1. Retail businesses sell new or used goods to consumers through store-based outlets, whether those be physical locations or online stores or both. Retail business opportunities reaches a wide range of categories including food retail such as grocery stores, clothing retail, automotive retail, sign and print retail, furniture retail, and more.
2. Per Statista, total retail sales in the United States is projected to amount to 7.9 trillion U.S. dollars in 2026, up from around 6.6 trillion U.S. dollars in 2021. These figures include e-commerce and retail sales.
3. The retail industry has seen a decline in the number of department stores and shopping mall retail space in favor of supermarkets, shopping centers, convenience, and most prominently online retail. Retail business owners need to be flexible and open to new ideas in order to compete in the digital age of retailing. Consumer trends have been leaning heavily toward online shopping, and retail businesses can stand out from the competition by maintaining a strong online presence through social media marketing and an online store.
4. Physical retail locations are referred to as brick-and-mortar stores. The rise of online shopping has led many stores to scale back their brick-and-mortar efforts, though shoppers are not abandoning shopping in physical locations yet.
5. Holiday sales are a major indicator of consumer interests. Holidays such as Halloween and Black Friday, the popular after-Thanksgiving sale day, are early indicators of spending habits for the upcoming winter and Christmas holiday shopping season. 20% of annual retail sales occur during the holiday season. Retailers can use early holiday trends to predict how consumers will shop during the major holiday shopping seasons to come.
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