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Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply ...
The history of retail encompasses the sale of goods and services to consumers across all cultures and time periods from ancient history to the present. [ 1] Commerce first took the form of bargaining between early human civilizations. Beginning with Middle Eastern towns in the 7th millennium BCE, retail markets emerged when civilizations ...
Chain store. A chain store or retail chain is a retail outlet in which several locations share a brand, central management and standardized business practices. They have come to dominate many retail markets, dining markets, and service categories in many parts of the world. A franchise retail establishment is one form of a chain store.
The economic history of the United States is about characteristics of and important developments in the economy of the U.S., from the colonial era to the present. The emphasis is on productivity and economic performance and how the economy was affected by new technologies, the change of size in economic sectors and the effects of legislation and government policy.
Retail format. 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 ...
The social market economic model, sometimes called Rhine capitalism, is based upon the idea of realizing the benefits of a free-market economy, especially economic performance and high supply of goods while avoiding disadvantages such as market failure, destructive competition, concentration of economic power and the socially harmful effects of ...
In economics, Reilly's law of retail gravitation is a heuristic developed by William J. Reilly in 1931. [1] According to Reilly's "law," customers are willing to travel longer distances to larger retail centers given the higher attraction they present to customers. In Reilly's formulation, the attractiveness of the retail center becomes the ...
v. t. e. In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money.