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Retailing significantly impacts the economy, contributing to national and global commerce, with U.S. retail sales reaching $4.785 trillion in 2015. The sector has seen growth in e-commerce, with online sales increasing from 3.4% in 2007 to 7.1% in 2015, and employs about 15 million people in the U.S. Retailing is crucial for understanding modern business due to its economic influence, adaptation to digital trends, and diverse career opportunities.

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Orlando Navalesca
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0 views2 pages

I

Retailing significantly impacts the economy, contributing to national and global commerce, with U.S. retail sales reaching $4.785 trillion in 2015. The sector has seen growth in e-commerce, with online sales increasing from 3.4% in 2007 to 7.1% in 2015, and employs about 15 million people in the U.S. Retailing is crucial for understanding modern business due to its economic influence, adaptation to digital trends, and diverse career opportunities.

Uploaded by

Orlando Navalesca
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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I.

Reasons for Studying Retailing


Retailing is an important field because of its:

1. Economic impact
2. Functions in distribution
3. Relationship with firms selling goods and services to retailers
4. Wide range of career opportunities (as highlighted in the book’s appendices and blog)

II. The Impact of Retailing on the Economy


Retailing plays a vital role in both the U.S. and global economy.

A. Contribution to National and Global Commerce

● Retailing is a major sector of U.S. and world commerce.


● In 2015, U.S. retail store sales reached $4.785 trillion, about one-third of the total U.S.
economy.
● The U.S. accounts for over 20% of global retail sales.

B. Growth of E-Commerce

● U.S. online retail sales increased from 3.4% (2007) to 7.1% (2015).
● Online sales share:
○ Europe: 7.5%
○ Asia-Pacific: 10.2%
● Additional revenues come from nonstore retailing (telephone, mail-order, vending, and
direct selling).

C. Retail Sales by Type of Goods

● Durable goods stores (vehicles, furniture, appliances, hardware): 30% of sales


● Nondurable goods and service stores (groceries, clothing, gas stations, restaurants,
etc.): 70% of sales

D. Leading Global Retailers

● The 250 largest retailers earn over $4.6 trillion annually, representing 29 countries.
● Top countries:
○ United States – 76 retailers
○ Japan – 28
○ Germany – 17
○ Great Britain – 16
○ France – 15
● The top 10 U.S. retailers alone generate nearly $1 trillion in domestic revenues and
$1.2 trillion worldwide.

E. Employment Impact
● Retailing provides 15 million jobs in the U.S. (about 10% of the labor force).
● Actual employment is higher when including:
○ Service firms
○ Seasonal and part-time workers
○ Proprietors and family business members

III. Summary Insight


Retailing is essential to understanding modern business because it:

● Drives national and global economies


● Adapts to digital commerce trends
● Offers diverse career opportunities
● Employs millions across various sectors

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