111-577: Le Bon Marché (lit. "the good market", or "the good deal" in French; French pronunciation: [lə bɔ̃ maʁʃe] ) is a department store in Paris , France. Founded in 1838 and revamped almost completely by Aristide Boucicaut in 1852, it was one of the first modern department stores. It was a member of the International Association of Department Stores from 1986 to 2011. Now
222-421: A First Aid Room, and a Silence Room, with soft lights, deep chairs, and double-glazing, all intended to keep customers in the store as long as possible. Staff members were taught to be on hand to assist customers, but not too aggressively, and to sell the merchandise. Selfridge attracted shoppers with educational and scientific exhibits; in 1909, Louis Blériot 's monoplane was exhibited at Selfridges (Blériot
333-548: A bi-annual basis. The store soon outgrew the Marble House and erected a cast-iron building on Broadway and Nineteenth Street in 1869; this "Palace of Trade" expanded over the years until it was necessary to move into a larger space in 1914. Financial problems led to bankruptcy in 1975. In New York City in 1846, Alexander Turney Stewart established the " Marble Palace " on Broadway , between Chambers and Reade streets. He offered European retail merchandise at fixed prices on
444-433: A consumerist culture, where a high level of consumption was attainable for a wide variety of ordinary consumers rather than just the elite. In Medieval England and Europe , relatively few permanent shops were to be found; instead, customers walked into the tradesman's workshops where they discussed purchasing options directly with tradesmen. In the more populous cities, a small number of shops were beginning to emerge by
555-522: A day, and many consumers across the globe have Internet access both at work and at home. The broad pricing strategy is normally established in the company's overall strategic plan. In the case of chain stores, the pricing strategy would be set by head office. Broadly, there are six approaches to pricing strategy mentioned in the marketing literature: operations-oriented, revenue-oriented, customer-oriented, value-based , relationship-oriented , and socially-oriented. When decision-makers have determined
666-572: A department store in 1910. In 1924, Matsuzakaya store in Ginza allowed street shoes to be worn indoors, something innovative at the time. These former kimono shop department stores dominated the market in its earlier history. They sold, or instead displayed, luxurious products, which contributed to their sophisticated atmospheres. Another origin of the Japanese department store is from railway companies. There have been many private railway operators in
777-566: A flexible workforce which is available when needed but does not have to be paid when they are not, part-time workers ; as of 2012 70% of retail workers in the United States were part-time. This may result in financial problems for the workers, who while they are required to be available at all times if their work hours are to be maximized, may not have sufficient income to meet their family and other obligations. Retailers can employ different techniques to enhance sales volume and to improve
888-426: A floor space of 300 m (3,200 sq ft) Entrepreneur Aristide Boucicaut became a partner of the store in 1852, and changed the marketing plan, introducing fixed prices and guarantees that allowed exchanges and refunds, the store also now offered a wider variety of merchandise. The use of fixed prices replaced the haggling system which was then commonly used in dry goods stores. With Boucicaut's changes
999-508: A foothold in an existing market, a prospective retail establishment must overcome the following hurdles : When discussing the impact of technology on shopping and retail, e-commerce is often the first thing that comes to mind for retailers. However, technologies such as big data, artificial intelligence, computer vision and the Internet of Things have used data to transform every part of the shopping experience, from browsing to checkout. It
1110-440: A form of escapism where they are free to indulge fantasy and freedom. Hedonic shoppers are more involved in the shopping experience. Many different shopper profiles can be identified. Retailers develop customised segmentation analyses for each unique outlet. However, it is possible to identify a number of broad shopper profiles. One of the most well-known and widely cited shopper typologies is that developed by Sproles and Kendal in
1221-498: A full service outlet or minimal service outlet, such as no-service in the case of vending machines; self-service with only basic sales assistance or a full service operation as in many boutiques and speciality stores. In addition, the retailer needs to make decisions about sales support such as customer delivery and after sales customer care. Place decisions are primarily concerned with consumer access and may involve location, space utilisation and operating hours. Retailers may consider
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#17327795252771332-412: A lack of feedback channels for both parties. In addition, because retail enterprises needed to redevelop client relationships for each transaction, marketing costs were high and customer retention was low. All these downsides to transactional marketing gradually pushed the retail industry towards establishing long-term cooperative relationships with customers. Through this lens, enterprises began to focus on
1443-421: A larger retail chain , while others are an independent retailer. Since the 1980s, they have come under heavy pressure from discounters, and have come under even heavier pressure from e-commerce sites since the 2000s. Department stores can be classified in several ways: Some sources may refer to the following types of stores as department stores, even though they are not generally considered as such: One of
1554-512: A mix of food products and consumable household items such as detergents, cleansers, personal hygiene products. Retailers selling consumer durables are sometimes known as hardline retailers – automobiles , appliances , electronics , furniture , sporting goods , lumber , etc., and parts for them. Specialist retailers operate in many industries such as the arts e.g. green grocers, contemporary art galleries , bookstores , handicrafts , musical instruments , gift shops . To achieve and maintain
