Retail Industry Overview

Overview/Description
 The retail industry is the second largest industry in the U.S. after manufacturing, employing 11.7 percent of the workforce. In terms of establishments and employment, the retail industry enjoys a stable position in the domestic and global economy. Nonetheless, it has had to weather the effects of an economic downturn in recent years as well as adapt to changes in retailing practices and, in particular, consumer behavior. Customers are demanding more from retailers than quality merchandise at competitive prices; retail has become a leisure pursuit in itself. Moreover, the entire retailing experience now needs to meet customer expectations, dovetailing with what customers want. In the uniquely competitive retailing environment, companies that are willing to rise to meet this challenge are the ones that will survive and prosper. This course is designed to help you understand the defining characteristics of the retail industry, its major segments, and the key trends. The course identifies the regulatory and business issues affecting the industry and explores the strategic solutions that the retailing industry uses to keep up with a rapidly changing business environment.

Target Audience
 This course is designed for management consultants and sales personnel seeking an overview of the retail industry, and corporate and enterprise-wide business managers who will be dealing with, or seeking business opportunities in, the retail sector.

Expected Duration
3.0 hours

Lesson Objectives:

Retail Industry Primer

  • recognize the benefits of knowing the key characteristics and trends of the retail industry.
  • identify the key characteristics of the retail industry.
  • identify the key trends of the retail industry.
  • select the key operational issues in retailing.

    • Regulatory and Global Issues in Retailing

  • select the advantages of knowing how regulatory and global issues affect retailing.
  • identify regulatory issues affecting retail.
  • identify the factors driving mergers and acquisitions in retailing.
  • select factors driving global expansion in retailing.

    • Challenges and Strategies in Retailing

  • identify the benefits of knowing how strategic thinking is being applied in retailing.
  • distinguish between strengths, weaknesses, opportunities and threats in retailing.
  • select changing customer trends in retailing.
  • identify examples of how retailing companies are becoming customer-focused.

    • Strategic Solutions in Retailing

  • recognize the advantages of understanding how to identify and implement effective strategic solutions for retailing.
  • identify key areas in retail where IT is having a significant impact.
  • identify examples of supply-chain solutions.
  • select benefits of implementing strategic supply chain solutions in retailing.
  • identify the industry trends driving category management in retail.
  • select benefits of category management in retailing.
  • select the benefits of CRM.
  • identify the key considerations for success of loyalty programs.

    • Course Number: IND0208