Le Bon Marché of France, appeared from the mid nineteenth century

The modern era of retailing is defined as the period from the industrial revolution to the 21st century. [20] In major cities, the department store emerged in the mid- to late 19th century, and permanently reshaped shopping habits, and redefined concepts of service and luxury. [21] Many of the early department stores were more than just a retail emporium; rather they were venues where shoppers could spend their leisure time and be entertained. [22] Retail, using mail order, came of age during the mid-19th century. Although catalogue sales had been used since the 15th century, this method of retailing was confined to a few industries such as the sale of books and seeds. However, improvements in transport and postal services led several entrepreneurs on either side of the Atlantic to experiment with catalogue sales. [23]

In the post-war period, an American architect, Victor Gruen developed a concept for a shopping mall; a planned, self-contained shopping complex complete with an indoor plaza, statues, planting schemes, piped music, and car-parking. Gruen's vision was to create a shopping atmosphere where people felt so comfortable, they would spend more time in the environment, thereby enhancing opportunities for purchasing. The first of these malls opened at Northland Mall near Detroit in 1954. [24] Throughout the twentieth century, a trend towards larger store footprints became discernible. The average size of a U.S. supermarket grew from 31,000 square feet (2,900 m2) square feet in 1991 to 44,000 square feet (4,100 m2) square feet in 2000. [25] By the end of the twentieth century, stores were using labels such as "mega-stores" and "warehouse" stores to reflect their growing size. [26] The upward trend of increasing retail space was not consistent across nations and led in the early 21st century to a 2-fold difference in square footage per capita between the United States and Europe. [27]

As the 21st century takes shape, some indications suggest that large retail stores have come under increasing pressure from online sales models and that reductions in store size are evident. [28] Under such competition and other issues such as business debt, [29] there has been a noted business disruption called the retail apocalypse in recent years which several retail businesses, especially in North America, are sharply reducing their number of stores, or going out of business entirely.

Retail strategy

Retailers make many strategic decisions - store type, market served, product assortment and customer services Supermarket check out.JPG
Retailers make many strategic decisions – store type, market served, product assortment and customer services

The distinction between "strategic" and "managerial" decision-making is commonly used to distinguish "two phases having different goals and based on different conceptual tools. Strategic planning concerns the choice of policies aiming at improving the competitive position of the firm, taking account of challenges and opportunities proposed by the competitive environment. On the other hand, managerial decision-making is focused on the implementation of specific targets." [30]

In retailing, the strategic plan is designed to set out the vision and provide guidance for retail decision-makers and provide an outline of how the product and service mix will optimize customer satisfaction. As part of the strategic planning process, it is customary for strategic planners to carry out a detailed environmental scan which seeks to identify trends and opportunities in the competitive environment, market environment, economic environment and statutory-political environment. The retail strategy is normally devised or reviewed every 3– 5 years by the chief executive officer.

The strategic retail analysis typically includes following elements: [31]

The retailer also considers the overall strategic position and retail image Lanvin Monte Carlo 2004.jpg
The retailer also considers the overall strategic position and retail image
* Market analysis
Market size, stage of market, market competitiveness, market attractiveness, market trends
* Customer analysis
Market segmentation, demographic, geographic and psychographic profile, values and attitudes, shopping habits, brand preferences, analysis of needs and wants, media habits
* Internal analysis
Other capabilities e.g. human resource capability, technological capability, financial capability, ability to generate scale economies or economies of scope, trade relations, reputation, positioning, past performance
* Competition analysis
Availability of substitutes, competitor's strengths and weaknesses, perceptual mapping, competitive trends
* Review of product mix
Sales per square foot, stock-turnover rates, profitability per product line
* Review of distribution channels
Lead-times between placing order and delivery, cost of distribution, cost efficiency of intermediaries
* Evaluation of the economics of the strategy
Cost-benefit analysis of planned activities

At the conclusion of the retail analysis, retail marketers should have a clear idea of which groups of customers are to be the target of marketing activities. Not all elements are, however, equal, often with demographics, shopping motivations, and spending directing consumer activities. [32] Retail research studies suggest that there is a strong relationship between a store's positioning and the socio-economic status of customers. [33] In addition, the retail strategy, including service quality, has a significant and positive association with customer loyalty. [34] A marketing strategy effectively outlines all key aspects of firms' targeted audience, demographics, preferences. In a highly competitive market, the retail strategy sets up long-term sustainability. It focuses on customer relationships, stressing the importance of added value, customer satisfaction and highlights how the store's market positioning appeals to targeted groups of customers. [35]

The retail marketing mix

The retail marketing mix or the 6 Ps of retailing Retail mix.jpg
The retail marketing mix or the 6 Ps of retailing

Once the strategic plan is in place, retail managers turn to the more managerial aspects of planning. A retail mix is devised for the purpose of coordinating day-to-day tactical decisions. The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and presentation (also known as physical evidence). The retail mix is loosely based on the marketing mix, but has been expanded and modified in line with the unique needs of the retail context. A number of scholars have argued for an expanded marketing, mix with the inclusion of two new Ps, namely, Personnel and Presentation since these contribute to the customer's unique retail experience and are the principal basis for retail differentiation. Yet other scholars argue that the Retail Format (i.e. retail formula) should be included. [36] The modified retail marketing mix that is most commonly cited in textbooks is often called the 6 Ps of retailing (see diagram at right). [37] [38]

A typical supermarket carries an assortment of between 30,000 and 60,000 different products Supermarket full of goods.jpg
A typical supermarket carries an assortment of between 30,000 and 60,000 different products

The primary product-related decisions facing the retailer are the product assortment (what product lines, how many lines and which brands to carry); the type of customer service (high contact through to self-service) and the availability of support services (e.g. credit terms, delivery services, after sales care). These decisions depend on careful analysis of the market, demand, competition as well as the retailer's skills and expertise.

