Retail, or retail trade, is the sale of goods or merchandise to customers through multiple channels of distribution to satisfy wants and needs.
The retail industry is a major part of the global economy. The term “retail” denotes the process of selling consumer goods or services to consumers, either directly or via a third party with whom they have some degree of direct contact. In many countries, it is synonymous with “the sale of goods”. With advancements in technology, retail goods can be sold from any number of locations including their homes, office buildings, and distribution warehouses. For those that cannot afford to purchase items outright from a store or distributor, credit loans are now offered as an indirect means to availing of desired products.
Retails are the backbone of any economy. They are the single largest employer in over 99% of countries with an income-based proximity measure which calculates their presence up until five kilometers from each other. This substantially puts them next to construction, agriculture and mining which also tend to be occupationally hazards for employees. Apart from garments, electronics etc., they can sell white goods like dishwashers and refrigerators too!