1665-453: A multiple-vendor space, operating under a covered roof. Typically, the roof was constructed of glass to allow for natural light and to reduce the need for candles or electric lighting. Some of the earliest examples of shopping arcade appeared in Paris, due to its lack of pavement for pedestrians. While the arcades were the province of the bourgeoisie, a new type of retail venture emerged to serve
1776-486: A noted business disruption called the retail apocalypse in recent years which several retail businesses, especially in North America, are sharply reducing their number of stores, or going out of business entirely. The distinction between "strategic" and "managerial" decision-making is commonly used to distinguish "two phases having different goals and based on different conceptual tools. Strategic planning concerns
1887-483: A permanent retail shop-front. Research from July 2008 suggests that China exhibited a rich history of early retail systems. From as early as 200 BCE, Chinese packaging and branding were used to signal family, place names and product quality, and the use of government imposed product branding was used between 600 and 900 CE. Eckhart and Bengtsson have argued that during the Song dynasty (960–1127), Chinese society developed
1998-706: A product is placed on the shelves has implications for purchase likelihood as a result of visibility and access. Ambient conditions, such as lighting, temperature and music, are also part of the overall retail environment. It is common for a retail store to play music that relates to their target market. Two different strands of research have investigated shopper behaviour. One is primarily concerned with shopper motivations. The other stream of research seeks to segment shoppers according to common, shared characteristics. To some extent, these streams of research are inter-related, but each stream offers different types of insights into shopper behaviour. Babin et al. carried out some of
2109-435: A range of both qualitative and quantitative factors to evaluate to potential sites under consideration. Macro factors include market characteristics (demographic, economic and socio-cultural), demand, competition and infrastructure (e.g. the availability of power, roads, public transport systems). Micro factors include the size of the site (e.g. availability of parking), access for delivery vehicles. A major retail trend has been
2220-445: A shift to working from home, which stimulated e-commerce further and reduced demand for business apparel. Click-and-collect services at department stores had been increasing during the 2010s, with many creating larger, distinctly signed, designated areas. Some of the more elaborate ones included features such as reception and seating areas with coffee served, computers with large screens for online shopping, and dressing rooms. With
2331-448: A strictly legal sense, a store that sells the majority of its merchandise directly to consumers, is defined as a retailer rather than a wholesaler. Different jurisdictions set parameters for the ratio of consumer to business sales that define a retail business. Retail markets have existed since ancient times. Archaeological evidence for trade, probably involving barter systems, dates back more than 10,000 years. As civilizations grew, barter
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#17327795252772442-432: A total known value of US$ 2.255 trillion have been announced. The largest transactions with involvement of retailers in/from the United States have been: the acquisition of Albertson's Inc. for US$ 17 billion in 2006, the merger between Federated Department Stores Inc with May Department Stores valued at 16.5 bil. USD in 2005 – now Macy's , and the merger between Kmart Holding Corp and Sears Roebuck & Co with
2553-412: A value of US$ 10.9 billion in 2004. Between 1985 and 2018 there have been 46,755 mergers or acquisitions conducted globally in the retail sector (either acquirer or target from the retail industry). These deals cumulate to an overall known value of around US$ 2,561 billion. The three major Retail M&A waves took place in 2000, 2007 and lately in 2017. However the all-time high in terms of number of deals
2664-675: A variety of dry goods, and advertised a policy of providing "free entrance" to all potential customers. Though it was clad in white marble to look like a Renaissance palazzo , the building's cast iron construction permitted large plate glass windows that permitted major seasonal displays, especially in the Christmas shopping season. In 1862, Stewart built a new store on a full city block uptown between 9th and 10th streets, with eight floors. His innovations included buying from manufacturers for cash and in large quantities, keeping his markup small and prices low, truthful presentation of merchandise,
2775-455: A wholesale division that purchases blocks of accommodation, hospitality, transport, and sightseeing which are subsequently packaged into a holiday tour for sale to retail travel agents. Some retailers badge their stores as "wholesale outlets" offering "wholesale prices." While this practice may encourage consumers to imagine that they have access to lower prices, while being prepared to trade-off reduced prices for cramped in-store environments, in
2886-475: Is a strong relationship between a store's positioning and the socio-economic status of customers. In addition, the retail strategy, including service quality, has a significant and positive association with customer loyalty. A marketing strategy effectively outlines all key aspects of firms' targeted audience, demographics, preferences. In a highly competitive market, the retail strategy sets up long-term sustainability. It focuses on customer relationships, stressing
2997-402: Is important for organizations to embrace digital disruption in order to gain a competitive advantage. When an industry experiences digital disruption, it typically signals that consumer needs are shifting. Retailers enhance their analytics process and make better informed decisions thanks to big data, artificial intelligence, computer vision, and the Internet of Things. The use of data by retailers
3108-418: Is leased out to other retailers, big-box category killer stores (e.g. Best Buy, Decathlon), hypermarkets, discount stores (e.g. Walmart, Carrefour), markets, or souqs. *store has no branches **opened at this location (may have expanded significantly in the years after initial opening) Retail Retail is the sale of goods and services to consumers , in contrast to wholesaling , which
