Retailing is one of the oldest businesses that human civilization has known. It acts as an interface between the producer and consumer, improves the flow of goods and services and raises the efficiency of distribution in an economy. For a strong, stable and consistently growing economy, a well-organized and efficient retail sector is a must. Most of the developed and even emerging economies had adopted the organized retail long ago and percentage share of organized retail in total retailing has increased over the years.
Retail comes from the French word retaillier which refers to "cutting off, clip and divide" in terms of tailoring (1365). It first was recorded as a noun with the meaning of a "sale in small quantities" in 1433 (French). Its literal meaning for retail was to "cut off, shred, paring". Like the French, the word retail in both Dutch and German (detailhandel and Einzelhandel respectively) also refer to sale of small quantities or items. Retailing consists of the sale of goods or merchandise, from a fixed location such as a department store or kiosk, in small or individual lots for direct consumption by the purchaser.
It has been started from religious fairs which used to be held at some religious places and on some religious occasion, but with the emergence of high profits in selling the overproduced production, then it become a business to earn a livelihood. Earlier, people use to wander here and there for their but when they find difficulty in it they started the business as shops known as retail shops. As an when transportation and communication become faster and reliable i.e. up to the end of 19th century, those retail chains became much bigger and more widespread. Many of these businesses become more structured and formalized, leading to the retail chains as we see today. The modern organized retailing has been started in America in the 20th century. Many American retailing institutions originated after 1850. After 1850, department stores became important. Retailing by its nature is very dynamic industry. Retailing has been the most effective and attractive sector of last decade after the information technology. It is considered as the sunrise industry with large no. of big manufacturer like pantaloons, Bata for the respectable share in retailing. Although the evolution of retailing has its historical roots it is only during last couple of years that it has witnessed lots of activities and large no. of players making a dent in it. Retailing has been continuing with ht development of civilized society. There was different kind of shops in the market they range from hardware shop to a sweet shop. They have no relation in terms of sharing gains from each other’s business. The nearby kirana shops and “mom n pop” stores were the only choice available to the customer both in urban and rural areas. This is slowly giving way to new and improved international format of retailing. With the introduction of liberalization privatization and globalization of economies in a no. of developing countries, the traditional food and grocery segment has seen the emergence of supermarkets, convienence stores and fast food types of retail entries.In case of non food segment ,the changes have been observed in different sectors like life-style,fashion,appreal accessories,books,musics,gifts,appliances,consumer durables, drugs and pharmacy etc.The retail sector is going to be the center of affairs in times to come. It is largely due to economic development improvement in civic situations change in consumer behavior and needs, change in government policies, increased investments and interest in retail sector along with rise in power and benefits of organized retailing. It is necessary to understand that in the complex world of trade, where the customer is king and marketers are focusing on...