What Is the Meaning of Retail Sector?
Retail sector includes all the shops that sell goods to the ultimate customer, who buys them for personal and not business use. It encompasses all kinds of shops, from kiosks and small groceries to supermarket chains and large department stores. In addition to traditional bricks-and-mortar shops, the retail sector includes mail-order and online businesses.
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Largest Retailers
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Supermarket chains are usually among the largest retailers in the world. Wal-Mart continues to top the global list, followed by the French giant Carrefour. According to a report by Deloitte, in 2008 there were four more U.S. names among the top 10, including Kroger, Costco and Home Depot.
Retail Sales
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The level of retail sales is an important indicator of the health of a country's economy. Rising retail sales indicate that consumers have more disposable income and confidence. In the United States, retail sales are monitored and reported monthly by the Census Bureau. The retail sales report is watched closely by the investors.
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U.S. Retail Sector
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According to Plunkett Research, the retail sector employs more than 15 million people in the United States, while in 2009, retail sales totaled an estimated $4.3 trillion. In its 2009 report on the future of the sector, PricewaterhouseCoopers predicted that the current economic crisis would have a profound effect on the retail sector. The company thinks that retailers will have to learn how to adjust to the changes in customers' behavior and shopping habits caused by the crisis. The company thinks that altered shopping habits tend to stay.
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References
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- Photo Credit Shopping carts of supermarket image by TekinT from Fotolia.com