Customer service is the "sum of acts and elements that allow consumers to receive what they need or desire from [the] retail establishment." Retailers must decide whether to provide a full service outlet or minimal service outlet, such as no-service in the case of vending machines; self-service with only basic sales assistance or a full service operation as in many boutiques and speciality stores. In addition, the retailer needs to make decisions about sales support such as customer delivery and after sales customer care.

Sellers of souvenirs are typically located in high traffic areas such as this London souvenir stand situated near a railway station on a busy street corner Souvenir.london.arp.750pix.jpg
Sellers of souvenirs are typically located in high traffic areas such as this London souvenir stand situated near a railway station on a busy street corner

Place decisions are primarily concerned with consumer access and may involve location, space utilisation and operating hours. Retailers may consider a range of both qualitative and quantitative factors to evaluate to potential sites under consideration. Macro factors include market characteristics (demographic, economic and socio-cultural), demand, competition and infrastructure (e.g. the availability of power, roads, public transport systems). Micro factors include the size of the site (e.g. availability of parking), access for delivery vehicles. A major retail trend has been the shift to multi-channel retailing. To counter the disruption caused by online retail, many bricks and mortar retailers have entered the online retail space, by setting up online catalogue sales and e-commerce websites. However, many retailers have noticed that consumers behave differently when shopping online. For instance, in terms of choice of online platform, shoppers tend to choose the online site of their preferred retailer initially, but as they gain more experience in online shopping, they become less loyal and more likely to switch to other retail sites. [39] Online stores are usually available 24 hours a day, and many consumers in Western countries have Internet access both at work and at home.

Extensive use of the terminal digit 'nine' suggests that psychological pricing is at play Fan-Tankstelle von Dynamo Dresden.JPG
Extensive use of the terminal digit 'nine' suggests that psychological pricing is at play

The broad pricing strategy is normally established in the company's overall strategic plan. In the case of chain stores, the pricing strategy would be set by head office. Broadly, there are six approaches to pricing strategy mentioned in the marketing literature: operations-oriented, [40] revenue-oriented, [40] customer-oriented, [40] value-based, [41] [42] relationship-oriented, [43] and socially-oriented. [44] When decision-makers have determined the broad approach to pricing (i.e., the pricing strategy), they turn their attention to pricing tactics. Tactical pricing decisions are shorter term prices, designed to accomplish specific short-term goals. Pricing tactics that are commonly used in retail include discount pricing, [45] everyday low prices, [46] high-low pricing, [46] [47] loss leaders, product bundling, [48] promotional pricing, and psychological pricing. [49] Retailers must also plan for customer preferred payment modes – e.g. cash, credit, lay-by, Electronic Funds Transfer at Point-of-Sale (EFTPOS). All payment options require some type of handling and attract costs. [50] Contrary to common misconception, price is not the most important factor for consumers, when deciding to buy a product. [51]

One of the most well-known cross-selling sales scripts comes from McDonald's. "Would you like fries with that?" (1)Burwood McDonalds.jpg
One of the most well-known cross-selling sales scripts comes from McDonald's. "Would you like fries with that?"

Because patronage at a retail outlet varies, flexibility in scheduling is desirable. Employee scheduling software is sold, which, using known patterns of customer patronage, more or less reliably predicts the need for staffing for various functions at times of the year, day of the month or week, and time of day. Usually needs vary widely. Conforming staff utilization to staffing needs requires a flexible workforce which is available when needed but does not have to be paid when they are not, part-time workers; as of 2012 70% of retail workers in the United States were part-time. This may result in financial problems for the workers, who while they are required to be available at all times if their work hours are to be maximized, may not have sufficient income to meet their family and other obligations. [52] Retailers can employ different techniques to enhance sales volume and to improve the customer experience, such as Add-on, Upsell or Cross-sell; Selling on value; [53] and knowing when to close the sale. [54]

Transactional marketing aims to find target consumers, then negotiate, trade, and finally end relationships to complete the transaction. In this one-time transaction process, both parties aim to maximize their own interests. As a result, transactional marketing raises follow-up problems such as poor after-sales service quality and a lack of feedback channels for both parties. In addition, because retail enterprises needed to redevelop client relationships for each transaction, marketing costs were high and customer retention was low. All these downsides to transactional marketing gradually pushed the retail industry towards establishing long-term cooperative relationships with customers. Through this lens, enterprises began to focus on the process from transaction to relationship. [55]

While expanding the sales market and attracting new customers is very important for the retail industry, it is also important to establish and maintain long term good relationships with previous customers, hence the name of the underlying concept, "relational marketing". Under this concept, retail enterprises value and attempt to improve relationships with customers, as customer relationships are conducive to maintaining stability in the current competitive retail market, and are also the future of retail enterprises.

