Description of Retail Sector

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Description of retail sector P1 In UK retailing is one of the most important industries and one that plays a role in everyone’s life. It has around 11% employed of the workforce in more than 200,000 businesses. As the time goes the in industry has been steadily expanded. Some retailers have grown into one of the largest worlds businesses such as Tesco. Also the average size of the store has increased meaning the employment has also increased. As there is more places to shop meaning that people have more places to choose from and also look for the cheapest prices. The function of the retail sector in the UK economy can be described as providing a vital link between production and consumption. Retailers exist to provide service to customers at a profit. They ensure enough stock is available at any time to meet the demand, add value to the products that they buy from their suppliers to sell at the end of the day to their consumers. All retailers cut all their bulk deliveries from suppliers so they can sell to the public in relatively small amounts for use or consumption rather than for resale. Consumers then buy the amount that they need, it is very often only one item per person. The term ‘retail’ comes from the French, meaning ‘to cut’ again. The function of the retail sector in the UK economy can be described as providing a vital link between production and consumption. Types of stores There are few types of retail stores these are Type of retailer Example Independent Spar, Londis, Centra Multiple Chains Matalan, WH Smith, Boots Supermarkets Sainsbury’s, Asda, Tesco Department Stores House of Fraser, John Lewis Partnership Catalogue Stores Argos Discount stores Superdrug, Poundstretcher, Currys Internet auction eBay Internet stores Amazon Independent retailers are businesses that are privately owned. They are usually thought of as single-store
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