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As the name suggests, Speciality store would specialize in a particular product and would not sell anything else apart from the specific range. Speciality stores sell only selective items of one particular brand to the consumers and primarily focus on high customer satisfaction. Example -You will find only Reebok merchandise at Reebok store and nothing else, thus making it a speciality store. You can never find Adidas shoes at a Reebok outlet. Many retail stores operating at one place form a mall.

A mall would consist of several retail outlets each selling their own merchandise but at a common platform. Now a days the customers have the option of shopping while sitting at their homes. They can place their order through internet, pay with the help of debit or credit cards and the products are delivered at their homes only. However, there are chances that the products ordered might not reach in the same condition as they were ordered. This kind of shopping is convenient for those who have a hectic schedule and are reluctant to go to retail outlets.

In this kind of shopping; the transportation charges are borne by the consumer itself. Example - 99 Store would offer all its merchandise at Rs 99 only. Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain.

Solutions for Retail Marketing Managers

The term "retailer" is typically applied where a service provider fills the small orders of a large number of individuals, who are end-users, rather than large orders of a small number of wholesale , corporate or government clientele. Shopping generally refers to the act of buying products. Sometimes this is done to obtain final goods , including necessities such as food and clothing; sometimes it takes place as a recreational activity.

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Types of Retail Outlets

Recreational shopping often involves window shopping and browsing: it does not always result in a purchase. Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers. Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era.

Most modern retailers typically make a variety of strategic level decisions including the type of store , the market to be served, the optimal product assortment, customer service , supporting services and the store's overall market positioning. Once the strategic retail plan is in place, retailers devise the retail mix which includes product, price, place, promotion, personnel and presentation. In the digital age , an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing.

Digital technologies are also changing the way that consumers pay for goods and services. Retailing support services may also include the provision of credit, delivery services, advisory services, stylist services and a range of other supporting services. Shopping streets may restrict traffic to pedestrians only. Sometimes a shopping street has a partial or full roof to create a more comfortable shopping environment — protecting customers from various types of weather conditions such as extreme temperatures, winds or precipitation.

Retail Management - Meaning and its Need

Forms of non-shop retailing include online retailing a type of electronic-commerce used for business-to-consumer B2C transactions and mail order. Retail comes from the Old French word tailler , which means "to cut off, clip, pare, divide" in terms of tailoring It was first recorded as a noun with the meaning of a "sale in small quantities" in from the Middle French retail , "piece cut off, shred, scrap, paring".

Retail refers to the activity of selling goods or services directly to consumers or end-users. In some jurisdictions or regions, legal definitions of retail specify that at least 80 percent of sales activity must be to end-users. Retailing often occurs in retail stores or service establishments, but may also occur through direct selling such as through vending machines, door-to-door sales or electronic channels.

Retail service providers include retail banking, tourism, insurance, private healthcare, private education, private security firms, legal firms, publishers, public transport and others. For example, a tourism provider might have a retail division that books travel and accommodation for consumers plus a wholesale division that purchases blocks of accommodation, hospitality, transport and sightseeing which are subsequently packaged into a holiday tour for sale to retail travel agents.


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Some retailers badge their stores as "wholesale outlets" offering "wholesale prices. Different jurisdictions set parameters for the ratio of consumer to business sales that define a retail business. Retail markets have existed since ancient times. Archaeological evidence for trade, probably involving barter systems, dates back more than 10, years.

As civilizations grew, barter was replaced with retail trade involving coinage. These markets typically occupied a place in the town's centre. Surrounding the market, skilled artisans, such as metal-workers and leather workers, occupied permanent premises in alleys that led to the open market-place.

Visual Merchandising

These artisans may have sold wares directly from their premises, but also prepared goods for sale on market days. The latter was a vast expanse, comprising multiple buildings with shops on four levels. The Phoenicians , noted for their seafaring skills, plied their ships across the Mediterranean, becoming a major trading power by the 9th century BCE.

The Phoenicians imported and exported wood, textiles, glass and produce such as wine, oil, dried fruit and nuts. Their trading skills necessitated a network of colonies along the Mediterranean coast, stretching from modern-day Crete through to Tangiers and onto Sardinia [13] The Phoenicians not only traded in tangible goods, but were also instrumental in transporting culture. The Phoenician's extensive trade networks necessitated considerable book-keeping and correspondence.

MARKETING AND RETAIL MANAGEMENT

In around BCE, the Phoenicians developed a consonantal alphabet which was much easier to learn that the complex scripts used in ancient Egypt and Mesopotamia. Phoenician traders and merchants were largely responsible for spreading their alphabet around the region. In the Graeco-Roman world, the market primarily served the local peasantry. Local producers, who were generally poor, would sell small surpluses from their individual farming activities, purchase minor farm equipment and also buy a few luxuries for their homes. Major producers such as the great estates were sufficiently attractive for merchants to call directly at their farm-gates, obviating the producers' need to attend local markets.

The very wealthy landowners managed their own distribution, which may have involved exporting and importing. The nature of export markets in antiquity is well documented in ancient sources and archaeological case studies. The rise of retailing and marketing in England and Europe has been extensively studied, but less is known about developments elsewhere.

In Medieval England and Europe, relatively few permanent shops were to be found; instead, customers walked into the tradesman's workshops where they discussed purchasing options directly with tradesmen.

Retail Advertising

In 13th-century London, mercers and haberdashers were known to exist and grocers sold "miscellaneous small wares as well as spices and medicines" but fish and other perishables were sold through markets, costermongers, hucksters, peddlers or other types of itinerant vendor. In the more populous cities, a small number of shops were beginning to emerge by the 13th century.

In Chester , a medieval covered shopping arcade represented a major innovation that attracted shoppers from many miles around. Known as " The Rows" this medieval shopping arcade is believed to be the first of its kind in Europe. Medieval shops had little in common with their modern equivalent.

As late as the 16th century, London's shops were described as little more than "rude booths" and their owners "bawled as loudly as the itinerants. The shutters were designed to open so that the top portion formed a canopy while the bottom was fitted with legs so that it could serve as a shopboard. The lack of glazed windows, which were rare during the medieval period, and did not become commonplace until the eighteenth century, meant that shop interiors were dark places. Outside the markets, goods were rarely out on display and the service counter was unknown.


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Shoppers had relatively few opportunities to inspect the merchandise prior to consumption. Many stores had openings onto the street from which they served customers. Outside the major cities, most consumable purchases were made through markets or fairs. Markets were held daily in the more populous towns and cities or weekly in the more sparsely populated rural districts.

Markets sold fresh produce; fruit, vegetables, baked goods, meat, poultry, fish and some ready to eat foodstuffs; while fairs operated on a periodic cycle and were almost always associated with a religious festival.