Simplified servicescapes model Servicescapes.pdf
Simplified servicescapes model
Modern technologies are often displayed in clean environments with much empty space. Change the way you WiFi.jpg
Modern technologies are often displayed in clean environments with much empty space.
The retail servicescape includes the appearance, equipment, display space, retail counters, signage, layout and functionality of a retail outlet. Pictured:Harrods food court Harrods Food Department Halls (8473364801).jpg
The retail servicescape includes the appearance, equipment, display space, retail counters, signage, layout and functionality of a retail outlet. Pictured:Harrods food court

Presentation refers to the physical evidence that signals the retail image. Physical evidence may include a diverse range of elements – the store itself including premises, offices, exterior facade and interior layout, websites, delivery vans, warehouses, staff uniforms. The environment in which the retail service encounter occurs is sometimes known as the retail servicescape. [56] The store environment consists of many elements such as smells, the physical environment (furnishings, layout and functionality), ambient conditions (lighting, temperature, noise) as well as signs, symbols and artifacts (e.g. sales promotions, shelf space, sample stations, visual communications). Retail designers pay close attention to the front of the store, which is known as the decompression zone. In order to maximise the number of selling opportunities, retailers generally want customers to spend more time in a retail store. However, this must be balanced against customer expectations surrounding convenience, access and realistic waiting times. [57] The way that brands are displayed is also part of the overall retail design. Where a product is placed on the shelves has implications for purchase likelihood as a result of visibility and access. [58] Ambient conditions, such as lighting, temperature and music, are also part of the overall retail environment. [59] It is common for a retail store to play music that relates to their target market. [60]

Shopper profiles

Two different strands of research have investigated shopper behaviour. One strand is primarily concerned with shopper motivations. Another stream of research seeks to segment shoppers according to common, shared characteristics. To some extent, these streams of research are inter-related, but each stream offers different types of insights into shopper behaviour.

People who shop for pleasure are known as recreational shoppers. The recreational shopper has its origins in the grand European shopping arcades. Pictured: The gentry in a Dutch lace shop in the 17th century Embroidery and lace- their manufacture and history from the remotest antiquity to the present day. A handbook for amateurs, collectors and general readers (1888) (14593807460).jpg
People who shop for pleasure are known as recreational shoppers. The recreational shopper has its origins in the grand European shopping arcades. Pictured: The gentry in a Dutch lace shop in the 17th century

Babin et al. carried out some of the earliest investigations into shopper motivations and identified two broad motives: utilitarian and hedonic. Utilitarian motivations are task-related and rational. For the shopper with utilitarian motives, purchasing is a work-related task that is to be accomplished in the most efficient and expedient manner. On the other hand, hedonic motives refer to pleasure. The shopper with hedonic motivations views shopping as a form of escapism where they are free to indulge fantasy and freedom. Hedonic shoppers are more involved in the shopping experience. [61]

Many different shopper profiles can be identified. Retailers develop customised segmentation analyses for each unique outlet. However, it is possible to identify a number of broad shopper profiles. One of the most well-known and widely cited shopper typologies is that developed by Sproles and Kendal in the mid-1980s. [62] [63] [64] Sproles and Kendall's consumer typology has been shown to be relatively consistent across time and across cultures. [65] [66] Their typology is based on the consumer's approach to making purchase decisions. [67]

Some researchers have adapted Sproles and Kendall's methodology for use in specific countries or cultural groups. [68] Consumer decision styles are important for retailers and marketers because they describe behaviours that are relatively stable over time and for this reason, they are useful for market segmentation.

Retail format: types of retail outlet

Australia's Officeworks is a category killer, retailing everything for the home office or small commercial office; stationery, furniture, electronics, communications devices, copying, printing and photography services, coffee, tea and light snacks Pfficeworks inside.jpg
Australia's Officeworks is a category killer, retailing everything for the home office or small commercial office; stationery, furniture, electronics, communications devices, copying, printing and photography services, coffee, tea and light snacks
Apple's concept stores include video walls, wi-fi and desks to provide an immersive customer experience Apple Store, Opera 1.jpg
Apple's concept stores include video walls, wi-fi and desks to provide an immersive customer experience
A general store in Scarsdale, Victoria, Australia operates as a post-office, newsagent, petrol station, video hire, grocer and take-away food retailer ScarsdaleGeneralStore.JPG
A general store in Scarsdale, Victoria, Australia operates as a post-office, newsagent, petrol station, video hire, grocer and take-away food retailer

The retail format (also known as the retail formula) influences the consumer's store choice and addresses the consumer's expectations. At its most basic level, a retail format is a simple marketplace, that is; a location where goods and services are exchanged. In some parts of the world, the retail sector is still dominated by small family-run stores, but large retail chains are increasingly dominating the sector, because they can exert considerable buying power and pass on the savings in the form of lower prices. Many of these large retail chains also produce their own private labels which compete alongside manufacturer brands. Considerable consolidation of retail stores has changed the retail landscape, transferring power away from wholesalers and into the hands of the large retail chains. [69] In Britain and Europe, the retail sale of goods is designated as a service activity. The European Service Directive applies to all retail trade including periodic markets, street traders and peddlers.

