How Retail Are Constantly Rising And Changing The Way Consumers Behave

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The retail sector is one of the most emerging markets that is constantly changing how it operates. New issues and innovations regarding retail are constantly rising and changing the way consumers behave. Based on the experiences in RMG 100, this report will analyze the aspects of varied retail formats and their significance, the factors that contribute to current and emerging retail innovations and issues, and the implications of these innovations and issues for retail managers. Aspects of Varied Retail Formats One of the most important aspects of retail is how retailers differentiate themselves in terms of what kind of retail format they identify with. Based on the lecture on September 19, 2014 on Retail Formats, retailers can be…show more content…
On the other hand, the product assortment refers to the assortment and variety of merchandise the retail format has. Product assortment is the number of items in a category and its SKUs, and is known as the depth of merchandise that is carried by a format. Product variety is the number of merchandise categories there are and is known as the breadth of merchandise. For example, department stores have broad variety and deep assortment versus speciality stores who have narrow variety and deep assortments. Another aspect that helps in differentiating retail formats from one another is the price, how high or low the prices are set. And lastly, ownership refers to whether the retailer is owned independently, through a franchise, or through chain stores. All four aspects differ from one another because they each deal with different parts of operating a retail store. There are many different forms of retail stores, a retail format is a business model and can be defined as a combination of how retailers strategize, operate and offer to customers. In the Retail Formats Comparisons, Cracker Barrel presentations, various consumer goods were compared in three different bricks and mortar formats by three aspects of the retail mix. The posters were able to show how the retail mix plays an important role in each of the different retail format. The My Summer Retail Experience lecture, introduced the retail mix, a
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