Retail is the business of selling goods made by others to individual consumers. It is a huge industry, dominated by Wal-Mart, which touches every corner of the globe. Due to the decline in the global economy, the future of many retailers is uncertain as consumers begin to spend less.
The Retail industry is Fragmented. The production in this industry is divided among a few different companies, however, no single firm has large enough share of the market to be able to influence the industry's direction or price levels.
Primary Demand Drivers
- Personal income
- Consumer confidence
- Efficient supply chain management
- Effective merchandising and marketing
- Providing superior customer service
- Selling unique merchandise
- Achieving brand reputation
- Offering a distinctive shopping experience
- Serving a local market