Retail stores may be classified by the type of product carried. Softline retailers sell goods that are consumed after a single-use, or have a limited life (typically under three years) in they are normally consumed. Soft goods include clothing, other fabrics, footwear, toiletries, cosmetics, medicines and stationery. [70] [71] Grocery stores, including supermarkets and hypermarkets, along with convenience stores carry a mix of food products and consumable household items such as detergents, cleansers, personal hygiene products. Retailers selling consumer durables are sometimes known as hardline retailers [72] automobiles, appliances, electronics, furniture, sporting goods, lumber, etc., and parts for them. Specialist retailers operate in many industries such as the arts e.g. green grocers, contemporary art galleries, bookstores, handicrafts, musical instruments, gift shops.

Types of retail outlets by marketing strategy include shopping arcade, anchor store, [73] bazaar, boutique, [74] category killer, [75] [76] chain store, [77] co-operative store [78] convenience store, [79] department stores, [80] discount stores, [81] e-tailer, [82] general store, [83] give-away shop, [84] hawkers also known as peddlers, costermongers or street vendors, [85] high street store, [86] hypermarket, [87] pop-up retail, [88] marketplace, [89] market square, shopping center, [90] [91] speciality store, [92] [93] supermarket [94] variety stores, [95] vending machine, [96] no frills, warehouse clubs, [97] warehouse stores, [98] automated retail, big-box stores, second-hand shop, and charity shop. Retailers can opt for a format as each provides different retail mix to its customers based on their customer demographics, lifestyle and purchase behaviour. An effective format will determine how products are display products, as well as how target customers are attracted.

Challenges

To achieve and maintain a foothold in an existing market, a prospective retail establishment must overcome the following hurdles:

Consolidation

Among retailers and retails chains a lot of consolidation has appeared over the last couple of decades. Between 1988 and 2010, worldwide 40,788 mergers & acquisitions with a total known value of US$2.255 trillion have been announced. [100] The largest transactions with involvement of retailers in/from the United States have been: the acquisition of Albertson's Inc. for 17 bil. USD in 2006, [101] the merger between Federated Department Stores Inc with May Department Stores valued at 16.5 bil. USD in 2005 [102]  – now Macy's, and the merger between Kmart Holding Corp and Sears Roebuck & Co with a value of 10.9 bil. USD in 2004. [103]

Between 1985 and 2018 there have been 46,755 mergers or acquisitions conducted globally in the retail sector (either acquirer or target from the retail industry). These deals cumulate to an overall known value of around US$2,561 billion. The three major Retail M&A waves took place in 2000, 2007 and lately in 2017. However the all-time high in terms of number of deals was in 2016 with more than 2,700 deals. In terms of added value 2007 set the record with US$225 billion. [104]

Here is a list of the top ten largest deals (ranked by volume) in the Retail Industry:[ citation needed ]

Date AnnouncedAcquiror NameAcquiror Mid IndustryAcquiror NationTarget NameTarget Mid IndustryTarget NationValue of Transaction ($mil)
11/01/2006CVS CorpOther RetailingUnited StatesCaremark Rx IncHealthcare Providers & Services (HMOs)United States26,293.58
03/09/2007AB Acquisitions LtdOther FinancialsUnited KingdomAlliance Boots PLCOther RetailingUnited Kingdom19,604.19
12/18/2000ShareholdersOther FinancialsUnited KingdomGranada Compass-HospitalityFood & Beverage RetailingUnited Kingdom17,914.68
01/20/2006AB Acquisition LLCOther FinancialsUnited StatesAlbertsons IncFood & Beverage RetailingUnited States17,543.85
02/26/2013Home Depot IncHome Improvement RetailingUnited StatesHome Depot IncHome Improvement RetailingUnited States17,000.00
02/28/2005Federated Department StoresDiscount and Department Store RetailingUnited StatesMay Department Stores CoNon ResidentialUnited States16,465.87
08/30/1999Carrefour SAFood & Beverage RetailingFrancePromodesFood & Beverage RetailingFrance15,837.48
06/19/2012Walgreen CoOther RetailingUnited StatesAlliance Boots GmbHOther RetailingSwitzerland15,292.48
07/02/2007Wesfarmers LtdFood & Beverage RetailingAustraliaColes Group LtdFood & Beverage RetailingAustralia15,287.79
06/03/2011Wal-Mart Stores IncDiscount and Department Store RetailingUnited StatesWal-Mart Stores IncDiscount and Department Store RetailingUnited States14,288.00

Statistics

Global top ten retailers

China is currently the largest retail market in the world. [105]