3219-417: Is loosely based on the marketing mix , but has been expanded and modified in line with the unique needs of the retail context. A number of scholars have argued for an expanded marketing, mix with the inclusion of two new Ps, namely, Personnel and Presentation since these contribute to the customer's unique retail experience and are the principal basis for retail differentiation. Yet other scholars argue that
3330-493: Is mostly evident in the following aspects, based on the above-mentioned new technologies: Many leading brands choose to target tourists who specifically travel to shop or spend money while on vacation. According to the Global Retail Tourism Market Report 2019–2023, the value of the global shopping tourism market was estimated to be around $ 1.2 trillion in 2018. The report also forecasts that
3441-399: Is sometimes known as the retail servicescape . The store environment consists of many elements such as aromas, the physical environment (furnishings, layout, and functionality), ambient conditions (lighting, air temperature, and music) as well as signs, symbols, and artifacts (e.g. sales promotions, shelf space, sample stations, visual communications). Retail designers pay close attention to
Le Bon Marché - Misplaced Pages Continue
3552-919: Is the chosen resort of the artistic shopper". The Paris department stores have roots in the magasin de nouveautés , or novelty store ; the first, the Tapis Rouge, was created in 1784. They flourished in the early 19th century. Balzac described their functioning in his novel César Birotteau . In the 1840s, with the arrival of the railroads in Paris and the increased number of shoppers they brought, they grew in size, and began to have large plate glass display windows, fixed prices and price tags, and advertising in newspapers. A novelty shop called Au Bon Marché had been founded in Paris in 1838 to sell items like lace, ribbons, sheets, mattresses, buttons, and umbrellas. It grew from 300 m (3,200 sq ft) and 12 employees in 1838 to 50,000 m (540,000 sq ft) and 1,788 employees in 1879. Boucicaut
3663-476: Is the longest trading defunct British retailer. An observer writing in Ackermann's Repository , a British periodical on contemporary taste and fashion, described the enterprise in 1809 as follows: The house is one hundred and fifty feet in length from front to back, and of proportionate width. It is fitted up with great taste, and is divided by glazed partitions into four departments, for the various branches of
3774-449: Is the sale to business or institutional customers . A retailer purchases goods in large quantities from manufacturers , directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit . Retailers are the final link in the supply chain from producers to consumers. Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers . Over
3885-678: The Great Recession of 2008-9, shifts in spending to experiences rather than material goods, relaxed dress codes in workplaces, and the shift to e-commerce in which Amazon.com and Walmart dominated versus the online offerings of traditional retailers. COVID-19 increased the number of permanent store closings in two ways: first through mandatory temporary closing of stores, especially in March and April 2020, with customers largely staying away from stores for non-essential purchases for many more months after that; and secondly, by causing
3996-489: The Retail Format (i.e. retail formula) should be included. The modified retail marketing mix that is most commonly cited in textbooks is often called the 6 Ps of retailing (see diagram at right). The primary product-related decisions facing the retailer are the product assortment (what product lines, how many lines and which brands to carry); the type of customer service (high contact through to self-service) and
4107-530: The San Fernando Valley at Laurel Plaza . Starting in 2010 many analysts referred to a retail apocalypse in the United States and some other markets, referring to the closing of brick-and-mortar retail stores, especially those of large chains. In 2017, over 12,000 U.S. stores closed due to over-expansion of malls, rising rents, bankruptcies, leveraged buyouts , low quarterly profits other than during holiday peak periods , delayed effects of
4218-521: The 100 fastest-growing U.S. retailers based on increases in domestic sales. Since 1951, the U.S. Census Bureau has published the Retail Sales report every month. It is a measure of consumer spending , an important indicator of the US GDP . Retail firms provide data on the dollar value of their retail sales and inventories. A sample of 12,000 firms is included in the final survey and 5,000 in
4329-606: The 13th century. Outside the major cities, most consumable purchases were made through markets or fairs. Market-places appear to have emerged independently outside Europe. The Grand Bazaar in Istanbul is often cited as the world's oldest continuously operating market; its construction began in 1455. The Spanish conquistadors wrote glowingly of markets in the Americas. In the 15th century, the Mexica ( Aztec ) market of Tlatelolco
4440-482: The 18th century, the typical retail store had no counter, display cases, chairs, mirrors, changing rooms, etc. However, the opportunity for the customer to browse merchandise, touch and feel products began to be available, with retail innovations from the late 17th and early 18th centuries. By the late 18th century, grand shopping arcades began to emerge across Europe and in the Antipodes. A shopping arcade refers to
4551-500: The 1920s Louis-Hippolyte Boileau grandson of the architect Louis-Auguste Boileau who had designed the store in the 1870s worked on an extension of the store. On 31 August 1959 a branch store was opened in Caen . This store was later closed in 1989 and sold to Printemps . In 1974 the branch store in Metz was sold to Printemps . In 1984, Bernard Arnault purchased Bon Marché and in 1987
Le Bon Marché - Misplaced Pages Continue
4662-456: The Atlantic to experiment with catalogue sales. In the post-war period, an American architect, Victor Gruen developed a concept for a shopping mall; a planned, self-contained shopping complex complete with an indoor plaza, statues, planting schemes, piped music, and car-parking. Gruen's vision was to create a shopping atmosphere where people felt so comfortable, they would spend more time in
