Retail refers to the process of selling goods and services directly to consumers for personal use. It involves various activities, including the purchase of products from manufacturers or wholesalers, and their subsequent sale through various channels such as physical stores, online platforms, or through direct marketing. Retailers serve as intermediaries between producers and consumers, providing a critical link in the distribution chain. The retail industry encompasses a wide range of businesses, from small local shops to large multinational chains, and includes various formats like grocery stores, department stores, boutiques, and ecommerce websites. Retail plays a significant role in the economy by contributing to job creation, influencing consumer behavior, and driving sales across multiple sectors. Overall, it encompasses the final step in the supply chain, where products reach the end-user, emphasizing customer engagement and satisfaction.
Joann Fabrics, a beloved retailer in the crafting community, is closing all its stores after 80 years in business. The company faced financial challenges, filing for Chapter 11 bankruptcy twice…