Worldwide top ten retailers [106]
RankCompanyCountry of origin2017 revenue ($US billion) [107] Dominant format 2015Number of countries of operation 2015
1 Walmart Flag of the United States.svg  United States $500.34Hypermarket/Supercenter/Superstore30
2 Amazon Flag of the United States.svg  United States $177.86Online Store14
3 Walgreens Boots Alliance Flag of the United States.svg  United States/Flag of the United Kingdom.svg  United Kingdom $131.5Drugstore/Pharmacy10
4 Costco Flag of the United States.svg  United States $129.0Cash & carry/Warehouse club10
5 Kroger Flag of the United States.svg  United States $122.66Supermarket1
6 Schwarz Gruppe (Lidl)Flag of Germany.svg  Germany $110.05Discount grocery store26
7 The Home Depot Flag of the United States.svg  United States $100.9Home improvement4
8 Carrefour Flag of France.svg  France $89.63Hypermarket/Supercenter/Superstore35
9 Tesco Flag of the United Kingdom.svg  United Kingdom $72.96Hypermarket/Supercenter/Superstore10
10 Aldi Flag of Germany.svg  Germany $69.18 [108] Discount grocery store17

Competition

Retail stores may or may not have competitors close enough to affect their pricing, product availability, and other operations. A 2006 survey found that only 38% of retail stores in India believed they faced more than slight competition. [109] Competition also affected less than half of retail stores in Kazakhstan, Bulgaria, and Azerbaijan. In all countries the main competition was domestic, not foreign. [110]

Country% of retail stores facing competition [110]
India 38%
Kazakhstan 44%
Bulgaria 46%
Azerbaijan 48%
Uzbekistan 58%
Armenia 58%
Georgia 59%
Kyrgyzstan 59%
Russia 62%
Belarus 64%
Croatia 68%
Romania 68%
Ukraine 72%
Turkey 73%
Serbia 74%
Tajikistan 74%
Slovenia 77%
Latvia 78%
Bosnia and Herzegovina 79%
Moldova 79%
Czech Republic 80%
Slovakia 80%
Poland 83%
Hungary 87%
Estonia 88%
Lithuania 88%
Macedonia 88%
Albania 89%

Retail trade provides 9% of all jobs in India and 14% of GDP. [109]

Statistics for national retail sales

United States

STORES Magazine annually ranks the nation's top retailers according to sales. [111] [112]

Top 100 Chart

U.S. Monthly Retail Sales, 1992-2010 US Retail Sales.png
U.S. Monthly Retail Sales, 1992–2010

Since 1951, the U.S. Census Bureau has published the Retail Sales report every month. It is a measure of consumer spending, an important indicator of the US GDP. Retail firms provide data on the dollar value of their retail sales and inventories. A sample of 12,000 firms is included in the final survey and 5,000 in the advanced one. The advanced estimated data is based on a subsample from the US CB complete retail & food services sample. [113]

Retail is the largest private-sector employer in the United States, supporting 52 million working Americans. [114]

Central Europe

In 2011, the grocery market in six countries of Central Europe was worth nearly €107bn, 2.8% more than the previous year when expressed in local currencies. The increase was generated foremost by the discount stores and supermarket segments, and was driven by the skyrocketing prices of foodstuffs. This information is based on the latest PMR report entitled Grocery retail in Central Europe 2012 [115]

World

The two largest supermarkets chains in Switzerland, Migros and Coop, are cooperatives. Zuerich Migroshochhaus 5.jpg
The two largest supermarkets chains in Switzerland, Migros and Coop, are cooperatives.
Japan has the largest number of vending machines per capita. 016 Coca-Cola vending machine at Kyoto Station, Japan - kokakora Zi Dong Fan Mai Ji .JPG
Japan has the largest number of vending machines per capita.

National accounts show a combined total of retail and wholesale trade, with hotels and restaurants. in 2012 the sector provides over a fifth of GDP in tourist-oriented island economies, as well as in other major countries such as Brazil, Pakistan, Russia, and Spain. In all four of the latter countries, this fraction is an increase over 1970, but there are other countries where the sector has declined since 1970, sometimes in absolute terms, where other sectors have replaced its role in the economy. In the United States the sector has declined from 19% of GDP to 14%, though it has risen in absolute terms from $4,500 to $7,400 per capita per year. In China the sector has grown from 7.3% to 11.5%, and in India even more, from 8.4% to 18.7%. Emarketer predicts China will have the largest retail market in the world in 2016. [116]

In 2016, China became the largest retail market in the world. [105]

