That makes it easier for loads of entrepreneur who are interested in the business to come into the industry at any time they desire; the entry barriers are quite affordable and any serious minded entrepreneur can comfortably raise the start – up capital without collecting loans from the bank.
The demographic and psychographic composition of the retailing business cuts across people of all ages and cultures, tribes and political affiliations, races and religions et al.
When we talk about retailing, we talk about a business that deals in loads of consumer goods; which can be categorized into three major areas and they are: general merchandise, apparel, and furniture.
In other words, retailers are engaged in the selling of finished goods; they get the goods from the manufacturers and they sell to the end users (consumers).
Over and above, the retail industry is a profitable industry and arguably the biggest industry in the world.
It is open for any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale in a street corner like the average mom and pop business or you can chose to start on a large scale with several outlets in key cities.Perhaps the retailing industry has the widest range of customers; everybody on planet earth has one or more things that they would need in a retail shop.It is difficult to find people around who don’t patronize retail shops.The retailing industry is one industry that is so large that it can accommodate loads of entrepreneurs that are into the retailing of various goods.It could be a big retail outlet (shopping malls) or a small retail outlet in a street corner (kiosk, mom and pop groceries shops et al).It is interesting to note that more retail shops especially lager retail outlets have started to include self-serve checkout lanes in their stores.It creates shorter lines that appeal to consumers; the average customer would not want to stay longer on queue.For example, it is common to see items with prices in this format; .99, and 9 et al as against , 0 and 0.Retailers also engage in massive clearance sales and discount sales to attract customers.Creativity in the industry is obviously what led to online retailing stores, clearance sales, and loads of other marketing strategies that is helping the business to grow despite the competition in the industry.Economic Analysis Starting a retailing business just like starting any other business requires that you conduct your feasibility studies and market survey so as to get your economic analysis right.