Retailing consists of the sale of goods or merchandise from a fixed location, such as a department store or kiosk, or by post, in small or individual lots for direct consumption by the purchaser. A department store is a Retail establishment which specializes in selling a wide range of products without a single predominant merchandise line. In the Mediterranean Basin and the Near East, a kiosk ( Persian کوشک Kushk Arabic كشك Koshk Turkish Köşk In economics consumption is the primary motivating force in the wealth or utility maximizing paradigm [1] Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells smaller quantities to the end-user. Commerce is a division of trade or production which deals with the exchange of goods and services from producer to final consumer In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Manufacturing (from Latin manu factura, "making by hand" is the use of tools and labor to make things for use or sale In Economics, an import is any good (eg a Commodity) or Service brought into one country from another country in a legitimate fashion Wholesaling is the sale of Goods or Merchandise to Retailers to industrial commercial institutional or other professional Business users Retail establishments are often called shops or stores. Retailers are at the end of the supply chain. A supply chain or logistics network is the system of organizations people technology activities information and resources involved in moving a product or service from Manufacturing marketers see the process of retailing as a necessary part of their overall distribution strategy. In popular usage "marketing" is the promotion of products especially Advertising and Branding However in professional usage the term has a wider meaning of Distribution (or place) is one of the four elements of Marketing mix.
Shops may be on residential streets, shopping streets with few or no houses, or in a shopping center or mall, but are mostly found in the central business district. A shopping mall or shopping centre is a building or set of buildings that contain Retail units with interconnecting Walkways enabling visitors A central business district ( CBD) is the commercial and often geographic heart of a city Shopping streets may be for pedestrians only. A pedestrian is a person travelling on foot whether Walking or Running. Sometimes a shopping street has a partial or full roof to protect customers from precipitation. Vietnam roofjpg|thumb|The roofs of Vietnam.]] A roof is the covering on the uppermost part of a Building. In Meteorology, precipitation (also known as one class of hydrometeors, which are atmospheric water phenomena is any product of the condensation of atmospheric In the U.S., retailers often provided boardwalks in front of their stores to protect customers from the mud. The United States of America —commonly referred to as the For the record label see Boardwalk Records. for the former Las Vegas hotel see Boardwalk Hotel and Casino. Online retailing, also known as e-commerce is the latest form of non-shop retailing (cf. Electronic commerce, commonly known as e-commerce' or eCommerce, consists of the buying and selling of products or services over electronic mail order). Mail order is a term which describes the Buying of goods or services by Mail delivery
Shopping generally refers to the act of buying products. Shopping is the examining of Goods or services from Retailers with intent to purchase at that time Trade is the willing exchange of goods, services, or both Trade is also called Commerce. Sometimes this is done to obtain necessities such as food and clothing; sometimes it is done as a recreational activity. Recreation or fun is the expenditure of time in a manner designed for therapeutic refreshment of one's Body or Mind. Recreational shopping often involves window shopping (just looking, not buying) and browsing and does not always result in a purchase.
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Retail pricing
The pricing technique used by most retailers is cost-plus pricing. Pricing is one of the Four p's of the Marketing mix. The other three aspects are product promotion and place. Cost-plus pricing is a Pricing method used by companies It is used primarily because it is easy to calculate and requires little information This involves adding a markup amount (or percentage) to the retailers cost. Markup is a term used in Marketing to indicate how much the price of a product is above the cost of producing and distributing the product Another common technique is suggested retail pricing. The ( manufacturer's) suggested retail price ( MSRP or SRP) list price or recommended retail price ( RRP) (originally This simply involves charging the amount suggested by the manufacturer and usually printed on the product by the manufacturer. In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need
In Western countries, retail prices are often called psychological prices or odd prices. Price in Economics and Business is the result of an exchange and from that trade we assign a numerical Monetary value to a good, Psychological pricing or price ending is a Marketing practice based on the theory that certain prices have a Psychological impact
Often prices are fixed and displayed on signs or labels. Alternatively, there can be price discrimination for a variety of reasons, where the retailer charges higher prices to some customers and lower prices to others. Price discrimination exists when sales of identical goods or services are transacted at different Prices from the same provider For example, a customer may have to pay more if the seller determines that he or she is willing to. The retailer may conclude this due to the customer's wealth, carelessness, lack of knowledge, or eagerness to buy. Another example is the practice of discounting for youths or students. Retailers who are overstocked, or need to raise cash to renew stocks may resort to "sales", where prices are "marked down", often by advertised percentages - "50% off".
