Essay About Retail Industry Usa And Economic Growth Of Many Countries

Retail Industry UsaThe analysis of U.S retail industry developmentWhat is the retail industryRetail is the sale of goods and services from individuals or businesses to the end user. Retailers are part of an integrated system called the supply chain. A retailer purchases goods or products in large quantities from manufacturers or directly through a wholesaler, and then sells smaller quantities to the consumer for a profit.

Retailing involves a direct interface with the customer and the coordination of business activities from end to end-right from the concept or design stage of a product or offering, to its delivery and post-delivery service to the customer. The industry has contributed to the economic growth of many countries and is undoubtedly one of the fastest changing and dynamic industries in the world today

The growth of retail industryU.S. retail industry sales growth will shrink to 3.4 percent this year, hampered by the lingering housing slump, a trade group forecast.The economy is not growing at the pace we would hope. Before, Consumers are finding a way to get out there and spend. But the consumers are different today. They are much more focused on value.

A retailer can spend years rolling out a brand in the largest U.S. markets and more years penetrating smaller markets before looking overseas. Today’s globalization makes moving internationally sooner to become a much more attractive opportunity. Retailers call global expansion a key source of revenue and a necessity, not an option, for them. They also see the growth of middle class consumers around the globe as a key driver of these international opportunities.

The importance of retail industryToday, retail is one of the biggest employers in the world and a large portion of the world economy. The role of retail industry is to perform retailing functions efficiently than wholesalers. It provides the long term relationship with the consumers. They also provide information about competitor’s activities relating to product, price and promotion. It also offers varieties of services such as delivery, installation, repair, maintenance, and supply of spare parts. The Retail industry has high percentage in USA marketing. Of the World’s 10 largest retail companies in the world, five of them are from the US and five are from Europe. Retail sales are an important indicator because consumer spending drives much of our economy. The basic motive of these retail industries is to satisfy the consumers and fulfill their needs and demands, increasing the overall profits of the company.