Goods and services are exchanged between buyers and sellers in a market. A traditional market can be thought of as a town square where vendors set up stalls and buyers browse through these stalls to make purchases. This old market concept still exists in different parts of the world. The sale of consumer products and services in small quantities is known as retailing. Retail has undergone many changes over a period of time.

The layout of a retail store:

The layout of a retail store is vital to its success. This is because the first impression has a lasting impact on the minds of consumers. Providing sensory stimulation to customers has a positive influence on their buying behavior. To do this, some stores play light music, some light scented candles, and others play with the lighting in different sections of the store.

Retail stores can be categorized based on their marketing strategy. Some common types of retail stores we come across are:

Department stores:

They are stores that offer a variety of hard and soft products.

Discount Stores:

These are stores that offer a wide variety of products at reduced prices.

Variety Stores:

They have a wide selection of inexpensive products. However, in general, the quality of these products is not very high.

Convenience store:

These are located in residential areas to serve the daily needs of people staying in the immediate vicinity.

Specialty Shop:

This is a type of store that offers only a specific type of products. They have a better collection of specialty products compared to a general store. Customers who frequent such stores focus more on the special aspect of the product than on the price.

Concept store:

These stores are small and stock only one type of product. The brand they sell controls them.

Supermarket:

This type of store basically offers groceries and some non-food items. It is generally well laid out and occupies an area of ​​20,000 to 40,000 square feet.

Malls:

A shopping center has several retail stores housed in it. Most shopping centers have their own parking lots. Because they offer a variety of products and have facilities like playgrounds, food courts, etc., they have become popular.

Today’s customers are spoiled for choice when it comes to shopping. These days, the trend of online shopping is becoming very popular. However, people still like to frequent retail stores for various needs. It is only in retail stores where they can check the product before buying it. Therefore, despite the popularity of online shopping, the retail business will continue to flourish.