Retail Services
Behind the scenes at retail there is another factor at work. Coporations and independent store owners alike are always trying to get the edge on their competitors. One way to do this is to hire a merchandising solutions company to design custom store displays that will attract more customers in a certain demographic. The nation's largest retailers spend millions every year on in-store marketing programs that correspond to season and promotional changes. As products change, so will a retail landscape.
Etymology
Retail comes from the French word retaillier which refers to "cutting off, clip and divide" in terms of tailoring (1365). It first was recorded as a noun with the meaning of a "sale in small quantities" in 1433 (French). Its literal meaning for retail was to "cut off, shred, paring". [2] Like the French, the word retail in both Dutch and German (detailhandel and Einzelhandel respectively) also refer to sale of small quantities of items.
Retail types
There are three major types of retailing. The first is the market, a physical location where buyers and sellers converge. Sao Paulo Stock Exchangejpg|thumb| Virtual market arena where buyer and seller are not present and trade via intemediates and electronical information Usually this is done in town squares, sidewalks or designated streets and may involve the construction of temporary structures (market stalls). The second form is shop or store trading. Some shops use counter-service, where goods are out of reach of buyers, and must be obtained from the seller. This type of retail is common for small expensive items (e. g. jewelry) and controlled items like medicine and liquor. Self-service, where goods may be handled and examined prior to purchase, has become more common since the 20th century. Self service is the practice of serving oneself usually when purchasing items A third form of retail is virtual retail, where products are ordered via mail, telephone or online without having been examined physically but instead in a catalog, on television or on a website. Sometimes this kind of retailing replicates existing retail types such as online shops or virtual marketplaces such as Amazon. Online shopping is the process consumers go through to purchase products or services over the Internet. Amazoncom Inc ( is an American electronic commerce ( E-commerce) company in Seattle Washington. [3]
Buildings for retail have changed considerably over time. Market halls were constructed in the Middle Ages, which were essentially just covered marketplaces. The first shops in the modern sense used to deal with just one type of article, and usually adjoined the producer (baker, tailor, cobbler). In the 19th century, in France, arcades were invented, which were a street of several different shops, roofed over. This article is about the country For a topic outline on this subject see List of basic France topics. An arcade is a passage or walkway covered over by a succession of Arches or vaults supported by columns Counters, each dealing with a different kind of article, were invented; it was called a department store. A department store is a Retail establishment which specializes in selling a wide range of products without a single predominant merchandise line. One of the novelties of the department store was the introduction of fixed prices, making haggling unnecessary, and browsing more enjoyable. This is commonly considered the birth of consumerism [4] In cities, these were multi-story buildings which pioneered the escalator. Consumerism is the equation of personal Happiness with the purchase of material possessions and consumption. An escalator is a Conveyor transport device for transporting people consisting of individual linked steps that move up or down on tracks which keep the treads
In the 1920s the first supermarket opened in the United States, heralding in a new era of retail: self-service. Around the same time the first shopping mall was constructed [5] which incorporated elements from both the arcade and the department store. A shopping mall or shopping centre is a building or set of buildings that contain Retail units with interconnecting Walkways enabling visitors A mall consists of several department stores linked by arcades (many of whose shops are owned by the same firm under different names). The design was perfected by the Austrian architect Victor Gruen[6] All the stores rent their space from the mall owner. By mid-century, most of these were being developed as single enclosed, climate-controlled, projects in suburban areas. The mall has had a considerable impact on the retail structure and urban development in the United States. [7]
In addition to the enclosed malls, there are also strip malls which are 'outside' malls (in Britain they are called retail parks. A strip mall (also called a shopping plaza or mini-mall) is an open area Shopping center where the stores are arranged in a row with a Sidewalk In the United Kingdom, a retail park is a grouping of many retail warehouses and superstores with associated Car parking Its North American These are often comprised of one or more big-box stores or superstores. Big-box store is a term that refers to a style of physically large Chain store, and by extension to the company behind the store Big-box store is a term that refers to a style of physically large Chain store, and by extension to the company behind the store
