Overview
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is the sale to business or institutional customers. Retailers are the final link in the supply chain from producers to consumers, purchasing goods in large quantities and selling them in smaller quantities for a profit. The retail industry is a part of the tertiary sector of the economy, with shops, supermarkets, and marketplaces being essential components. The retail industry employs millions of people worldwide, from sales assistants to store managers, and generates significant tax revenues for governments. The retail industry is facing significant challenges, including changing consumer behavior.