4773-467: The advanced one. The advanced estimated data is based on a subsample from the US CB complete retail and food services sample. Retail is the largest private-sector employer in the United States, supporting 52 million working Americans. In 2011, the grocery market in six countries of Central Europe was worth nearly €107bn, 2.8% more than the previous year when expressed in local currencies. The increase
4884-409: The annual income of the store increased from 500,000 francs in 1852 to five million francs in 1860. In 1869 a much larger building was built for the store at 24 rue de Sèvres in Paris's Rive Gauche (Left Bank) this new building was designed by Louis-Auguste Boileau with Alexandre Laplanche ornamenting Boileau's ironwork. Louis-Charles Boileau son of Louis-Auguste Boileau also continued designing for
4995-406: The availability of support services (e.g. credit terms, delivery services, after sales care). These decisions depend on careful analysis of the market, demand, competition as well as the retailer's skills and expertise. Customer service is the "sum of acts and elements that allow consumers to receive what they need or desire from [the] retail establishment." Retailers must decide whether to provide
5106-440: The broad approach to pricing (i.e., the pricing strategy), they turn their attention to pricing tactics. Tactical pricing decisions are shorter term prices, designed to accomplish specific short-term goals. Pricing tactics that are commonly used in retail include discount pricing, everyday low prices , high-low pricing, loss leaders , product bundling , promotional pricing, and psychological pricing . Two strategies to entice
5217-399: The buyer, money back guarantee and buy one get one free , were devised by 18th-century retail entrepreneur Josiah Wedgwood . Retailers must also plan for customer preferred payment modes – e.g. cash, credit, lay-by, Electronic Funds Transfer at Point-of-Sale (EFTPOS). All payment options require some type of handling and attract costs. Contrary to common misconception , price is not
5328-462: The centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era. In the digital age , an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing . Digital technologies are also affecting the way that consumers pay for goods and services. Retailing support services may also include
5439-549: The chief executive officer. The profit margins of retailers depend largely on their ability to achieve market competitive transaction costs. The strategic retail analysis typically includes following elements: At the conclusion of the retail analysis, retail marketers should have a clear idea of which groups of customers are to be the target of marketing activities. Not all elements are, however, equal, often with demographics, shopping motivations, and spending directing consumer activities. Retail research studies suggest that there
5550-419: The choice of policies aiming at improving the competitive position of the firm, taking account of challenges and opportunities proposed by the competitive environment. On the other hand, managerial decision-making is focused on the implementation of specific targets." In retailing, the strategic plan is designed to set out the vision and provide guidance for retail decision-makers and provide an outline of how
5661-628: The company became a founding member of Arnault's group LVMH . In 1922, when the decorative arts were at their high point in France, the Pomone design and decorating department was established, following the trend of other Parisian department stores. From 1923 to 1928, Paul Follot (1877–1941) was its director, followed by René-Lucien Prou (1889–1948) and Albert-Lucien Guénot (1894–1993) up to 1955. Today's home-furnishings inventory primarily consists of brand names but not white goods . The building inspired
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#17327795252775772-570: The company of men. These, for the main part, were newly affluent middle-class women, their good fortune – and the department store itself – nurtured and shaped by the Industrial Revolution . This was transforming life in London and the length and breadth of Britain at a dizzying pace on the back of energetic free trade, fecund invention, steam and sail, and a seemingly inexhaustible supply of expendable cheap labour. This pioneering shop
5883-418: The consumer's store choice and addresses the consumer's expectations. At its most basic level, a retail format is a simple marketplace , that is; a location where goods and services are exchanged. In some parts of the world, the retail sector is still dominated by small family-run stores, but large retail chains are increasingly dominating the sector, because they can exert considerable buying power and pass on
5994-425: The current competitive retail market, and are also the future of retail enterprises. Presentation refers to the physical evidence that signals the retail image. Physical evidence may include a diverse range of elements – the store itself including premises, offices, exterior facade and interior layout, websites, delivery vans, warehouses, staff uniforms. The environment in which the retail service encounter occurs
6105-453: The customer experience, such as Add-on, Upsell or Cross-sell; Selling on value; and knowing when to close the sale. Transactional marketing aims to find target consumers, then negotiate, trade, and finally end relationships to complete the transaction. In this one-time transaction process, both parties aim to maximize their own interests. As a result, transactional marketing raises follow-up problems such as poor after-sales service quality and
6216-649: The design of the Bon Marche store in Sydney , designed by Arthur Anderson , as well as the Galerias Pacifico shopping centre in Buenos Aires, originally called Argentine Bon Marché . Zola 's novel Au Bonheur des Dames was inspired by the story of Le Bon Marché . Le Bon Marché consists of three buildings separated by rue du Bac and rue de Babylone: *SHON = surface area minus that of
