Goods and services are exchanged between buyers and sellers in a marketplace. A traditional marketplace can be thought of as a city square where sellers set up stalls and buyers browse through these stalls to make purchases. This old concept of a marketplace is still in existence in different parts of the world. Sale of consumer products and services in small quantities is known as retail selling. Retail selling has undergone a lot of changes over a period of time.
The design of a retail store:
The design of a retail store is vital for its success. This is because the first impression has a lasting impact in the minds of the consumers. Providing sensory stimulation to the customers has a positive influence on their purchasing behavior. For this, some stores play a light music, some light scented candles and some others play with the lighting in different sections of the store.
Retail stores can be classified on the basis of their marketing strategy. Some common types of retail stores we come across are:
They are stores which offer an assortment of hard and soft goods.
These are stores that offer a wide variety of products at discounted prices.
They have a wide selection of low-cost products. However, generally, the quality of these products is not very high.
These are located in residential areas to cater to daily needs of people staying in the vicinity.
This is a type of store which provides only specific type of products. They have a better collection of specialty products compared to a general store. Customers who frequent such stores focus more on the specialty aspect of the product rather than the price.
These stores are small in size and stock only one kind of product. The brand they market controls them.
This type of store basically provides grocery and a few nonfood products. It is usually well spread out occupying a floor space of 20,000 to 40,000 square feet.
A mall has a number of retail stores housed in it. Most shopping malls have their own parking lots. Since they offer a variety of products and have facilities such as gaming zones, food courts, etc, they have become popular.
Customers today are spoilt for choices when it comes to shopping. These days trend of online shopping is becoming highly popular. However, people still like to frequent retail stores for various needs. It is only in retail stores where they can check out the product before purchasing it. So, despite the popularity of online shopping, retail business will continue to flourish.