Retail trade, wholesale, hotels and restaurants (data from the United Nations) [117]
EconomyAs % of GDP, 1970As % of GDP, 20121970 value per capita (2012 prices)2012 value per capita
Afghanistan 13.18.4$140$58
Albania 11.522.5$188$858
Algeria 17.311.9$572$639
Andorra 40.526.5$17,532$10,915
Angola 12.615.0$513$839
Anguilla 33.927.8$2,166$5,577
Antigua and Barbuda 26.426.8$1,081$3,540
Argentina 15.415.7$1,041$1,825
Armenia 15.2$510
Aruba 26.919.1$1,140$4,757
Australia 11.411.7$3,736$7,960
Austria 17.418.8$3,281$8,782
Azerbaijan 9.0$668
Bahamas 28.024.5$5,335$5,299
Bahrain 12.56.4$3,046$1,478
Bangladesh 15.915.1$61$124
Barbados 26.124.3$2,879$3,890
Belarus 16.8$1,127
Belgium 12.914.2$2,606$6,189
Belize 17.020.3$297$972
Benin 17.717.4$89$131
Bermuda 17.611.2$8,907$9,648
Bhutan 8.28.2$30$205
Bolivia 9.111.1$168$286
Bosnia and Herzegovina 17.9$807
Botswana 9.216.8$60$1,206
Brazil 16.421.3$756$2,413
British Virgin Islands 19.727.2$2,178$8,821
Brunei Darussalam 1.03.7$495$1,536
Bulgaria 14.613.8$272$966
Burkina Faso 14.914.2$46$92
Burundi 8.118.9$16$43
Cambodia 16.614.5$86$137
Cameroon 27.020.4$270$245
Canada 13.613.0$3,586$6,788
Cape Verde 24.518.7$269$718
Cayman Islands 12.012.2$3,544$7,175
Central African Republic 14.013.5$100$65
Chad 20.512.6$122$103
Chile 14.911.7$780$1,801
China 7.311.5$20$700
China: Hong Kong SAR19.129.3$1,197$10,772
China: Macao SAR8.014.9$592$11,629
Colombia 13.012.4$439$959
Comoros 26.214.5$232$125
Congo 13.25.4$256$185
Cook Islands 13.739.6$1,069$5,912
Costa Rica 19.916.3$805$1,531
Croatia 15.4$2,012
Cuba 18.415.2$432$959
Cyprus 13.618.8$958$4,975
Czech Republic 13.2$2,429
Czechoslovakia (Former) 8.0$127
Democratic Republic of North Korea 11.718.3$231$107
Democratic Republic of the Congo
Denmark 20.515.5$6,169$8,708
Djibouti 45.018.6$1,470$294
Dominica 9.615.0$163$1,046
Dominican Republic 17.218.7$270$1,073
Ecuador 8.312.6$195$713
Egypt 11.014.4$75$454
El Salvador 22.621.2$534$804
Equatorial Guinea 6.40.9$56$185
Eritrea 19.4$98
Estonia 14.0$2,432
Ethiopia 18.6$84
Ethiopia (Former) 8.4
Fiji 8.318.6$216$848
Finland 12.313.3$2,268$6,103
France 14.815.0$2,969$5,933
French Polynesia 14.716.1$2,142$4,212
Gabon 28.112.1$2,918$1,787
Gambia 27.128.8$143$147
Georgia 18.9$685
Germany 12.211.4$2,273$4,736
Ghana 5.310.9$58$175
Greece 19.620.2$2,469$4,527
Greenland 14.010.5$2,219$4,326
Grenada 18.212.3$294$913
Guatemala 17.521.6$385$720
Guinea 34.016.2$132$86
Guinea-Bissau 20.719.4$124$99
Guyana 18.915.1$388$543
Haiti 17.418.4$168$130
Honduras 17.217.1$247$399
Hungary 9.814.1$531$1,760
Iceland 11.311.0$1,873$4,585
India 8.418.7$31$283
Indonesia 17.713.9$120$494
Iran (Islamic Republic of) 10.611.6$473$834
Iraq 8.26.4$215$290
Ireland 17.618.0$2,293$8,295
Israel 9.810.0$1,346$3,145
Italy 16.015.0$2,755$4,963
Ivory Coast 21.714.7$353$181
Jamaica 19.422.4$1,056$1,197
Japan 15.613.9$3,004$6,525
Jordan 17.910.1$478$445
Kazakhstan 16.8$2,086
Kenya 6.813.2$49$125
Kiribati 12.48.6$439$150
Kosovo 18.1$508
Kuwait 8.33.2$13,693$1,797
Kyrgyzstan 19.7$233
Laos People's DR14.220.3$44$278
Latvia 17.9$2,467
Lebanon 31.427.6$2,829$2,522
Lesotho 13.09.0$46$108
Liberia 11.15.0$106$18
Libya 2.84.9$543$763
Liechtenstein 19.917.8$12,763$28,361
Lithuania 19.9$2,782
Luxembourg 13.813.4$5,010$14,141
Madagascar 8.711.0$70$49
Malawi 3.719.8$10$70
Malaysia 12.416.5$229$1,716
Maldives 29.830.8$252$2,373
Mali 7.316.2$23$112
Malta 28.715.8$1,104$3,238
Marshall Islands 24.516.1$531$607
Mauritania 2.17.1$20$72
Mauritius 10.019.3$167$1,782
Mexico 19.317.8$1,063$1,739
Micronesia 13.115.1$219$477
Monaco 39.130.3$34,091$46,027
Mongolia 21.411.9$237$439
Montenegro 22.6$1,475
Montserrat 19.47.6$1,051$974
Morocco 22.512.4$253$365
Mozambique 12.717.6$31$102
Myanmar 25.920.1$48$226
Namibia 8.014.7$326$832
Nauru 14.816.8$7,812$2,014
Nepal 4.715.4$14$101
Netherlands 16.415.8$3,702$7,283
Netherlands Antilles 16.418.2$1,417$3,349
New Caledonia 34.713.3$9,624$5,169
New Zealand 15.512.2$3,607$4,689
Nicaragua 15.316.5$352$289
Niger 10.614.1$71$56
Nigeria 14.615.9$148$247
Norway 16.78.5$6,109$8,521
Oman 1.77.7$111$1,822
Pakistan 18.820.6$99$248
Palau 16.331.2$1,565$3,200
Panama 16.819.6$497$1,864
Papua New Guinea 13.99.3$243$204
Paraguay 18.319.9$304$771
Peru 14.218.6$583$1,271
Philippines 10.719.4$153$501
Poland 9.220.2$398$2,590
Portugal 13.719.6$1,119$3,926
Puerto Rico 16.79.4$2,024$2,635
Qatar 5.05.6$5,647$5,208
Korea, South 17.111.8$345$2,712
Moldova 17.8$367
Romania 3.17.1$73$557
Russian Federation 20.7$2,934
Rwanda 9.915.7$35$97
Saint Kitts and Nevis 8.412.6$256$1,800
Saint Lucia 20.623.4$527$1,707
Samoa 14.823.6$312$851
San Marino 15.812.9$5,282$7,643
São Tomé and Príncipe 25.526.2$273$363
Saudi Arabia 4.68.2$799$2,067
Senegal 22.720.4$218$207
Serbia 11.0$582
Seychelles 32.729.4$1,039$3,285
Sierra Leone 12.97.6$93$55
Singapore 27.819.5$2,008$10,179
Slovakia 26.6$4,470
Slovenia 14.4$3,155
Solomon Islands 10.210.5$121$193
Somalia 9.310.6$21$14
South Africa 14.416.0$847$1,171
South Sudan 15.4$143
Spain 15.121.4$1,956$6,060
Sri Lanka 14.520.8$94$586
St. Vincent and the Grenadines 12.616.5$231$1,045
State of Palestine 16.718.4$136$448
Sudan 16.8$232
Sudan (Former) 16.8$0
Suriname 18.323.3$915$2,183
Swaziland 15.59.8$197$306
Sweden 12.112.8$3,315$7,056
Switzerland 19.917.8$10,641$14,080
Syrian Arab Republic 20.422.7$184$482
Tajikistan 20.3$193
Macedonia 16.5$749
Thailand 24.318.0$239$1,039
Timor-Leste 4.0$195
Togo 23.58.2$195$49
Tonga 12.714.6$214$646
Trinidad and Tobago 18.917.1$1,323$2,966
Tunisia 11.713.5$147$558
Turkey 11.116.5$437$1,757
Turkmenistan 4.2$274
Turks and Caicos Islands 38.238.0$1,557$8,520
Tuvalu 9.511.2$182$451
Tanzania: Mainland, see also Zanzibar15.015.8$51$96
Uganda 11.822.3$50$133
Ukraine 17.5$679
United Arab Emirates 15.412.1$24,122$5,024
United Kingdom 15.316.5$2,662$6,490
United States 19.014.5$4,488$7,436
Uruguay 12.916.5$810$2,419
USSR (Former) 8.1
Uzbekistan 9.9$178
Vanuatu 18.221.4$266$651
Venezuela 9.516.4$1,152$2,099
Vietnam 12.916.8$39$289
Yemen 16.3$224
Yemen Arab Republic (Former) 13.7
Yemen Democratic (Former) 21.2
Yugoslavia (Former) 10.4
Zambia 12.615.0$244$229
Zanzibar 18.2$119
Zimbabwe 14.910.7$125$77