6327-403: The diffusion of such ideas. A number of department stores teamed up together to create the International Association of Department Stores in Paris in 1928 to have a discussion space dedicated to this retail format. The U.S. Baby Boom led to the development of suburban neighborhoods and suburban commercial developments, including shopping malls. Department stores joined these ventures following
6438-539: The downtown shopping district display; the "theme" window displays became famous for their ingenuity and beauty, and visiting the Marshall Field's windows at Christmas became a tradition for Chicagoans and visitors alike, as popular a local practice as visiting the Walnut Room with its equally famous Christmas tree or meeting "under the clock" on State Street. In 1877, John Wanamaker opened what some claim
6549-426: The earliest investigations into shopper motivations and identified two broad motives: utilitarian and hedonic. Utilitarian motivations are task-related and rational. For the shopper with utilitarian motives, purchasing is a work-related task that is to be accomplished in the most efficient and expedient manner. On the other hand, hedonic motives refer to pleasure. The shopper with hedonic motivations views shopping as
6660-481: The early department stores were more than just a retail emporium; rather they were venues where shoppers could spend their leisure time and be entertained. Retail, using mail order, came of age during the mid-19th century. Although catalogue sales had been used since the 15th century, this method of retailing was confined to a few industries such as the sale of books and seeds. However, improvements in transport and postal services led several entrepreneurs on either side of
6771-613: The end of the twentieth century, stores were using labels such as "mega-stores" and "warehouse" stores to reflect their growing size. The upward trend of increasing retail space was not consistent across nations and led in the early 21st century to a 2-fold difference in square footage per capita between the United States and Europe. As the 21st century takes shape, some indications suggest that large retail stores have come under increasing pressure from online sales models and that reductions in store size are evident. Under such competition and other issues such as business debt, there has been
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#17327795252776882-400: The environment, thereby enhancing opportunities for purchasing. The first of these malls opened at Northland Mall near Detroit in 1954. Throughout the twentieth century, a trend towards larger store footprints became discernible. The average size of a U.S. supermarket grew from 31,000 square feet (2,900 m ) square feet in 1991 to 44,000 square feet (4,100 m ) square feet in 2000. By
6993-633: The establishment of a superiority over every other in Europe, and to render it perfectly unique in its kind. This venture is described as having all of the basic characteristics of the department store; it was a public retail establishment offering a wide range of consumer goods in different departments. Jonathan Glancey for the BBC writes: Harding, Howell & Co was focused on the needs and desires of fashionable women. Here, at last women were free to browse and shop, safely and decorously, away from home and from
7104-415: The extensive business, which is there carried on. Immediately at the entrance is the first department, which is exclusively appropriated to the sale of furs and fans. The second contains articles of haberdashery of every description, silks, muslins, lace, gloves, &etc. In the third shop, on the right, you meet with a rich assortment of jewelry, ornamental articles in ormolu, French clocks, &etc.; and on
7215-492: The first department stores may have been Bennett's in Derby , first established as an ironmonger (hardware shop) in 1734. It still stands to this day, trading in the same building. However, the first reliably dated department store to be established, was Harding, Howell & Co. , which opened in 1796 on Pall Mall , London. The oldest department store chain may be Debenhams , which was established in 1778 and closed in 2021. It
7326-566: The following: clothing, cosmetics, do it yourself , furniture , gardening, hardware, home appliances , houseware , paint, sporting goods, toiletries, and toys. Additionally, other lines of products such as food, books, jewellery, electronics, stationery , photographic equipment, baby products, and products for pets are sometimes included. Customers generally check out near the front of the store in discount department stores , while high-end traditional department stores include sales counters within each department. Some stores are one of many within
7437-404: The front of the store, which is known as the decompression zone . In order to maximize the number of selling opportunities, retailers generally want customers to spend more time in a retail store. However, this must be balanced against customer expectations surrounding convenience, access and realistic waiting times. The way that brands are displayed is also part of the overall retail design. Where
7548-462: The growing market of baby boomer spending. A handful of U.S. retailers had opened seasonal stores in resorts, as well as smaller branch stores in suburbs, in the 1920s and 1930s. Examples include, in suburban Los Angeles , The Broadway-Hollywood , Bullocks Wilshire , The May Company-Wilshire , Saks - Beverly Hills , as well as two Strawbridge and Clothier stores: Suburban Square (1930) and Jenkintown (1931) outside Philadelphia. Suburban Square
7659-438: The idea of retail is often associated with the purchase of goods, the term may be applied to service providers that sell to consumers. Retail service providers include retail banking, tourism, insurance, private healthcare, private education, private security firms, legal firms, publishers, public transport, and others. For example, a tourism provider might have a retail division that books travel and accommodation for consumers plus
7770-448: The importance of added value, customer satisfaction and highlights how the store's market positioning appeals to targeted groups of customers. A retail mix is devised for the purpose of coordinating day-to-day tactical decisions. The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and presentation (also known as physical evidence). The retail mix
