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| Received
04-Jun-2026 |
Accepted
- |
Published
04-Jun-2026 |
Abstract
Retail management is considered as the last step
which involves the delivering of the product to the
final consumer, who uses the product for their
personal use. Here the person who sells the product
to the final consumer is called the retailer. The retailer
is the only person who maintains a close contact with
the final consumer for whom the product was
designed for. Over the years the retail management
techniques have varied widely. One of the main
reasons for this variation is due to the fact that the
demands of the people are changing over time. The
advancement of technology is also a major reason
why the retail market is not the same any more. The
change in the retail market has put more distance
between the producers and the final consumers. The
wheel of retailing as proposed by Malcomb McNair
at Harvard University states that the retailer goes
through 3 stages as his earning increases.
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