What you’ll learn to do: Describe retailing, the entities involved, and the impact of decisions on a retail business
Retailing is important for business students to understand for two main reasons. First, almost all product channel structures conclude with a retailer. This means that no matter where a product starts its journey, it almost always ends up at a retailer. While products may be produced by a manufacture, pass through a wholesaler, or involve transactions with brokers or agents, retailers are the connection to the consumers. Second, retail offers an immense number of job opportunities. Today in the U.S., there are 3,793,621 retail establishments that support 42 million jobs. Retail also contributes $2.6 trillion to the U.S. gross domestic product.
You can view the number of jobs and retail presence in your state at the National Retail Federation (NRF).
Who are these retailers who provide so many jobs for our economy? The NRF posts an annual list of the top one hundred retailers by retail sales. The top ten are listed in the table below.
|Rank||Retailer||U.S. Headquarters||2016 Retail Sales|
|1||Walmart Stores||Bentonville, Arkansas||$353,108,000|
|2||The Kroger Co.||Cincinnati, Ohio||$103,878,000|
|4||The Home Depot||Atlanta, Georgia||$79,297,000|
|7||CVS Caremark||Woonsocket, Rhode Island||$72,151,000|
|10||Lowe’s Companies||Mooresville, North Carolina||$57,486,000|
In this section you’ll learn more about the retail channel and the strategies that drive its growth.
Contributors and Attributions
- Introduction to Retailing. Provided by: Lumen Learning. License: CC BY: Attribution
- shopping cart. Authored by: Alexas_Fotos. Provided by: Pixabay. Located at: https://pixabay.com/en/shopping-business-retail-1165437/. License: CC0: No Rights Reserved