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95-567: The building was intended to be a landmark of the Songdo International Business District which was constructed on unused land along the waterfront near Incheon. It features 19 floors of class A office space , an observatory on the 65th-floor, a luxury hotel , serviced residences , and retail stores . The column-free floors include an office lobby at ground level with French limestone floors and Vermont slate stone walls. Like One World Trade Center ,

190-483: A 3,000,000-square-foot (280,000 m ) building in Chicago, at the time the largest building in the world. The time and motion study , pioneered in manufacturing by F. W. Taylor and later applied to the office environment by Frank and Lillian Gilbreth , led to the idea that managers needed to play an active role in directing the work of subordinates to increase the efficiency of the workplace. F.W. Taylor advocated

285-433: 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

380-522: 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

475-566: 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

570-508: 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

665-440: 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

760-498: 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

855-406: A future subway station. Floors 2 to 33 are occupied by several businesses, with Daewoo occupying levels 9 to 21. The 36th and 37th floors are allocated for banquets, restaurants, meeting rooms and other formal activities, while floors 38 to 64 features a residence hotel with 423 guest rooms, including a penthouse on the upper floor. In February 2010, the 65th-floor observatory temporarily opened to

950-412: 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

1045-515: A lot of concentration, or include many small meetings. Shared office : a compact, semi-private workspace designed for two or three individuals, facilitating both focused work and small group collaboration. Team room : an enclosed workspace for four to ten people; suitable for teamwork that may be confidential and demands frequent internal communication. Study booth : an enclosed workspace for one person; suitable for short-term activities that demand concentration or confidentiality. Work lounge :

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1140-1734: A lounge-like workspace for two to six people; suitable for short-term activities that demand collaboration and/or allow impromptu interaction. Touch down : an open workspace for one person; suitable for short-term activities that require little concentration and low interaction. Meeting spaces in an office typically use interactive processes, be they quick conversations or intensive brainstorming. There are six generic types of meeting spaces, each supporting different activities. Small meeting room : an enclosed meeting space for two to four people; suitable for both formal and informal interaction. Medium meeting room : an enclosed meeting space for four to ten people; suitable for both formal and informal interaction. Large meeting room : an enclosed meeting space for ten or more people; suitable for formal interaction. Small meeting space : an open or semi-open meeting space for two to four persons; suitable for short, informal interaction. Medium meeting space : an open or semi-open meeting space for four to ten persons; suitable for short, informal interaction. Large meeting space : an open or semi-open meeting space for ten or more people people; suitable for short, informal interaction. Brainstorm room : an enclosed meeting space for five to twelve people; suitable for brainstorming sessions and workshops. Meeting point : an open meeting point for two to four people; suitable for ad hoc, informal meetings. Support spaces in an office are typically used for secondary activities such as filing documents or taking breaks. There are twelve generic types of support spaces, each supporting different activities. Filing space : an open or enclosed support space for

1235-512: 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

1330-453: 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

1425-486: 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

1520-666: A palace complex or a large temple. In the High Middle Ages (1000–1300), the medieval chancery acted as a sort of office, serving as the space where records and laws were stored and copied. With the growth of large, complex organizations in the 18th century, the first purpose-built office spaces were constructed. As the Industrial Revolution intensified in the 18th and 19th centuries, the industries of banking , rail , insurance , retail , petroleum , and telegraphy grew dramatically, requiring many clerks. As

1615-483: 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

1710-706: 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

1805-435: 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

1900-402: 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 the strategic retail plan is in place, retailers devise

1995-400: A result of the country's unique business culture. Japanese offices tend to follow open plan layouts in an 'island-style' arrangement, which promotes teamwork and top-down management. They also use uchi-awase (informal meetings) and ringi-sho (consensus systems) to encourage input on policies from as many groups throughout the office as possible. The main purpose of an office environment

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2090-433: A result, more office space was assigned to house their activities. The time-and-motion study , pioneered in manufacturing by F. W. Taylor (1856–1915), led to the "Modern Efficiency Desk" of 1915. Its flat top, with drawers below, was designed to allow managers an easy view of their workers. By the middle of the 20th century, it became apparent that an efficient office required additional control over privacy , and gradually

2185-618: A semi-enclosed workspace for two to eight people; suitable for teamwork which demands frequent internal communication and a medium level of concentration. Cubicle : a semi-enclosed workspace for one person; suitable for activities that demand medium concentration and medium interaction. Office Pod : ideal for fostering privacy in today's bustling open-plan offices. It provides a cost-effective and efficient way to ensure privacy and continuity during conversations, calls, and video conferences. Private office : an enclosed workspace for one person; suitable for activities that are confidential, demand