7881-466: The largest retail market in the world in 2016. In 2016, China became the largest retail market in the world. In the Republic of Armenia, retail trade has been increasing recently. In October 2022, it increased by 23.1% year by year, which was the most considerable rise since April 2021, faster than the 20.7 per cent increase recorded a month earlier. Retail dropped by 1.9% after accumulating 2.1%in
7992-552: The latter countries, this fraction is an increase over 1970, but there are other countries where the sector has declined since 1970, sometimes in absolute terms, where other sectors have replaced its role in the economy. In the United States the sector has declined from 19% of GDP to 14%, though it has risen in absolute terms from $ 4,500 to $ 7,400 per capita per year. In China the sector has grown from 7.3% to 11.5%, and in India even more, from 8.4% to 18.7%. Emarketer predicts China will have
8103-403: The left, with all the different kinds of perfumery necessary for the toilette. The fourth is set apart for millinery and dresses; so that there is no article of female attire or decoration, but what may be here procured in the first style of elegance and fashion. This concern has been conducted for the last twelve years by the present proprietors who have spared neither trouble nor expense to ensure
8214-429: The market will grow at a compound annual growth rate (CAGR) of 6.7% from 2019 to 2023. In 2023 Kogan Page published a critically acclaimed book " Leading Travel and Tourism Retail ", which researched in depth the travel retail sector post COVID . Among retailers and retails chains a lot of consolidation has appeared over the last couple of decades. Between 1988 and 2010, worldwide 40,788 mergers and acquisitions with
8325-755: The meaning of the word retail (in English, French, Dutch, German and Spanish) refers to the sale of small quantities of items to consumers (as opposed to wholesale ). Retail refers to the activity of selling goods or services directly to consumers or end-users. Some retailers may sell to business customers, and such sales are termed non-retail activity. In some jurisdictions or regions, legal definitions of retail specify that at least 80 percent of sales activity must be to end-users. Retailing often occurs in retail stores or service establishments, but may also occur through direct selling such as through vending machines , door-to-door sales or electronic channels. Although
8436-596: The mid-1980s. Sproles and Kendall's consumer typology has been shown to be relatively consistent across time and across cultures. Their typology is based on the consumer's approach to making purchase decisions. Some researchers have adapted Sproles and Kendall's methodology for use in specific countries or cultural groups. Consumer decision styles are important for retailers and marketers because they describe behaviours that are relatively stable over time and for this reason, they are useful for market segmentation. Retail formats (also known as retail formulas ) influence
8547-476: The most important factor for consumers, when deciding to buy a product. Because patronage at a retail outlet varies, flexibility in scheduling is desirable. Employee scheduling software is sold, which, using known patterns of customer patronage, more or less reliably predicts the need for staffing for various functions at times of the year, day of the month or week, and time of day. Usually needs vary widely. Conforming staff utilization to staffing needs requires
8658-463: The nation and, from the 1920s, they started to build department stores directly linked to their lines' termini . Seibu and Hankyu are typical examples of this type. In the middle of the 1920s, American management theories such as the scientific management of F.W. Taylor started spreading in Europe. The International Management Institute (I.M.I.) was established in Geneva in 1927 to facilitate
8769-422: The national prestige brought by the great Parisian stores. The great writer Émile Zola (1840–1902) set his novel Au Bonheur des Dames (1882–83) in the typical department store, making it a symbol of the new technology that was both improving society and devouring it. Australia is notable for having the longest continuously operating department store, David Jones . The first David Jones department store
8880-448: The needs of the working poor. John Stuart Mill wrote about the rise of the co-operative retail store, which he witnessed first-hand in the mid-19th century. The modern era of retailing is defined as the period from the industrial revolution to the 21st century. In major cities, the department store emerged in the mid- to late 19th century, and permanently reshaped shopping habits, and redefined concepts of service and luxury. Many of
8991-420: The number of employees had risen to 1,888 by 1879. Boucicaut had become famous for his marketing innovations, including a reading room where husbands could wait whilst their wives shopped; extensive newspaper advertising; entertainment for children and six million catalogs sent to customers. By 1880 half the employees of the store were women. Unmarried women employees lived in dormitories on the upper floors. In
9102-472: The one-price policy (so there was no haggling), simple merchandise returns and cash refund policy, selling for cash and not credit, buyers who searched worldwide for quality merchandise, departmentalization, vertical and horizontal integration, volume sales, and free services for customers such as waiting rooms and free delivery of purchases. In 1858, Rowland Hussey Macy founded Macy's as a dry goods store. Marshall Field & Company originated in 1852. It
9213-448: The onset of COVID-19 in 2020, most U.S. retailers offered a curbside pickup service as an option on their websites, and a dedicated area at one of the store entrances accessible by car. Along with discount stores, mainline department stores implemented more and more "stores-within-a-store". For luxury brands this was often in boutiques similar to the brands' own shops on streets and in malls; they hired their own employees who merchandised
9324-484: The process from transaction to relationship. While expanding the sales market and attracting new customers is very important for the retail industry, it is also important to establish and maintain long term good relationships with previous customers, hence the name of the underlying concept, "relational marketing". Under this concept, retail enterprises value and attempt to improve relationships with customers, as customer relationships are conducive to maintaining stability in
