retailing and the economy

The marketing department of retail companies is engaged in identifying the opportunities and threats to the business of the company by analyzing the socio-cultural trends and the buying preferences of the consumers. Social and Economic Significance of Retailing The retailer acts as a link between the customer and the marketer, who is responsible for selling the ultimate products and services to the customers. Consumers spent at a much faster pace than expected in September, with retail sales rising 1.9% in a sign that the U.S. economy's biggest driver remains healthy. Over 10 million scientific documents at your fingertips. In the present business scenario, social responsibility and increasing importance are being given to driving the functions of marketing functions with a sense of social responsibility. This will be helpful in meeting the demands of the consumers by understanding their expectations. In the distribution system, retail is the link to the How big is retail? (1999) ‘Control and Support in an International Franchise Network’. Retail Economics is an independent economics consultancy focused on UK retail and consumer markets. Think of all of the people and companies involved in producing, distributing, and selling the goods you use on a daily basis like food, clothes, fuel, and so on. The retail industry should be prepared for changing economic conditions in the coming year. McGoldrick, P. (1989) ‘Departmental Store Concession — Strategic Decisions and Consumer Reactions’, in L. Pellegrini and S.K. Rowley, J. and Slack, F. (1999) ‘The Retail Experience in Airport Departure Lounges: Reaching for Timelessness and Placelessness’. It involves high annual sales and employment. 2. ... Summa said modern pawnshops are increasingly investing in the digital economy… Further uncertainty surrounding the global economy has been added by the coronavirus outbreak in China early in the year. 3. As a major source of employment retailing offers a wide range of career opportunities including; store management, merchandising and owning a retail business. Putting economic analysis at the heart of retail insight. Hoffmann, R.C. This first chapter provides an overview of the retail management process, explains the functions of retailing, and discusses its importance in the UK economy. Download preview PDF. New York (CNN Business)US retail sales grew at a slower pace than economists had predicted last month -- prompting worries about a "difficult … We estimate that the global retail market will reach $25.038 trillion in 2019, an increase of 4.5% and slight acceleration in growth vs. the prior year. Consumers benefit from retailing is that, retailers perform marketing functions that makes it possible for customers to… Retail Secondhand News: Economy, Pandemic Create New Role For Pawnshops. This is a preview of subscription content. It will be of great value to students, researchers and policymakers in this rapidly growing, and extremely important field.’ Get breaking economic news and analysis on the U.S. and global economy from The Wall Street Journal, including coverage on economic policy, trade, financial developments and investment. BCSC (1996) ‘Town Centres Futures: The Long-term Impact of New Development’. and Shipley, D. (1992) ‘A Comparative Study of Operational Marketing Practices among British Department Stores and Supermarkets’. Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. ‘Coe and Wrigley have assembled a most impressive collection of key writings on the globalization of retailing. What does slower retail sales growth in October mean for the economy? We are a ISO 9001:2015 Certified Education Provider. In the entire complicated process of marketing, retailer acts an intermediary in the complex marketing & distribution channel. The retail giant reported a loss of $91 million for the three-month period ending Oct. 31, with sales plunging 22% as the pandemic continued to wreak economic havoc. Boyle, E. (1999) ‘A Study of the Impact of Environmental Uncertainty on Franchise Systems: The Case of Petrol Retailing in the UK’. So retail is big; very big. As a major source of employment retailing offers a wide range of career opportunities including; store management, merchandising and owning a retail business. The retail fraternity should give importance to the cultural differences and also the differences in the values, beliefs, and faith of people while formulating their marketing strategies and business development plans. Regulation and control from various pressure groups such as social activists, social workers, and consumer activists compel the retailers in implementing their marketing programmes restrictively and communicating the true picture about the benefits or harms of using a product. A big part of our personal income is spent on retail goods. Free 30 day trial . Retail sales are an important economic indicator because consumer spending drives much of our economy. We cannot meaningfully recover from the COVID-19 crisis without a resilient retail sector. The retailers play the role of sales specialists and also as agents of purchase for their customers and suppliers respectively. The retail sector has opened newer job avenues for people having different areas of specialization with diverse skills and qualification backgrounds.

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