2280-625: A semi-open or enclosed support space where employees can take a break from their work. Locker area : an open or semi-open support space where employees can store their personal belongings. Smoking room : an enclosed support space where employees can smoke a cigarette. Library : a semi-open or enclosed support space for reading books, journals and magazines. Games room : an enclosed support space where employees can play games, such as pool or darts. Waiting area : an open or semi-open support space where visitors can be received and wait for their appointment. Circulation space : support space which

2375-474: A simple solution and provide all of the former types of space. Workspaces in an office are typically used for conventional office activities such as reading, writing, and computer work. There are nine generic types of workspaces, each supporting different activities. Open office : an open workspace for more than ten people; suitable for activities that demand frequent communication or routine activities that need relatively little concentration. Team space :

2470-448: 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

2565-432: 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

2660-412: 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

2755-455: 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

2850-424: 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 the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of

2945-475: 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

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3040-439: Is also an architectural and design phenomenon, including small offices, such as a bench in the corner of a small business or a room in someone's home (see small office/home office ), entire floors of buildings, and massive buildings dedicated entirely to one company. In modern terms, an office is usually the location where white-collar workers carry out their functions. In classical antiquity , offices were often part of

3135-402: 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

3230-417: 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

3325-493: 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

3420-508: Is required for circulation on office floors, linking all major functions. Lactation rooms are also support spaces that are legally mandatory for companies in the United States, as of the 2010 Patient Protection and Affordable Care Act. Retail Retail is the sale of goods and services to consumers , in contrast to wholesaling , which is the sale to business or institutional customers . A retailer purchases goods in large quantities from manufacturers , directly or through

3515-399: 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

3610-513: Is to support its occupants in performing their jobs—preferably at minimum cost and with maximum satisfaction. Different people performing different tasks will require different office spaces, or spaces that can handle a variety of uses. To aid decision-making in workplace and office design, one can distinguish three different types of office spaces: workspaces, meeting spaces, and support spaces. For new or developing businesses, remote satellite offices and project rooms, or serviced offices , can provide

3705-489: 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

3800-502: The cubicle system evolved. The word "office" stems from the Latin " officium " and its equivalents in various Romance languages . An officium was not necessarily a place, but often referred instead to human staff members of an organization, or even the abstract notion of a formal position like a magistrate. The elaborate Roman bureaucracy would not be equaled for centuries in the West after

3895-521: 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

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3990-606: 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

4085-741: The 18th century to suit the needs of large and growing organizations such as the Royal Navy and the East India Company . The Old Admiralty ( Ripley Building ) was built in 1726 and was the first purpose-built office building in Great Britain. As well as offices, the building housed a board room and apartments for the Lords of the Admiralty. In the 1770s, many scattered offices for the Royal Navy were gathered into Somerset House ,

4180-482: 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

4275-456: 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

4370-467: 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

4465-406: 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

4560-558: The average consumption rate of a typical office building. In addition, a graywater collection system is used to flush wastewater while collected stormwater is stored and reused, reducing water consumption by more than 50 percent. The building is next to Songdo Convensia , the Riverstone shopping center , and the Sheraton Incheon Hotel . It has an extensive parking station next door, and will have pedestrian access to

4655-440: 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

4750-399: 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

4845-428: The central office each day. As the Industrial Revolution intensified in the 18th and 19th centuries, the industries of banking , rail , insurance , retail , petroleum , and telegraphy dramatically grew in size and complexity. Increasingly large number of clerks were needed to handle order processing, accounting, and document filing, and these clerks needed to be housed in increasingly specialized spaces. Most of

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4940-549: 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

5035-419: 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

5130-418: 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

5225-425: 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

5320-453: 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

5415-418: The desks of the era were top-heavy and had a cubicle-like appearance, with paper storage bins extending above the desk-work area, offering workers some degree of privacy. The relatively high price of land in the central core of cities led to the first multi-story buildings, which were limited to about 10 stories until the use of iron and steel allowed for higher structures. The first purpose-built office block

5510-426: 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

5605-481: 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

5700-613: 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

5795-400: 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

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5890-401: The existence of such "offices". These rooms are sometimes called "libraries" by some archaeologists because of scrolls' association with literature. They were, however, closer to modern offices because the scrolls were meant for record-keeping and other management functions, not for poetry or works of fiction. The High Middle Ages (1000–1300) saw the rise of the medieval chancery , which was

5985-479: The fall of Rome , with areas partially reverting to illiteracy. Further east, the Byzantine Empire and varying Islamic caliphates preserved a more sophisticated administrative culture. Offices in classical antiquity were often part of a palace complex or a large temple. There was often a room where scrolls were kept and scribes did their work. Ancient texts mentioning the work of scribes allude to

