Retailing is selling in small quantities directly to the ultimate consumer for personal or household consumption. The one who runs a retail store is a retailer.
Retail stores or sari-sari stores sell a variety of goods. This gives convenience to customers since the location of a sari-sari store is just within their vicinity. Retail stores could be a combination of a grocery, drugstore, and hardware.
Retailing is important to the national economy for the following reasons:
1. A big part of our personal income is spent for retail goods.
2. It is a major source of employment.
3. In the distribution system, it is the link to the ultimate consumers.
4. The level of retail sales indicates the consumer’s purchasing power, thus it becomes the basis for determining our economic status.
5. It adds value to the product because it created use for places, time, and property.
6. It accounts for a major portion of marketing costs.
7. Taxes from retail store add income to our national treasury.
Types of Retail Business
It is easier to get employed or start a career in retailing than in any other field. This is due to the fact that there are many retail businesses from which a prospective retailer may choose. Businesses range from the smallest to biggest, from the neighborhood sari-sari store to the gigantic supermarket.
Whatever size or type of store you want to operate, the following are suggest business enterprises:
1. Automobile and truck dealer
2. Grocery stores
3. Building materials, hardware, and farm equipment
4. Gasoline service stations
6. Furniture and home furnishing store
7. Household appliances stores
8. Department stores
9. Apparel and accessory stores
10. Restaurants and other food service establishments