The Marketing Of The Retail Industry

7989 WordsNov 6, 201532 Pages
Marketing Industry Description The retail industry is a nonstop or continuous field as people have needs, especially those basic needs, such as clothing and food, in which the industry readily provides. It is a mature industry, with slow increases in demand, repeat consumers, and limited innovation (Barringer and Ireland, 2012). Although the industry is mature with many competing businesses, a few of those very large, it continues to thrive. Stacy’s Helping Hand offers a unique shopping experience catered to the elderly and disabled consumers with several added benefits of a resource center and innovative product creations those consumers are unable to locate. The U. S. Department of Labor Standard Industrial Classification (SIC) classifies Stacy’s Helping Hand as SIC Code 5311 under “Department Stores” (U.S. Department of Labor). Industry Trends Approximately two-thirds of the United States’ gross domestic product (GDP) comes from retail consumption (Farfan, 2014). The U.S. retail industry employs over 14 million people (Farfan, 2014). With the unemployment levels slowly lowering as the economy bounces back from the recession, the job market for retail positions at all levels is very competitive (Farfan, 2014). Retail technology, specifically integrating physical stores and online stores with the use of mobile phones need smooth transitions from one to the other (Kahn, 2014). Consumers want to shop by their terms and not by a business’. If they happen to spot something

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