9435-429: The product and service mix will optimize customer satisfaction. As part of the strategic planning process, it is customary for strategic planners to carry out a detailed environmental scan which seeks to identify trends and opportunities in the competitive environment, market environment, economic environment and statutory-political environment. The retail strategy is normally devised or reviewed every three to five years by
9546-482: The property of LVMH , it sells a wide range of high-end goods, including food in an adjacent building at 38, rue de Sèvres, called La Grande Épicerie de Paris. In 1838 Au Bon Marché was founded in Paris as a novelty shop created by brothers Paul and Justin Videau to sell lace , ribbons, sheets, mattresses , buttons , umbrellas and other assorted goods. The store originally had four departments, twelve employees and
9657-430: The provision of credit, delivery services, advisory services, stylist services and a range of other supporting services. Retail workers are the employees of such stores. Most modern retailers typically make a variety of strategic level decisions including the type of store, the market to be served, the optimal product assortment, customer service , supporting services, and the store's overall market positioning. Once
9768-460: The radical notion of shopping for pleasure rather than necessity and its techniques were adopted by modern department stores the world over. The store was extensively promoted through paid advertising. The shop floors were structured so that goods could be made more accessible to customers. There were elegant restaurants with modest prices, a library, reading and writing rooms, special reception rooms for French, German, American and "Colonial" customers,
9879-567: The savings in the form of lower prices. Many of these large retail chains also produce their own private labels which compete alongside manufacturer brands. Considerable consolidation of retail stores has changed the retail landscape, transferring power away from wholesalers and into the hands of the large retail chains. In Britain and Europe, the retail sale of goods is designated as a service activity . The European Service Directive applies to all retail trade including periodic markets, street traders and peddlers. Retail stores may be classified by
9990-673: The selling space, and rang up the transactions at the brand's own cash registers. The main difference was that the boutique was physically inside the department store building, although in many cases there are walls or windows between the main store space and the boutique, with designated entrances. Incomplete list, notable stores of 50,000 m (538,196 sq ft) or more. Individual department store buildings or complexes of buildings. Does not include shopping centers (e.g. GUM in Moscow, Intime "Department Stores" in China) where most space
10101-623: The shift to multi-channel retailing. To counter the disruption caused by online retail, many bricks and mortar retailers have entered the online retail space, by setting up online catalogue sales and e-commerce websites. However, many retailers have noticed that consumers behave differently when shopping online. For instance, in terms of choice of online platform , shoppers tend to choose the online site of their preferred retailer initially, but as they gain more experience in online shopping, they become less loyal and more likely to switch to other retail sites. Online stores are usually available 24 hours
10212-405: The stairs, lifts, unusable ceiling spaces, roof terraces, open-air terraces, balconies, corridors and garages; less a further 5% for insulation. 48°51′04″N 2°19′28″E / 48.8511832°N 2.3243954°E / 48.8511832; 2.3243954 Department store A department store is a retail establishment offering a wide range of consumer goods in different areas of
10323-522: The store had buildings on both sides of Deansgate linked by a subterranean passage "Kendals Arcade" and an art nouveau tiled food hall. The store was especially known for its emphasis on quality and style over low prices giving it the nickname "the Harrods of the North", although this was due in part to Harrods acquiring the store in 1919. Harrods of London can be traced back to 1834, though the current store
10434-552: The store in the 1870s. The store was expanded again in 1872 with the help of the engineering firm of Gustave Eiffel , creator of the Eiffel Tower . By Boucicaut's death in 1877 the stores income had risen from twenty million francs in 1870 to 72 million. After his death management of the store was taken over by his wife, Marguerite Boucicaut . The floor space of the store had increased from 300 m (3,200 sq ft) in 1838 to 55,000 m (590,000 sq ft) and
10545-551: The store, each area ("department") specializing in a product category. In modern major cities, the department store made a dramatic appearance in the middle of the 19th century, and permanently reshaped shopping habits, and the definition of service and luxury. Similar developments were under way in London (with Whiteleys ), in Paris ( Le Bon Marché ) and in New York City ( Stewart's ). Today, departments often include
10656-584: The strategic retail plan is in place, retailers devise the retail mix which includes product, price, place, promotion, personnel, and presentation. The word retail comes from the Old French verb retaillier , meaning "to shape by cutting" ( c. 1365 ). It was first recorded as a noun in 1433 with the meaning of "a sale in small quantities" from the Middle French verb retailler meaning "a piece cut off, shred, scrap, paring". At present,
10767-402: The type of product carried. Softline retailers sell goods that are consumed after a single-use , or have a limited life (typically under three years) in they are normally consumed. Soft goods include clothing , other fabrics , footwear , toiletries , cosmetics , medicines and stationery . Grocery stores , including supermarkets and hypermarkets , along with convenience stores carry
10878-564: Was built between 1894 and 1905. Opened in 1830, Austins in Derry remained in operation as the world's oldest independent department store until its closure in 2016. Lewis's of Liverpool operated from 1856 to 2010. The world's first Christmas grotto opened in Lewis's in 1879, entitled 'Christmas Fairyland'. Liberty & Co. in London's West End gained popularity in the 1870s for selling Oriental goods. In 1889, Oscar Wilde wrote "Liberty's
