Retail Industry Overview Paper

1337 words - 5 pages

Brief History and Industry OverviewThe Sears and Roebuck store is one of the first well renowned retail stores to ever open up. The store started off as a mail order business that sold things such as clothing, shoes and household items in their very own catalog. Their first retail store opened up in 1925 and branched from a clothing catalog with household items to a large retailer. Since then it has had success with the addition of automotive, lawn and garden as well as optometry.Retail sales tend to increase every year with the addition of new stores coming onto the market. Clothing and mass merchant stores such as Wal-Mart tend to have significant increases in retails sales by their main selling points that reel customers in are their commitment to have the lowest prices and also to remain competitive with other merchants that sell the same or similar items.Retailers have used many tools in the past to be able to attract customers and generate a higher amount of retail sales. Advertising in newspapers and magazines contribute to a high amount of aid in overall sales. Holding customer appreciation days where special offers are utilized as well as free giveaways to provide customers with the incentive to buy more at their store.Retail sales increase on one of the biggest shopping days of the year called Black Friday. Black Friday has been a shopping tradition for centuries and has led to a nationwide phenomenon. Black Friday is held the day after Thanksgiving and offers some of the biggest savings to shoppers for the entire year. Most people do 80% of their holiday shopping on Black Friday. Stores compete for each other's business by offering shoppers incentives and price reductions on high ticket items such as computers, clothes and small appliances.Retail sales have changed over the years by becoming more comforting to shoppers by introducing their own credit cards for preferred shoppers, special hours for shoppers to come in and receive early bird incentives and also restaurants and day care centers built right into the stores. Many retailers also offer a hands-on approach to their retail items, allowing customers to try out items before they buy them right at the store.SWOTT AnalysisSears has refocused its market concept. In the past Sears was where your grandparents shopped for quality product. As they sat back and enjoyed the comfort of their brand name and reaped the benefits, other companies sliced away at the market with new concepts in advertising until about five years ago when Sears woke up to a lagging profit margin. Sears began a recovery to regain market shares lost through complacency. To do this they gathered their staff and commenced to focus on new innovative techniques to cater to the needs of their consumers. First they looked at the production which was well established but could be streamlined. Some items could be eliminated or replaced by other brand name products to give the consumer a broader choice of items (Sears).They...

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