6080-542: The first block purpose-built for office work. The East India House was built in 1729 on Leadenhall Street as the headquarters from which the East India Company administered its Indian colonial possessions . The Company developed a very complex bureaucracy for the task, necessitating thousands of office employees to process the required paperwork. The Company recognized the benefits of centralized administration and required that all workers sign in and out at

6175-404: 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

6270-438: 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

6365-448: 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

6460-564: The invention of the printing press and its wider distribution, there was often no clear cultural distinction between a private office and a private library ; books were both read and written at the same desk or table , as were personal and professional accounts and letters. During the 13th century, the English word "office" first began to appear when referring to a position involving specific professional duties (for example, "the office of the....") Geoffrey Chaucer appears to have first used

6555-466: 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

6650-552: 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

6745-420: The latter is an earlier usage, as "office" originally referred to the location of one's duty. In its adjective form, the term "office" may refer to business -related tasks. In law , a company or organization has offices in any place where it has an official presence, even if that presence consists of a storage silo , for example, instead of a more traditional establishment with a desk and chair . An office

6840-429: 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

6935-700: 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

7030-596: 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

7125-655: The midpoint of the 20th century, it became apparent that an efficient office required more privacy in order to combat tedium, increase productivity, and encourage creativity. In 1964, the Herman Miller (office equipment) company contracted Robert Propst , a prolific industrial designer. Propst came up with the concept of the Action Office , which later evolved into the cubicle office furniture system. Offices in Japan have developed unique characteristics partly as

7220-426: 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 the provision of credit, delivery services, advisory services, stylist services and

7315-476: 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

7410-448: 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

7505-665: The place where most government letters were written and laws were copied within a kingdom. The rooms of the chancery often had walls full of pigeonholes, constructed to hold rolled-up pieces of parchment for safekeeping or ready reference. This kind of structure was a precursor to the modern bookshelf. The introduction of the printing press during the Renaissance did not impact the setup and function of these government offices significantly. Medieval paintings and tapestries often show people in their private offices handling record-keeping books or writing on scrolls of parchment . Before

7600-484: 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

7695-429: 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

7790-458: The public for the G-20 major economies meeting of finance ministers. Class A office space An office is a space where the employees of an organization perform administrative work in order to support and realize the various goals of the organization. The word "office" may also denote a position within an organization with specific duties attached to it (see officer or official );

7885-528: 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,

7980-567: 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

8075-623: 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

8170-523: The storage of frequently used files and documents. Storage space : an open or enclosed support space for the storage of commonly used office supplies. Print and copy area : an open or enclosed support space with facilities for printing, scanning and copying. Mail area : an open or semi-open support space where employees can pick up or deliver their mail. Pantry area : an open or enclosed support space where employees can get refreshments and where supplies for visitor hospitality are kept. Break area :

8265-452: The tower features a faceted glass facade that gently tapers from a square base but transitions to a triangular rooftop. The offices, apartments and a hotel each have their own entrance lobby. The facade is made of high-performance glazed glass with exterior shading devices which allows the structure to regulate internal temperatures. The tower also features low-flow plumbing fixtures allowing reduced water usage by more than 20 percent compared to

8360-402: 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

8455-600: The use of large, open floor plans and desks that faced supervisors. As a result, in 1915, the Equitable Life Insurance Company in New York City introduced the "Modern Efficiency Desk" with a flat top and drawers below, designed to allow managers an easy view of the workers. This led to a demand for large square footage per floor in buildings, and a return to the open spaces that were seen in pre–industrial revolution buildings. However, by

8550-709: The word in 1395 to mean a place where business is transacted in The Canterbury Tales . As mercantilism became the dominant economic theory of the Renaissance , merchants tended to conduct their business in buildings that also sometimes housed people doing retail sales, warehousing, and clerical work. During the 15th century, the population density in many cities reached a point where merchants began to use stand-alone buildings to conduct their business. A distinction began to develop between religious, administrative/military, and commercial uses for buildings. The first purpose-built office spaces were constructed in

8645-575: 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

8740-553: 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

8835-472: 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

8930-539: Was the Brunswick Building, built in Liverpool in 1841. The invention of the safety elevator in 1852 by Elisha Otis enabled the rapid upward escalation of buildings. By the end of the 19th century, larger office buildings frequently contained large glass atriums to allow light into the complex and improve air circulation. By 1906, Sears , Roebuck, and Co. had opened their headquarters operation in

9025-585: 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

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