10989-689: Was closed down in 1820 when the business partnership was dissolved. All the major High Streets in British cities had flourishing department stores by the mid-or late nineteenth century. Increasingly, women became the main customers. Kendals (formerly Kendal Milne & Faulkner) in Manchester lays claim to being one of the first department stores and is still known to many of its customers as Kendal's, despite its 2005 name change to House of Fraser . The Manchester institution dates back to 1836 but had been trading as Watts Bazaar since 1796. At its zenith
11100-528: Was famous for his marketing innovations; a reading room for husbands while their wives shopped; extensive newspaper advertising; entertainment for children; and six million catalogs sent out to customers. By 1880 half the employees were women; unmarried women employees lived in dormitories on the upper floors. Au Bon Marché soon had half a dozen or more competitors including Printemps , founded in 1865; La Samaritaine (1869), Bazar de Hotel de Ville ( BHV ); and Galeries Lafayette (1895). The French gloried in
11211-526: Was founded in 1900. Arnold Constable was the first American department store. It was founded in 1825 as a small dry goods store on Pine Street in New York City. In 1857 the store moved into a five-story white marble dry goods palace known as the Marble House. During the Civil War, Arnold Constable was one of the first stores to issue charge bills of credit to its customers each month instead of on
11322-575: Was generated foremost by the discount stores and supermarket segments, and was driven by the skyrocketing prices of foodstuffs. This information is based on the latest PMR report entitled Grocery retail in Central Europe 2012 National accounts show a combined total of retail and wholesale trade, with hotels and restaurants. in 2012 the sector provides over a fifth of GDP in tourist-oriented island economies, as well as in other major countries such as Brazil, Pakistan, Russia, and Spain. In all four of
11433-553: Was in 2016 with more than 2,700 deals. In terms of added value 2007 set the record with the US$ 225 billion. Here is a list of the top ten largest deals (ranked by volume) in the Retail Industry: As of 2016, China was the largest retail market in the world. The National Retail Federation and Kantar annually rank the nation's top retailers according to sales. The National Retail Federation also separately ranks
11544-524: Was opened on 24 May 1838, by Welsh born immigrant David Jones in a "large and commodious premises" on the corner of George and Barrack Streets in Sydney , only 50 years after the foundation of the colony. Expanding to a number of stores in the various states of Australia, David Jones is the oldest continuously operating department franchise in the world. Other department stores in Australia include Grace Bros founded in 1885, now merged with Myer which
11655-472: Was replaced with retail trade involving coinage. Selling and buying are thought to have emerged in Asia Minor (modern Turkey) in around the 7th-millennium BCE. In ancient Greece , markets operated within the agora , an open space where, on market days, goods were displayed on mats or temporary stalls. In ancient Rome , trade took place in the forum . The Roman forum was arguably the earliest example of
11766-591: Was the United States' first "modern" department store in Philadelphia : the first to offer fixed prices marked on every article and also introduced electrical illumination (1878), the telephone (1879), and the use of pneumatic tubes to transport cash and documents (1880) to the department store business. Another store to revolutionize the concept of the department store was Selfridges in London, established in 1909 by American-born Harry Gordon Selfridge on Oxford Street . The company's innovative marketing promoted
11877-493: Was the first shopping center anchored by a department store. In the 1950s, suburban growth took off – for example, in 1952, May Company California opened a four-level, 346,700-square-foot (32,210 m ) store in Lakewood Center near Los Angeles, at the time, the largest suburban department store in the world. However, only three years later it would build an even bigger, 452,000-square-foot (42,000 m ) store in
11988-512: Was the first to fly over the English Channel ), and the first public demonstration of television by John Logie Baird took place in the department store in 1925. In Japan , the first "modern-style" department store was Mitsukoshi , founded in 1904, which has its root as a kimono store called Echigoya from 1673. When the roots are considered, however, Matsuzakaya has an even longer history, dated from 1611. The kimono store changed to
12099-600: Was the first to introduce the concept of the personal shopper, and that service was provided without charge in every Field's store, until the chain's last days under the Marshall Field's name. It was the first store to offer revolving credit and the first department store to use escalators . Marshall Field's book department in the State Street store was legendary; it pioneered the concept of the "book signing". Moreover, every year at Christmas, Marshall Field's downtown store windows were filled with animated displays as part of
12210-585: Was the largest in all the Americas . By the 17th century, permanent shops with more regular trading hours were beginning to supplant markets and fairs as the main retail outlet. Provincial shopkeepers were active in almost every English market town. As the number of shops grew, they underwent a transformation. The trappings of a modern shop, which had been entirely absent from the 16th- and early 17th-century store, gradually made way for store interiors and shopfronts that are more familiar to modern shoppers. Prior to
12321-543: Was the premier department store on the busiest shopping street in the Midwest at the time, State Street in Chicago. Marshall Field's served as a model for other department stores in that it had exceptional customer service. Marshall Field's also had the firsts; among many innovations by Marshall Field's were the first European buying office, which was located in Manchester, England, and the first bridal registry. The company
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