Retail refers to the process of selling goods or services directly to consumers for their personal use. It involves the distribution of products from manufacturers or wholesalers to the end customer through various channels, including physical stores, online platforms, and direct sales. Retail encompasses a wide range of businesses, including supermarkets, department stores, specialty shops, and e-commerce websites. The primary objective of retail is to facilitate the sale of goods and services by providing access, convenience, and a satisfying shopping experience to consumers. Retail businesses may operate in various formats, such as brick-and-mortar locations, online marketplaces, or a combination of both. The retail sector plays a crucial role in the economy by contributing to employment, consumer spending, and overall market dynamics.
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…