See also

Types of sales person:

Types of store or shop:

Influential thinkers in sales and retail: [118]

Related Research Articles

Marketing is profitably using the results of studying short term and long term needs of those who can pay for a one-time, or in most cases, a steady flow of service or product placement. In 2017 The New York Times described it as "the art of telling stories so enthralling that people lose track of their wallets.

Shopping

Shopping is an activity in which a customer browses the available goods or services presented by one or more retailers with the potential intent to purchase a suitable selection of them. A typology of shopper types has been developed by scholars which identifies one group of shoppers as recreational shoppers, that is, those who enjoy shopping and view it as a leisure activity.

In marketing jargon, product lining is offering several related products for sale individually. Unlike product bundling, where several products are combined into one group, which is then offered for sale as a units, product lining involves offering the products for sale separately. A line can comprise related products of various sizes, types, colors, qualities, or prices. Line depth refers to the number of subcategories a category has. Line consistency refers to how closely related the products that make up the line are. Line vulnerability refers to the percentage of sales or profits that are derived from only a few products in the line.

Grocery store Retail store that primarily sells food and other household supplies

A grocery store, grocer or grocery shop (U.K.), is a store primarily engaged in retailing a general range of food products, which may be fresh or packaged. In everyday U.S. usage, however, "grocery store" is a synonym for supermarket, and is not used to refer to other types of stores that sell groceries. In the U.K., shops that sell food are distinguished as grocers or grocery shops, though in everyday use, people usually use either the term "supermarket" or, for a smaller type of store that sells groceries, a "corner shop" or "convenience shop".

