The paper "The Global Retail Industry" is an outstanding example of a business essay. Retail is the final phase of any economic activity. Therefore, by virtue of this fact, retail occupies a prominent position in the global economy. In an endeavor to grasp the scope of the term retail, several meanings of the term have been examined. Philip Kotler defines retail as all the activities involved non-business or I selling goods as well as services to the final customers for private. He further describes a retailer or store as any business enterprise wholesale volumes come mainly from retailing (Pradhan, 2009 p. 4).
Retailing can for that reason is understood as the final stage in which producers get their goods to the consumers. Take an example of the supermarkets that are supplied with goods by the suppliers and then sell these products at a profit. It is essential to have in mind that in a complex world of trade today, retail would include the sale of goods, as well as the provision of services to the end customer, has access to. In the modern day business context, the customer is king and marketers are focusing more on customer delight that is primary aim is customer satisfaction. The global retail industry has been growing slowly but surely in recent years.
This growth is expected to continue with the growth estimated to be at the rate of 4%. In the consumer’ s opinion, the retailer serves them by providing the goods that they need at the required place as well as time. From an economic standpoint, the role of a retailer is to afford utility to the consumer (Clapp and Fuchs, 2009 p. 32).
The paper will focus on the industry that is profitable the factors that are driving up the profitability. The other aspect that the paper will focus on is how these factors will change in the future as well as how this may change profitability. The study will focus on current literature on the retail industry. The research will be presented in a logical sequence that will ensure a thorough analysis as well as a critique of the industry. In addition, the paper will also include an analysis of one element macro environment.
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