A market is a place where goods and services are exchanged. The traditional market square is a city square where merchants set up stalls and shoppers search for merchandise. Nowadays, retail products are generally sold in several different stores. Convenience stores, specialty stores, department stores, supermarkets & hypermarkets, discount stores, and multi-channel stores are some of the models used by the retail industry to offer products to end customers. Convenience stores are small stores that sell a variety of products, such as newspapers, magazines, candy, soft drinks, tobacco products, and lottery tickets.
These stores are usually located in urban neighborhoods or along busy highways. They tend to open longer hours than other types of retail stores, making them convenient for customers. However, prices are usually higher than in other types of stores. Consumers use a convenience store to fill items such as bread, milk, eggs and candy. Types of retail businesses include department stores, online commerce, local specialty stores, and grocery stores.
Each one stores a different type of product for small-scale, single-point purchases. A loaf of bread from the bakery or jeans from a trendy store on the main street. The average size of grocery stores is currently 38,000 square feet, with small formats ranging in size from 12,000 square feet to 25,000 square feet. In recent years, we've seen several small-format grocery stores emerge such as Aldi, DG Market and smaller versions of larger chain stores. Small in size and offering “quick travel experiences”, convenience stores are characterized by longer opening hours and convenient locations.
They usually offer a selection of basic foods and beverages, alcohol and everyday essentials. Many also have a gas station as part of their operations. Large stores typically occupy more than 50,000 square feet with typical ranges between 90,000 and 200,000 square feet. They often have their own parking lots (though not always in metropolitan areas). Specialty stores are true to their name by offering a wide variety of brands, styles or models within a relatively limited category.
Examples include craft stores, furniture stores, garden centers, sporting goods stores and bookstores. The average size of a specialty store will vary greatly depending on the type of store it is. You can have a small boutique of just 2,000 square feet or a large global brand that requires 60,000 square feet. Specialty stores can use a wide variety of design types depending on the scale of their operations. For smaller stores a free-flow design inspires curiosity while a grid loop or diagonal design is optimal for medium and large stores. A department store often found in shopping malls is a retail store that offers a wide range of consumer goods in different areas (or departments) of a store.
Department stores have a reputation for being slightly more expensive than large stores and sell high-end brands such as Macy's Kohl's and Neiman Marcus. The average department store is around 250,000 square feet and often uses the loop design to connect customers with all departments. These stores have an average size of 10,000 square feet and take advantage of the circular design to encourage customers to explore the entire store. Smaller-format stores such as TJ Maxx are approximately 30,000 square feet while stores like Nordstrom Rack can have more than 120,000 square feet. Smaller format stores are also becoming popular with an average size of just 2,000 square feet most follow a grid or loop design or combination of both. The average warehouse ranges from 84 000 to 146 000 square feet and generally follows a circular design.
While a higher percentage of retailers only have an offline presence today the future of retail is a combination of offline and online. Most consumers don't pay attention to the “type of retail store” they shop at as long as they can get what they're looking for. Retailers sell products directly to the end user (the consumer) for personal use and retail transactions are often small-scale. Knowing the different retail categories and where your retail store fits can help you develop a solid merchandising plan to maximize sales and repeat visits. Retail transactions should not be confused with online transactions; goods must be sold directly from a single point to a consumer for their end users. Department stores are large retail establishments that are made up of several sections or departments such as Mike Ashley's Frasers Group (formerly SportsDirect) and the Kingfisher Group (owners of DIY brands such as B&Q). From retail giants like Arcadia to small independent stores and cooperatives retail is a highly lucrative industry that is constantly changing. Discounted retailers are independent of manufacturers and buy large volumes of branded products to sell at reduced cost.
Online retail giants like Amazon can set prices below retail value by making deals with manufacturers warehouses or sellers. Warehouse retailers such as Costco or Sam's Club are food and product retailers that offer large quantities of items at attractive discounts. Discount stores are also popular they usually sell a wide range of products at lower prices than other retail stores. If you compare the current retail scenario with that from the early 80s and 90s you'll notice significant differences in the type of retail stores that exist.