{"id":231,"date":"2018-02-23T18:36:47","date_gmt":"2018-02-23T18:36:47","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/?post_type=chapter&#038;p=231"},"modified":"2024-04-25T02:01:57","modified_gmt":"2024-04-25T02:01:57","slug":"putting-it-together-introduction-to-retailing","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/chapter\/putting-it-together-introduction-to-retailing\/","title":{"raw":"Putting It Together: Introduction to Retailing","rendered":"Putting It Together: Introduction to Retailing"},"content":{"raw":"Do you remember identifying your favorite retailer on the first page?\u00a0 Hopefully you can now think about them in a different way or give you some insight as to why your favorite pair of jeans in your size are sold out at your local GAP?\u00a0 If you will recall we discussed inventory as a key challenge in retail.\u00a0 Adequate inventory levels are imperative to the success of any retailer.\u00a0 Too much inventory leads to unproductive sales and lost margin due to markdowns.\u00a0 Inventory that doesn't support customer demand might mean lost sales and a potential negative image of the retailer from the customer's point of view.\r\n\r\nWhat about the time it takes for the item you ordered online, or even in store, to make it to your home?\u00a0 This is about the supply chain and how effective it is within the retail chain.\u00a0 What are your thoughts at this time regarding the supply chain of your favorite retailer?\u00a0 Lastly, technology has transformed the industry in ways that we probably couldn't imagine as the industry has transformed by leaps and bounds in the last 60 years.\u00a0 Will the concepts you learn shape what career you choose?\u00a0 What will be your contributions to this changing field now and in the future?\r\n\r\nLet's take one more look at the store of the future. Think about how your favorite store might transform itself into the store of the future.\r\n\r\n<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=4669095&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=573&amp;video_id=IKouQFI1aM4&amp;video_target=tpm-plugin-q15fkexv-IKouQFI1aM4\" width=\"800px\" height=\"500px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n\r\nYou can view the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Retail+Managment\/Transcripts\/TheStoreoftheFuture_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for \"The Store of the Future\" (opens in new window).<\/a>\r\n\r\nAs retail leaders make forward progress and adapt to changes in the industry, there is also an increased emphasis on maintaining awareness of retail news and trends. If you are a retail professional,\u00a0you should also be aware of what's happening on a local and regional level. The following list includes some commonly used resources for finding this information. Many of these contain weekly subscription lists that are generally free. This is a great start to expanding your knowledge of retail news\r\n<ul>\r\n \t<li><a href=\"https:\/\/www.nrf.com\" target=\"_blank\" rel=\"noopener\">National Retail Federation (NRF)<\/a><\/li>\r\n \t<li><a href=\"https:\/\/nrf.com\/connect-us\/stores-magazine\" target=\"_blank\" rel=\"noopener\">NRF &amp; Stores Magazine<\/a><\/li>\r\n \t<li><a href=\"https:\/\/www.retail-week.com\/\" target=\"_blank\" rel=\"noopener\">Retail Week<\/a><\/li>\r\n \t<li><a href=\"http:\/\/www.pewresearch.org\/\" target=\"_blank\" rel=\"noopener\">Research website: Pew Research Center<\/a><\/li>\r\n \t<li><a href=\"https:\/\/warrington.ufl.edu\/centers\/retailcenter\/docs\/TeachRetail_RetailTradePublications.pdf\" target=\"_blank\" rel=\"noopener\">Retail Trade Publications<\/a><\/li>\r\n \t<li><a href=\"http:\/\/www.chainstoreage.com\/\" target=\"_blank\" rel=\"noopener\">Chain Store Age<\/a><\/li>\r\n \t<li><a href=\"https:\/\/www.retaildive.com\/\" target=\"_blank\" rel=\"noopener\">Retail Dive<\/a><\/li>\r\n<\/ul>","rendered":"<p>Do you remember identifying your favorite retailer on the first page?\u00a0 Hopefully you can now think about them in a different way or give you some insight as to why your favorite pair of jeans in your size are sold out at your local GAP?\u00a0 If you will recall we discussed inventory as a key challenge in retail.\u00a0 Adequate inventory levels are imperative to the success of any retailer.\u00a0 Too much inventory leads to unproductive sales and lost margin due to markdowns.\u00a0 Inventory that doesn&#8217;t support customer demand might mean lost sales and a potential negative image of the retailer from the customer&#8217;s point of view.<\/p>\n<p>What about the time it takes for the item you ordered online, or even in store, to make it to your home?\u00a0 This is about the supply chain and how effective it is within the retail chain.\u00a0 What are your thoughts at this time regarding the supply chain of your favorite retailer?\u00a0 Lastly, technology has transformed the industry in ways that we probably couldn&#8217;t imagine as the industry has transformed by leaps and bounds in the last 60 years.\u00a0 Will the concepts you learn shape what career you choose?\u00a0 What will be your contributions to this changing field now and in the future?<\/p>\n<p>Let&#8217;s take one more look at the store of the future. Think about how your favorite store might transform itself into the store of the future.<\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=4669095&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=573&amp;video_id=IKouQFI1aM4&amp;video_target=tpm-plugin-q15fkexv-IKouQFI1aM4\" width=\"800px\" height=\"500px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p>You can view the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Retail+Managment\/Transcripts\/TheStoreoftheFuture_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for &#8220;The Store of the Future&#8221; (opens in new window).<\/a><\/p>\n<p>As retail leaders make forward progress and adapt to changes in the industry, there is also an increased emphasis on maintaining awareness of retail news and trends. If you are a retail professional,\u00a0you should also be aware of what&#8217;s happening on a local and regional level. The following list includes some commonly used resources for finding this information. Many of these contain weekly subscription lists that are generally free. This is a great start to expanding your knowledge of retail news<\/p>\n<ul>\n<li><a href=\"https:\/\/www.nrf.com\" target=\"_blank\" rel=\"noopener\">National Retail Federation (NRF)<\/a><\/li>\n<li><a href=\"https:\/\/nrf.com\/connect-us\/stores-magazine\" target=\"_blank\" rel=\"noopener\">NRF &amp; Stores Magazine<\/a><\/li>\n<li><a href=\"https:\/\/www.retail-week.com\/\" target=\"_blank\" rel=\"noopener\">Retail Week<\/a><\/li>\n<li><a href=\"http:\/\/www.pewresearch.org\/\" target=\"_blank\" rel=\"noopener\">Research website: Pew Research Center<\/a><\/li>\n<li><a href=\"https:\/\/warrington.ufl.edu\/centers\/retailcenter\/docs\/TeachRetail_RetailTradePublications.pdf\" target=\"_blank\" rel=\"noopener\">Retail Trade Publications<\/a><\/li>\n<li><a href=\"http:\/\/www.chainstoreage.com\/\" target=\"_blank\" rel=\"noopener\">Chain Store Age<\/a><\/li>\n<li><a href=\"https:\/\/www.retaildive.com\/\" target=\"_blank\" rel=\"noopener\">Retail Dive<\/a><\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-231\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>The Store of the Future. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/IKouQFI1aM4\">https:\/\/youtu.be\/IKouQFI1aM4<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":82555,"menu_order":20,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"The Store of the Future\",\"author\":\"\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/IKouQFI1aM4\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"6adecbca-436b-4d17-b829-3156bf4e0261","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-231","chapter","type-chapter","status-publish","hentry"],"part":1631,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/users\/82555"}],"version-history":[{"count":22,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/231\/revisions"}],"predecessor-version":[{"id":5663,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/231\/revisions\/5663"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/parts\/1631"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/231\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/media?parent=231"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapter-type?post=231"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/contributor?post=231"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/license?post=231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}