DEFINITION AND SCOPE OF RETAILING:-
Retailing can be defined as the buying and selling of goods and services. It can also be defined as the timely delivery of goods and services demanded by consumers at prices that are competitive and affordable.
Retailing involves a direct interface with the customer and the coordination of business activities from end to end- right from the concept or design stage of a product or offering, to its delivery and post-delivery service to the customer. The industry has contributed to the economic growth of many countries and is undoubtedly one of the fastest changing and dynamic industries in the world today.
TYPES OF RETAIL OPERATIONS:
Retail operations enable a store to function smoothly without any hindrances. The significant types of retail operations consist of:
- Departmental store
- Specialty Store
- Discount/Mass Merchandisers
- Warehouse/WholesaleStores
- Factory outlets
- Superstores
- HyperMarkets
- Convenience Stores
- Kiosks etc.,...
THE EMERGING SECTORS IN RETAILING:
Retailing, one of the largest sectors in the global economy, is going through a transition phase not only in India but the world over. For a long time, the corner grocery store was the only choice available to the consumer, especially in the urban areas. This is slowly giving way to international formats of retailing. The traditional food and grocery segment has seen the emergence of supermarkets/grocery chains (Food World, Nilgiris, Reliance fresh, Food Bazaar), Convenience stores (In & Out ( Bharat Petroleum), HP Speedmart) and fast-food chains ( McDonalds, Pizza Hut, pizza corner, Subway etc....)
In the non-food segment, however that foray has been made into a variety of new sectors. These include Lifestyle segment (Shoppers' Stop, Globus, LifeStyle, Westside), Apparel/Accessories (Pantaloon, Levis, Reebok), Books & Music ( MusicWorld, Crosswords, Landmark), Gifts & Cards ( Archies, Expressions), Consumer Durables ( Adishwars, Girias, Croma, EZone etc..), Drugs and Pharmacy (Health and Glow, Apollo), Cellular Phones ( Mobile Store, Univercell, Global Access etc..)
In order to appeal to all classes of the society, retail stores would have to identify with different lifestyles. In a sense, this trend is already visible with the emergence of stores with an essentially `value for money' image. The attractiveness of the other stores actually appeals to the existing affluent class as well as those who aspire for to be part of this class. Hence, one can assume that the retailing revolution is emerging along the lines of the economic evolution of society.
