Retail industry has made a tremendous impact in the way people buy goods and services. It has contributed in the change of landscape in the urban and suburban centers. It has brought changes in the production and distribution processes.

Recently, the retail industry is used as the vital growth instrument by most developed countries and some developing economies. In the United States, the retail sector experiences a tremendous growth. Wal-Mart is considered the world’s largest retailer and is among the largest employers in the US. Aside from Wal-Mart, other retail companies have managed to generate billions of dollars in revenue and asset size which include Best Buy, Home Depot, Federated Department Stores and Sears. There are many large companies in the United States that are into retailing. At present, the retail industry in the United States is among the largest industries in terms of employment generation.

The retail sector can make an immense contribution to the economic development of a place and a country. Suppliers of goods such as manufacturers and farmers can distribute their products directly to retail companies and can ensure a sustainable profit. Many individuals can find jobs in retailing. Meanwhile, many people make a living from retailing goods on streets, on fixed posts and on kiosks.

Retailers are found at the end of the supply chain. They are oftentimes referred to as the middlemen where they act as intermediaries between the manufacturer and consumer. Many manufacturers find great importance on the role of the retailers in the distribution of their products to the consumer and for the generation of revenues.

There are different types of retail. They normally differ in physical aspect, in component and in the way the distribution of goods is done.

The market is first type of retail that has existed. Since ancient times, many retailers have flocked into the market where they have converged with buyers. A wide variety of goods can be found in the market where different sellers sell similar or different products.

The selling and buying transactions can be done in sidewalks, town square or on streets designated for that kind of activity. It may involve the building of temporary stalls or other structures.

Store trading or shop is another form of retail. Some shops have counter service where buyers would have to ask for the sellers before they can take hold of the product. This kind of shop is common on items that are controlled such as jewelry items, other luxury products, liquor and medicine.

Self-service is another feature used in some shops where goods are laid out in shelves or in baskets for close examination and handling by consumers. Supermarket and department stores normally use this concept where it is possible for many people to obtain goods found in shelves either in metal or glass structures, chillers and refrigerated placement. Many shops selling differentiated products also use this concept. Products are on display on shelves and boxes allowing customers to handle and inspect them before purchasing.

There are many buildings nowadays that are constructed for retailing. Arcade, strip malls, department stores, grocery stores and shopping malls are constructed for retailing purpose. Shops that are closed together under one roof but in different sections compose the arcade. Department stores are retail stores that sell a wide range of dry goods, cosmetics, hardware, appliances and consumer electronic products of different manufacturers and brands. An incorporation of the element of department stores and arcades is the shopping mall. It is also possible to find supermarket in shopping malls.

The virtual retail is one the major retail types and is popular to consumers who opt for online purchasing. With the popularity of the Internet, it is possible for consumers to buy retail product on online retailers such as Amazon and Ebay and take advantage of cashless purchases at the comfort of their dwelling places. Although it may deprive the consumers from physical examination before they decide to purchase, online retailers normally have return policy where they allow their customers to return items if their expectations from the purchased products do not meet.