Retail
INTRODUCTION TO RETAILING
Retailing is not like rocket science. It is an industry you all understand because you have interacted with it for so many years.
Why are retailers necessary?
Consumer perspective:
1. Narrow the choice. Retailers search the market and provide the best selection
2. Breaks bulk
3. Stores goods so consumers do not have to stock up
4. Convenient and pleasant ambiance
5. Services alterations etc.
Manufacturers perspective
1. Takes inventory risks
How would we define retail as an industry ?
1. Retailing is a service Industry :
Compare it with a hotel . You can have 1 star hotels and 5 star hotels. A hotel sells rooms and meals , a store sells clothes / FMCG products etc. .Both are required . 1 star hotels will command a room rent of Rs 500/- , 5 start hotels will command a room rent of Rs 5,000/- .
2. Retailing is an entertainment industry : Take the example of PVR .
Peculiarities of the Fashion Industry......
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