Retailing Guide and Directory

The basic concept of the retailing business is to purchase goods in large quantities, at wholesale prices, and sell them to consumers in smaller quantities, at retail prices. (Traditional wholesale prices are about 60% of retail prices.) Historically, retailers simply opened stores with limited merchandise selections to fill existing needs in their local communities, but today, consumers have far more choices available to them than our ancestors ever did. Modern transportation methods enable consumers to shop at stores farther from home, and the Internet provides online storefronts for an incredible array of items ranging from Accessories to Zippers. So modern retailers must innovate and provide specialty items and services in order to meet these competitive pressures. Furthermore, the availability of convenient consumer reports and product reviews has resulted in more educated consumers who demand high quality merchandise and good customer service.

Technological advances will continue to affect the way consumers purchase goods and services. Certain items are well suited to Internet or mail order retailing, but many consumers still like to see, touch, and try out their prospective purchases before buying them. So brick and mortar retailers still have a role to play. However, these retailers will increasingly cater to more affluent customers who appreciate the convenience and personal service that a local storefront affords. In this evolving retail marketplace, it is important for virtually every retailer to establish an online presence as well as a physical location so that they can service their customers effectively.