What is Retail?

Retail is the final stage of any economic activity. Any organisation selling to final consumers whether it is a manufacturer, wholesaler or retailer- is doing retailing. Retailing thus may be understood as the final step in the distribution of merchandise, for consumption by the end consumers. A retailer is a dealer or a trader who sells goods in small quantities. The origins of retail can be traced back to barter trade. Various formats have evolved over the years and have been influenced by social and economic developments of the era. Retailers today, are no longer dependent on manufacturers to sell what is available, but have emerged as the new leaders in the marketing channel. Retail occupies an important place in the world economy. In the complex world of trade today, retail includes not only goods but also services, which are provided to the end consumer.Retailing by its very nature, is a dynamic industry.