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Encyclopedia > Retailers

In commerce, a retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells individual items or small quantities to the general public or end user customers, usually in a shop, also called store. Retailers are at the end of the supply chain. Marketers see retailing as part of their overall distribution strategy.


Shops may be on residential streets, or in shopping streets with little or no houses, or in a shopping center or shopping mall. Shopping streets may or may not be for pedestrians only. Sometimes a shopping street has a partial or full roof to protect customers from precipitation.


Shopping is buying things, sometimes as a recreational activity. A cheap version of the latter is window shopping (just looking, not buying).

Contents

Kinds of retailers

A large shop is called a superstore or megastore. A shop with many different kinds of articles is called a department store.


Many shops are part of a chain: a number of similar shops with the same name selling the same products in different locations. The shops may be owned by one company, or there may be a franchising company that has franchising agreements with the shop owners (see also restaurant chain).


Some shops sell second-hand goods. Often the public can also sell goods to such shops. In other cases, especially in the case of a nonprofit shop, the public donates goods to the shop to be sold (see also thrift store). In give-away shops goods can be taken for free.


The term retailer is also applied where a service provider services the needs of a large number of individuals, such as with telephone or electric power.


For details on the various types of retailers see:

Retail pricing

The pricing technique used by most retailers is cost-plus pricing. This involves adding a markup amount (or percentage) to the retailers cost. Another common technique is manufacturers suggested list pricing. This simply involves charging the amount suggested by the manufacturer and usually printed on the product by the manufacturer.


In Western countries, retail prices are often so-called psychological prices or odd prices: a little less than a round number, e.g. $ 6.95. In Chinese societies, prices are generally either a round number or sometimes some lucky number. This creates price points.


Often prices are fixed and displayed on signs or labels. Alternatively, there can be price discrimination for a variety of reasons. The retailer charges higher prices to some customers and lower prices to others. For example, a customer may have to pay more if the seller determines that he or she is willing to. The retailer may conclude this due to the customer's wealth, carelessness, lack of knowledge, or eagerness to buy. Price discrimination can lead to a bargaining situation often called haggling — an argument about the price. Economists see this as determining how the transaction's total surplus will be divided into consumer and producer surplus. Neither party has a clear advantage, because the threat of no sale exists, whence the surplus vanishes for both.


See also

External links

  • Psychological prices (http://marketing-bulletin.massey.ac.nz/article8/research1b.asp) A study on psychological pricing.
  • Sample of Shopping Online (http://www.launch-techs.com/)

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The KLC may consider in its determination regarding the financial responsibility of an applicant or retailer undergoing relicensing, the connection of the person, whether as owner or related entity, with any retailer whose "Retailer License" was suspended or canceled due to a default in its obligations to the KLC.
The KLC shall confirm with the Kentucky Revenue Cabinet that an applicant for a "Retailer License", and an existing retailer in the event of a relicensing, complies with the provisions of this paragraph.
A retailer shall, upon presentation of a winning KLC ticket which properly validates, pay the nonminor holder of the ticket the amount of the prize to which the winner is entitled, up to and including the sum of $600.
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