Distribution (marketing)

Distribution is one of the four elements of the marketing mix. Distribution is the process of making a product or service available for the consumer or business user who needs it. This can be done directly by the producer or service provider, or using indirect channels with distributors or intermediaries. The other three elements of the marketing mix are product, pricing, and promotion.

Sales promotion is a short term incentive to initiate trial or purchase.

Pricing Process of determining what a company will receive in exchange for its products

Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of product.

The term 'marketing mix' is a foundation model for businesses, historically centered around product, price, place, and promotion. The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". Thus the marketing mix refers to four broad levels of marketing decision: product, price, place, and promotion.

Consumer behaviour The study of individuals, groups, or organizations and all the activities associated with consuming

Consumer behaviour is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services, and how the consumer's emotions, attitudes and preferences affect buying behaviour. Consumer behaviour emerged in the 1940s and 50s as a distinct sub-discipline of marketing, but has become an inter-disciplinary social science that blends elements from psychology, sociology, social anthropology, anthropology, ethnography, marketing and economics.

Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser. Consumers find a product of interest by visiting the website of the retailer directly or by searching among alternative vendors using a shopping search engine, which displays the same product's availability and pricing at different e-retailers. As of 2020, customers can shop online using a range of different computers and devices, including desktop computers, laptops, tablet computers and smartphones.

A target audience is the intended audience or readership of a publication, advertisement, or other message catered specifically to said the intended audience. In marketing and advertising, it is a particular group of consumers within the predetermined target market, identified as the targets or recipients for a particular advertisement or message. Businesses that have a wide target market will focus on a specific target audience for certain messages to send, such as The Body Shops Mother's Day advertisements, which were aimed at the children and spouses of women, rather than the whole market which would have included the women themselves.

Category management

Category management is a retailing and purchasing concept in which the range of products purchased by a business organization or sold by a retailer is broken down into discrete groups of similar or related products; these groups are known as product categories. It is a systematic, disciplined approach to managing a product category as a strategic business unit. The phrase "category management" was coined by Brian F. Harris.

Retail marketing

Once the strategic plan is in place, retail managers turn to the more managerial aspects of planning. A retail mix is devised for the purpose of coordinating day-to-day tactical decisions. The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and presentation. The retail mix is loosely based on the marketing mix, but has been expanded and modified in line with the unique needs of the retail context. A number of scholars have argued for an expanded marketing, mix with the inclusion of two new Ps, namely, Personnel and Presentation since these contribute to the customer's unique retail experience and are the principal basis for retail differentiation. Yet other scholars argue that the Retail Format should be included. The modified retail marketing mix that is most commonly cited in textbooks is often called the 6 Ps of retailing.

Visual merchandising Marketing technique emphasizing 3D model displays

Visual merchandising is the practice in the retail industry of optimizing the presentation of products and services to better highlight their features and benefits. The purpose of such visual merchandising is to attract, engage, and motivate the customer towards making a purchase.

The following outline is provided as an overview of and topical guide to marketing:

A marketing channel consists of the people, organizations, and activities necessary to transfer the ownership of goods from the point of production to the point of consumption. It is the way products get to the end-user, the consumer; and is also known as a distribution channel. A marketing channel is a useful tool for management, and is crucial to creating an effective and well-planned marketing strategy.

Trade marketing is a discipline of marketing that relates to increasing the demand at wholesaler, retailer, or distributor level rather than at the consumer level. However, there is a need to continue with Brand Management strategies to sustain the need at the consumer end. A shopper, who may or may not be the consumer him/herself, is the one who identifies and purchases a product from a retailer even though they might not purchase the goods at the end of the day. To ensure that a retailer promotes a company's product against competitors', that company must market its product to the retailers as well by offering steep discounts versus competitors. Trade marketing might also include offering various tangible/intangible benefits to retailers such as commissions made for sales.

As a discipline, Shopper marketing is still young. Therefore, there is a variety of definitions according to what is included or not under the shopper marketing umbrella. According to Chris Hoyt, "shopper marketing [is] brand marketing in retail environment."

Price-based selling is a specific selling technique in which a business exclusively reduces their price in attempt to close the sales cycle. Price-based selling clearly exists in businesses such as: commodity sales, auto sales, hospitality, and even some retail stores. However, it is only recommended that commodity items like petroleum be sold exclusively by price. Selling on price is even more apparent now in the current US economy as most businesses make the switch to the lowest price approach in attempt to attract more consumers. Car insurance companies like Progressive Auto Insurance advertise specifically with their price, as they promote the amount of money that can be saved by making the switch.

The retail format influences the consumer's store choice and addresses the consumer's expectations. At its most basic level, a retail format is a simple marketplace, that is; a location where goods and services are exchanged. In some parts of the world, the retail sector is still dominated by small family-run stores, but large retail chains are increasingly dominating the sector, because they can exert considerable buying power and pass on the savings in the form of lower prices. Many of these large retail chains also produce their own private labels which compete alongside manufacturer brands. Considerable consolidation of retail stores has changed the retail landscape, transferring power away from wholesalers and into the hands of the large retail chains.

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