Retail Market Of The Retail Industry

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HISTORY Retail is the selling of services or goods to consumers to gain a profit. The retail industry is one of the most important and profitable industries in the world economy today. Total annual U.S. retail sales have increased an average of 4.5% between 1993 and 2015, according to the U.S. Census Bureau. The simple idea of creating retail shops, discount stores, and super shops has altered the world of shoppers and consumers worldwide. An estimated two-thirds of the U.S. gross domestic product (GDP) comes from retail consumption (2015 US Retail Industry Overview - Info, Facts, Research, Data, Trivia," 2015).The retail industry is generally divided into several types of retail stores such as, department stores, supermarkets, convenience stores, online stores and malls. The history of retail business is as old as 1800. In the early 18th century in the United States the concept of retail was limited to a general store where people would go and shop for articles of necessity (US Retail Industry, The Retail Industry of USA," 2007). These general stores became the major food marketing channel distribution in the 18th century. Toward the end of the 1900’s, wholesale club stores became more popular. These stores started offering bulk quantities of household items to club members at a highly discounted prices. One of the most important retail stores would be the supermarket store, which consists of selling fresh, produce, meats, dairy and groceries. During the 1970s, the
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