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Describe some important features of the retail sector and provide some real world examples - Essay Example

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This industry depends on spending by the consumer. At present, 75% of the U.S. GDP emanates from the retail industry. However, in case of…
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Describe some important features of the retail sector and provide some real world examples
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Download file to see previous pages Conversely, small stores still survive in the retail business as a result of retaining customer base regardless of stiff competition from large or super stores (Scarborough, 2012). In a turn of events, most departmental stores worldwide seems to wane and this has forced such departmental stores to reposition themselves in the market (Lincoln & Lars, 2007). For instance, there are departmental stores that are now shifting to apparel stores from supplying consumers with general merchandise. In order to attract customers, retail stores are now focusing on offering customers discount. Offering discount is a key feature in the retail sector today, such discounts involves lowering prices of goods or offering money back guarantee to entice more customers. Examples of retail store engaging in offering customers discount include, the Wal-Mart (Lincoln, 2009).
In the same industry, there are retailers who focus on one type of product category. This is a strategy meant to expand their grip in the market and gain competitive edge. Such retailers are also termed as, Category Killers and examples include Toy stores or Home Depot and are considered to have a larger market share with regard to product category. For instance, the Toys R U currently enjoy a market share of 20%. As a result of improvement in information technology, retailers are now capitalizing on this avenue to attract consumers. Direct marketing embraces strategies like direct mail and catalog marketing, and examples of stores relying on direct marketing include cosmetic stores (Dennis, 2009).
Further, the retail industry is mainly influenced by demographic changes and as a result, the preference by consumers is shifting towards a demand for certain goods and services. This trend forces retailers worldwide to remain vigilant and adapt to the frequent changes in the retail market. With regard to mergers or acquisition, retail stores that dominate ...Download file to see next pagesRead More
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