Retail Management Reviewer PDF

WEEK 1 Example: SM Department Store - A leading department store chain in the DEFINITION OF RETAILING Philippines offering everything from...

WEEK 1 Example: SM Department Store - A leading department store chain in the DEFINITION OF RETAILING Philippines offering everything from apparel to home goods. - Retailing encompasses all activities involved in selling goods or services 2. Specialty Stores - Retailers focusing on a directly to consumers for personal use. specific category of products. - It includes everything from product Example: Bench - A popular Filipino selection and pricing to sales and brand specializing in casual wear and customer service. accessories. - The goal of retailing is to facilitate the exchange of products and services 3. Discount Stores - Retailers that offer between businesses and consumers, products at reduced prices, often through providing convenience and accessibility. bulk buying or lower operational costs. Example: S&R Membership Shopping - KEY FUNCTIONS OF RETAILING Provides a wide range of products at discounted prices, similar to warehouse 1. Assortment clubs in the U.S. - Retailers offer a diverse range of products to meet different consumer 4. Convenience Stores - Small retail outlets needs. offering essential items and extended hours. Example: SM Supermalls in the Example: 7-Eleven Philippines - Offers Philippines provide a wide variety of convenience with a wide range of products from groceries to clothing, snacks, beverages, and everyday catering to various consumer essentials, often operating 24/7. preferences. Non-Store Retailing 2. Breaking Bulk 1. E-commerce - Online platforms where - Retailers buy large quantities from transactions are conducted over the internet. suppliers and sell in smaller units, making Example: Lazada Philippines - An online products more accessible to individual marketplace offering a wide variety of consumers. products including electronics, fashion, and - Stores like Puregold manage bulk groceries. purchases of groceries and distribute them in consumer-friendly quantities. 2. Vending Machines - Automated machines dispensing products. 3. Holding Inventory Example: Vendo Machines in Metro Manila - - Retailers keep stock on hand to ensure Found in various locations such as malls and product availability. office buildings, offering snacks and - For instance, National Book Store beverages. maintains a large inventory of books and school supplies to meet frequent customer 3. Direct Selling - Retailing through direct demands. interaction with customers, often at home parties or through personal networks. 4. Providing Services Example: Tupperware Brands Philippines - - Retailers offer additional services such as Uses direct selling methods to market customer support, delivery, and returns. kitchenware and household products. - The Robinsons Department Store offers various services like home delivery and Hybrid Formats layaway options to enhance customer 1. Omnichannel Retailing - Integrating physical convenience. and online retail channels to provide a seamless shopping experience. TYPES OF RETAILERS Example: The SM Store - Offers online shopping with options for in-store pickup, Store-Based Retailers providing a cohesive shopping experience 1. Department Stores - Large retail stores that across channels. offer a broad assortment of goods across various categories. 2. Pop-Up Stores - Temporary retail locations used for short term sales or promotions. Example: Pop-Up Markets at Bonifacio Global City (BGC) - Features temporary retail spaces for local entrepreneurs and brands to showcase their products. ROLE OF RETAIL IN THE ECONOMY Economic Impact 1. Employment - Retailing provides a significant number of jobs across various roles. Example: Ayala Malls - Employs thousands in roles ranging from sales associates to mall management positions. 2. Economic Growth - Retail activities drive economic growth by stimulating consumer demand and encouraging business innovation. The expansion of retail chains like Metro Retail Stores Group contributes to the overall economic development in local communities. 3. GDP Contribution - Retailing contributes to the GDP through consumer spending. In the Philippines, retail trade is a major sector in the economy, influencing economic growth through consumer expenditure. Consumer Impact 1. Accessibility - Retailers make products available in diverse locations, increasing accessibility. Example: 7-Eleven stores are strategically located to serve both urban and rural communities. 2. Convenience - Retailers enhance convenience through various services. Example: Grocery delivery services offered by stores like Landers Superstore provide added convenience for busy consumers. 3. Choice - Retail formats provide consumers with a variety of options. Example: SM Supermalls offer a broad selection of products and services, catering to different consumer needs and preferences.