Name the Major store retailer types?
A retail store is a business activity whose primary source of selling comes from retailing. Retailing includes all the activities involved in selling of products or services on to final consumer for private , non-business use.
The major types of Retail stores are:
1. Departmental Stores
This is one of the most complex types of organizations that offer a wide range of products. It is a collection of smaller retail stores managed by one company. These stores are well-known for offering products at different pricing levels and for the variety of products that they offer. Shoppers stop and Kohl's are the example of departmental stores.
2. Specialty Stores
Specialty stores carry very finite product lines with deep selection. These stores offer a large choice in terms of models, size, style, color and other important attributes in the selection carried. These retail outlets specialize in a given type of merchandise like men’s clothing, children’s clothing, and sporting goods.
3. Supermarkets
The most common types of retail outlets is supermarkets. These retail stores are large, departmentalized, self-service stores that concentrate on food and a few non-food items. FMCG products are the primary focus in such stores when compared to consumer durables. The product selection is given great importance in supermarkets as the products need to be displayed in a manner such that customers get attracted to them.
4. Discount Stores
Discount stores are those retail outlets who give considerable discounts on the products that they sell. These types of stores participate on the basis of low prices, high turnover, and high volume. Walmart is the example of discount stores.
5. Hypermarkets
These type of stores are huge in size and have many different categories under their belt. Normally, these retail stores are not found in malls, rather they are the size of malls themselves. Tesco is the example of Hypermarkets.
6. Convenience Stores
These are usually located in residential areas. Convenience stores offer a range of products at premium prices due to the added value of convenience. They are normally small foundations that have finite depth in product line. These retails outlets are known for giving super-fast service with a focused approach.
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