The retail industry involves the retail sale of products or services to consumers in retail stores. Retail is the act of selling consumer products or services directly to consumers through multiple physical outlets of distribution to make a profit. Retailers meet demand identified by a physical distribution network. Retail stores can be chain stores like Circuit City or Wal-Mart or they can be privately owned like Sam’s Club or Costco.
Consists of Many Different Types of Retailers
The retail industry consists of many different types of retailers including outlet malls, strip malls, downtown retail stores and country clubs. The country club retail industry targets the affluent clientele. Outlet malls usually include a food court or a gift shop with various retailers. Many retail chains also own and operate a mall. Mall retailing offers the typical retail items found in the grocery store such as clothing, toys, housewares, household items and electronics.
Variety of Job Positions
The retail industry employs thousands of people in a variety of positions. Job opportunities are available at counters, in stores, in a warehouse, at end caps and in various other storefront positions. Some stores provide on the job training in customer service, sales, inventory and other areas of management. Jobs in the retail industry can be found in government, private and public institutions such as hospitals, colleges, schools, universities, technical and trade schools, corporate organizations and in various retail chains. Service positions can be found in restaurants, hotel and motel, retail stores and health care centres.
The retail industry provides a diverse range of job opportunities. Jobs in the retail industry can be divided into two main categories: front-line and back-line work. Front-line retail employees do the actual buying of products and selling to customers in retail stores. Back-line workers handle the administrative and secretarial jobs required by the retailer. While the retail industry has many opportunities for employees, the overall labour rates are higher than in other industries.
It’s Controlled by the Major Chains
The retail industry is generally controlled by the major chains and is thus characterized by the uniformity of prices and supply. Major retail chains are Wal-Mart, Target, K-Mart, Costco, Lowe’s and so on. Major manufacturers include Ford, Macy’s, Wal-Mart, JC Penny’s and Pier 1 Imports. Major wholesalers include Costco, Sam’s Club, Target and K-Mart. In the United States, the retail industry employs the most number of individuals in any sector.
In terms of retail industry salaries, the best and most competitive retail stores offer competitive pay for experienced retail employees. Retail sales managers earn the highest salaries, but retail employees can also hold managerial and other job titles. Retail sales wages are generally above the national average for all occupations. For instance, retail sales jobs may require sales experience and may require certification. Most retail employers offer competitive pay and benefits packages. They offer training programs and give extensive employee assistance programs to help employees retain their positions.