Retailing business has been in existence for as long as human started trading goods, but one thing is certain, the retailing industry is still evolving.
The introduction of technology and subsequently online retail store has indeed helped in reshaping the industry.
Perhaps the retailing industry has the widest range of customers; everybody on planet earth has one or more things that they would need in a retail shop.
It is difficult to find people around who don’t patronize retail shops.
The retail industry is a major sector of the economy of the United States which generates a whooping sum of well over $4 trillion annually from more than a million retail outlets scattered all around the United States of America.
The industry is responsible for the employment of well over 15 million people which is about 12% of the workforce of the U. e published that in 2014 alone, the retailing industry on a global scale generated a revenue of well over trillion; it goes to show that the industry is indeed a very large industry.The truth is that almost every commodity that is manufactured can be retailed.Here are some niche ideas within the retailing industry; The Level of Competition in the Retail Industry Even though there are loads of retailing stores that are scattered all around the cities, that does not in any way stop those who are well positioned to continue to generate huge revenue from the business.Creativity in the industry is obviously what led to online retailing stores, clearance sales, and loads of other marketing strategies that is helping the business to grow despite the competition in the industry.Economic Analysis Starting a retailing business just like starting any other business requires that you conduct your feasibility studies and market survey so as to get your economic analysis right.Retail goods can also be categorized into durable goods and non – durable goods.Durable goods are goods such electronics, computers and accessories, furniture, and other large appliances et al and non – durable goods are good such as food, toiletries, drinks, beauty products, jewelry, clothing and shoes et al.The retailing industry is one industry that is so large that it can accommodate loads of entrepreneurs that are into the retailing of various goods.It could be a big retail outlet (shopping malls) or a small retail outlet in a street corner (kiosk, mom and pop groceries shops et al).In recent time, the retail landscape has seen tremendous changes in the last 20 years; it has grown from the usual mom and pop outlets to a more organized and far reaching venture.The introduction of franchise and online store makes it easier for a retailer to reach out to a larger market far beyond the areas where his physical store is located.