Local shops can be known as brick and mortar stores in the United States. Target Corporation ( is an American Retailing company that was founded in Minneapolis Minnesota in 1902 Brick and mortar (B&M refers to a company which possesses a building for operations The United States of America —commonly referred to as the Many shops are part of a chain: a number of similar shops with the same name selling the same products in different locations. Chain stores are Retail outlets that share a Brand and central management and usually have standardized business methods and practices The shops may be owned by one company, or there may be a franchising company that has franchising agreements with the shop owners (see also restaurant chain)
Some shops sell second-hand goods. Franchising refers to the methods of practicing and using another person's Philosophy of business. Chain stores are Retail outlets that share a Brand and central management and usually have standardized business methods and practices In other cases, especially in the case of a nonprofit shop, the public donates goods to the shop to be sold (see also thrift store). A non-profit organization ( abbreviated "NPO" also "not-for-profit" is a legally constituted Organization whose objective is to support or engage A charity shop, second-hand shop ( UK) thrift shop, thrift store, hospice shop ( U In give-away shops goods can be taken for free. Give-away shops, freeshops, or free stores are second-hand stores where all goods are free
There are also 'consignment' shops, which are where a person can place an item in a store, and if it sells the person gives the shop owner a percentage of the sale price. The advantage of selling an item this way is that the established shop gives the item exposure to more potential buyers.
The term retailer is also applied where a service provider services the needs of a large number of individuals, such as with telephone or electric power. Basic principle A traditional landline telephone system also known as "plain old telephone service" (POTS, commonly handles both signaling and audio information Electric power is defined as the rate at which Electrical energy is transferred by an Electric circuit.
Retailers may use facing to create the look of a perfectly-stocked store even when it is not. Facing, (also known as blocking zoning or conditioning is a common tool in the Retail industry to create the look of a perfectly stocked store (even when it is not by
See also
Notes and references
- ^ Distribution Services. Tuángòu, which loosely translates as team buying or group buying (also known as store mobbing) is a recently developed shopping strategy originating Retail design is a creative and commercial discipline that combines and utilizes many different Design concepts together in the conceptualizing and construction of A store manager is the person ultimately responsible for the day-to-day operations (or Management) of a Retail Store. Customer divider barjpg|thumb|In supermarkets sellers periodically change prices for classes of goods in response to market conditions rather than negotiating the price of each good A variety store or price-point retailer is a Retail store that sells inexpensive items usually with a single Price point for all items in the Foreign Agricultural Service (February 9, 2000). Foreign Agricultural Service ( FAS) has primary responsibility for the United States Department of Agriculture 's (USDA overseas programs -- market development Events 474 - Zeno crowned as co-emperor of the Byzantine Empire. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. Retrieved on 2006-04-04. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1581 - Francis Drake completes a circumnavigation of the world and is knighted by Elizabeth I.
- ^ Harper, Douglas (2001). Retailing. Online Etymology Dictionary. Retrieved on 2008-03-16. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 597 BC - Babylonians capture Jerusalem, replace Jehoiachin with Zedekiah as king
- ^ O'Brien, Larry; Frank Harris (1991). Retailing: shopping, society, space. London: David Fulton Publishers. ISBN 978-1853461224.
- ^ Chung, Chuihua Judy (ed. ) (2002). Harvard Design School Guide to Shopping. Köln: Taschen. ISBN 978-3822860472.
- ^ Borking, Seline (1998). The Fascinating History of Shopping Malls. The Hague: MAB Groep BV. ISBN 978-9080183421.
- ^ Hardwick, M. Jeffrey (2003). Mall Maker: Victor Gruen, Architect of an American Dream. Philadelphia: University of Pennsylvania Press. ISBN 978-0812237627.
- ^ Kowinski, William Severini (2002). The Malling of America: travels in the United States of Shopping, 2nd ed. , XLibris. ISBN 1401036767.
Bibliography
- Krafft, Manfred; Mantrala, Murali K. (eds. ) (2006). Retailing in the 21st century: current and future trends. New York: Springer Verlag. ISBN 3540283994.
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