What is a retail business?
What is a Retail Business?
A retail business is a type of commercial enterprise that sells goods or services directly to consumers for their personal or household use. Retailers act as intermediaries between manufacturers or wholesalers and the end customers.
Main Features of Retail Businesses
- Direct to Consumer: Retailers sell products or services directly to individuals rather than to other businesses.
- Variety of Formats: Retail businesses can operate through physical stores (such as supermarkets, boutiques, and department stores), online shops (e-commerce), or a combination (omnichannel).
- Smaller Quantities: Products are typically sold in smaller quantities compared to wholesale businesses.
- Wide Range of Goods: Retailers may offer a broad selection of products, including clothing, electronics, groceries, and more.
Examples of Retail Businesses
- Supermarkets (e.g., Walmart, Tesco)
- Clothing stores (e.g., Zara, H&M)
- Electronics shops (e.g., Best Buy)
- Online retailers (e.g., Amazon)
- Convenience stores (e.g., 7-Eleven)
In summary, a retail business serves the final customers by providing goods or services for everyday use, playing a vital role in the supply chain.