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Role of retail industry in the growth of economy

By Annphilip Subscribe to RSS | March 12th 2012 | Views:

Retail industry is the second largest fast developing business in America in terms of growth. America is the home of leading brand like Wal-Mart, Disney, Apple, Target, Staples etc. This industry is giving a huge number of employment opportunities to people of America. As a multinational retailer, Wal-Mart employs nearly one million people in America and about fifty thousand people in other countries.

In terms of employment, the retail industry is providing nearly 11% of employment in the U.S. As per the data available, the industry is expected to give 14% more employment in the coming year. In the U.S., the annual sales turnover is huge and it constitutes nearly 12% of total business trade volume.

Various segments in retail industry –

Discount stores- These stores sells products for reduced prices than those available in traditional retail stores. Discount stores offer products ranging from jewelry, electronic goods, electrical appliances and clothing. As present, Wal-Mart is the largest retailer in the world, with more than thousand three hundred discount stores in the U.S. Next to Wal-Mart are Target and Kmart. In the U.S, the discount stores occupy a major portion of the total retail market share.

Off-price retailers- These stores offer products at price less than other retail stores. Most of the off-price retailers buy retail merchandise directly from suppliers. This gives the advantage of getting slightly distressed produce and cancelled orders at a very low price. Off-price stores also offer products at discount prices at the end of the season. Some of the major off-price retailers are Ross, Gordmans stores, TJ Maxx and marshals etc.

Variety stores - These retail stores sell inexpensive items. Most of the items in the store will have a single price. Typical items for sale include toys, household goods, cleaning equipments, gardening equipments, personal hygiene supplies etc.

Apparel retail – Apparel stores sell clothing, personal accessories and foot wears. Most of the apparel retailers will have their own brands. Some of the commonly found apparel retailers are :-

Ann Taylor stores- they sell women’s casual clothing through Ann Taylor and Ann Taylor Loft brands.

Chico’s FAS – This company offers women’s apparel mostly for above average people.

Dress Barn –This company offers apparels for women and kids in the U.S.

Men’s Wear house –This offers apparels and accessories for men.

Jos.A. Bank Clothiers- This company sells tailored and casual clothing for men.

Tween brands – it sells apparels and accessories to girls under the brand names, The Limited Too and Justice.

Consumer electronic- The key players in this segment are Best Buy, Radioshack, Gamestop and Futureshop. The consumer retail section also gives better profits to the retail industry.

Home improvement retail- In U.S. alone, nearly 23,000 hardware stores and home centers are present. Major home improvement companies are The Home Depot and Lowe's Companies. Among hardware stores, True Value Company and Ace Hardware are the renowned one. Among online home improvement companies, is an important tone.

Pharmaceuticals retailers – One of the largest U.S pharmacy provider is the CVS Caremark. Other major pharmaceutical companies are Walgreen’s and Rite Aid.

Sporting goods retailer- In the U.S, Dick’s sporting goods and Big 5 sporting Goods are the renowned sport retailers. Cabela’s and Academy are the other important sporting goods retailers.

The retail industry plays a key role in the measurement of the Gross Domestic Product number of a country. As retail industry can contribute a lot in the growth of a country’s economy, retail sales report is an important indicator of a country’s growth. It is said that retails industry make up approximately 70% of the United State's GDP. Details regarding retail industry and its growth can be collected from home computer with connection from providers like XFINITY Deals.

Annphilip - About Author:
As a freelancer, Ann likes to write about retail management. She collects data related to different retail sectors from her home computer with connection from providers like XFINITY Deals.

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