Page 6 - DMGT551_RETAIL_BUSINESS_ENVIRONMENT

Unit 1: Introduction to Retail Environment
Pavitar Parkash Singh, Lovely Professional University

Unit 1: Introduction to Retail Environment Notes

CONTENTS
Objectives
Introduction
1.1 Definition and Scope

1.2 Functions of Retailing
1.3 Retailer
1.4 Rise of the Retailer
1.5 Evolution of Retailing Industry
1.6 Evolution of Retail Format
1.7 Successful Retailing
1.8 Career in Retail

1.9 Summary
1.10 Keywords
1.11 Review Questions
1.12 Further Readings

Objectives

After studying this unit, you will be able to:

Discuss the Concept and Scope of Retailing
Explain Functions of Retailing
Discuss Retail Formats
Explain Successful Retailing

Discuss Careers in Retailing
Introduction

Retailing comes at the end of the marketing distributive channel. The word ‘retail’ has been
derived from the French word “retaillier” and means ‘to cut a piece’ or ‘to break bulk’. It covers
all the activities involved in the sale of product and services. Retailing is a high-intensity
competition industry and second largest globally. The reason for its popularity lies in its ability
to provide easier access to a variety of products, freedom of choice, and many services to
consumers. The size of an average retail store varies across countries depending largely on the
level of a particular country’s economic development. The largest retail store in the world is
Wal-Mart of USA.
Retailing is the world’s largest private sector contributing to 8% of the GDP and it employs one
sixth of the labor force. The estimated retail trade is expected to be 7 trillion US $. Many countries
have developed only due to retailing and presently we see there is a vast change in the retail
industry. As far as India is concerned it contributes to 14% of our GDP and it is the second largest
sector next to agriculture which provides employment to more number of persons.

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