{"id":2872,"date":"2018-06-15T19:11:31","date_gmt":"2018-06-15T19:11:31","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/?post_type=chapter&p=2872"},"modified":"2024-04-25T01:59:18","modified_gmt":"2024-04-25T01:59:18","slug":"introduction-to-retailing","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/chapter\/introduction-to-retailing\/","title":{"raw":"Introduction to Retailing","rendered":"Introduction to Retailing"},"content":{"raw":"

What you'll learn to do:\u00a0Describe retailing, the entities involved, and the impact of decisions on a retail business<\/h2>\r\n\"a\r\n\r\nRetailing\u00a0is important for business students to understand for two main\u00a0reasons. 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 manufacturer, 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. In 2016, there were 3,793,621 retail establishments that support 42 million jobs. Retail also contributes $2.6 trillion to the U.S. gross domestic product.\r\n\r\nYou can view the number of jobs and retail presence in your state at\u00a0the\u00a0National Retail Federation<\/a>\u00a0(NRF).\r\n\r\nWho 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.\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Top Ten Retailers According to NRF<\/caption>\r\n
Rank<\/th>\r\nRetailer<\/th>\r\nU.S. Headquarters<\/th>\r\n2016 Retail Sales<\/th>\r\n<\/tr>\r\n<\/thead>\r\n
1<\/td>\r\nWalmart Stores<\/td>\r\nBentonville, Arkansas<\/td>\r\n$353,108,000<\/td>\r\n<\/tr>\r\n
2<\/td>\r\nThe Kroger Co.<\/td>\r\nCincinnati, Ohio<\/td>\r\n$103,878,000<\/td>\r\n<\/tr>\r\n
3<\/td>\r\nCostco<\/td>\r\nIssaquah, Washington<\/td>\r\n$83,545,000<\/td>\r\n<\/tr>\r\n
4<\/td>\r\nThe Home Depot<\/td>\r\nAtlanta, Georgia<\/td>\r\n$79,297,000<\/td>\r\n<\/tr>\r\n
5<\/td>\r\nWalgreen<\/td>\r\nDeerfield, Illinois<\/td>\r\n$76,604,000<\/td>\r\n<\/tr>\r\n
6<\/td>\r\nTarget<\/td>\r\nMinneapolis, Minnesota<\/td>\r\n$73,226,000<\/td>\r\n<\/tr>\r\n
7<\/td>\r\nCVS Caremark<\/td>\r\nWoonsocket, Rhode Island<\/td>\r\n$72,151,000<\/td>\r\n<\/tr>\r\n
8<\/td>\r\nAmazon.com<\/td>\r\nSeattle, Washington<\/td>\r\n$61,619,000<\/td>\r\n<\/tr>\r\n
9<\/td>\r\nAlbertsons<\/td>\r\nBoise, Idaho<\/td>\r\n$58,443,000<\/td>\r\n<\/tr>\r\n
10<\/td>\r\nLowe's Companies<\/td>\r\nMooresville, North Carolina<\/td>\r\n$57,486,000<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nIn this section you\u2019ll learn more about the retail channel and the strategies that drive its growth.","rendered":"

What you’ll learn to do:\u00a0Describe retailing, the entities involved, and the impact of decisions on a retail business<\/h2>\n

\"a<\/p>\n

Retailing\u00a0is important for business students to understand for two main\u00a0reasons. 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 manufacturer, 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. In 2016, there were 3,793,621 retail establishments that support 42 million jobs. Retail also contributes $2.6 trillion to the U.S. gross domestic product.<\/p>\n

You can view the number of jobs and retail presence in your state at\u00a0the\u00a0National Retail Federation<\/a>\u00a0(NRF).<\/p>\n

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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Top Ten Retailers According to NRF<\/caption>\n
Rank<\/th>\nRetailer<\/th>\nU.S. Headquarters<\/th>\n2016 Retail Sales<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>\nWalmart Stores<\/td>\nBentonville, Arkansas<\/td>\n$353,108,000<\/td>\n<\/tr>\n
2<\/td>\nThe Kroger Co.<\/td>\nCincinnati, Ohio<\/td>\n$103,878,000<\/td>\n<\/tr>\n
3<\/td>\nCostco<\/td>\nIssaquah, Washington<\/td>\n$83,545,000<\/td>\n<\/tr>\n
4<\/td>\nThe Home Depot<\/td>\nAtlanta, Georgia<\/td>\n$79,297,000<\/td>\n<\/tr>\n
5<\/td>\nWalgreen<\/td>\nDeerfield, Illinois<\/td>\n$76,604,000<\/td>\n<\/tr>\n
6<\/td>\nTarget<\/td>\nMinneapolis, Minnesota<\/td>\n$73,226,000<\/td>\n<\/tr>\n
7<\/td>\nCVS Caremark<\/td>\nWoonsocket, Rhode Island<\/td>\n$72,151,000<\/td>\n<\/tr>\n
8<\/td>\nAmazon.com<\/td>\nSeattle, Washington<\/td>\n$61,619,000<\/td>\n<\/tr>\n
9<\/td>\nAlbertsons<\/td>\nBoise, Idaho<\/td>\n$58,443,000<\/td>\n<\/tr>\n
10<\/td>\nLowe’s Companies<\/td>\nMooresville, North Carolina<\/td>\n$57,486,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

In this section you\u2019ll learn more about the retail channel and the strategies that drive its growth.<\/p>\n\n\t\t\t

\n\t\t\t

Candela Citations<\/h3>\n\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
CC licensed content, Original<\/div>