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Pages 10 (2510 words)
At the beginning of the 21st century, retail industry is influenced by economic and cultural factors affected both national and international retailers. The urban sprawl around major metropolitan areas has grown so dense that it is all but impossible to tell where the city ends and suburbs begin, blurring the distinction between urban and suburban retailing According to experts, deliberate residential relocation decisions have been rendered both desirable and feasible by a quiet conspiracy of factors: rapid transportation, advances in communication and computer technology, rural modernization, and urban concentrations so large, expensive, and anonymous they overwhelm the advantages of city li…
As the international borders and barriers come down and the free flow of products goes up, even the smallest mom-and-pop store will be swept up in change.
The main trends in the retail industry include fragmentation, specialization and differentiation. Increasing cultural diversity and ethnic insulation lead to market fragmentation. Certainly a number of established retailers are poised to capitalize on the one common denominator that cuts across racial and ethnic diversity--the persistent emphasis on bang-for-the- buck, or value. However, currently most retailers are ill equipped to capitalize on the new opportunities promised by market fragmentation because they do not have access to the expertise required to understand the behavioral manifestations of cultural heritage and ethnic identification (Levy and Weitz 2004). ...
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