Three common ways that retail outlets can be classified are their form of ownership, level of service, and type of merchandise line.
Retailers have a choice of formats since each offers a unique retail mix to its clients based on their customer demographics, way of life, and purchasing habits. Form of ownership, level of services, and the merchandise line are therefore the common ways to classify the retail outlets.
Retail involves selling goods and services to consumers, as opposed to wholesale, which targets corporations and institutions. A retailer makes a profit by purchasing goods in bulk from manufacturers, either directly or via a wholesaler. The products are then sold to customers in smaller quantities. The retailer serves as the last link in the supply chain connecting producers and consumers.
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