Evolution of Retail Stores Report 2022

RUNNING HEAD: EVOLUTION OF RETAIL STORES
Retail Management

EVOLUTION OF RETAIL STORES 1
Executive summary
The report summarizes on the title ‘Retail Management’. The retail system pours lights
on the key elements of Department and discount stores prevalent as major retail stores
in Australia. It is analyzed that Merger, Diversification, Downsizing and technology are
some of the key elements of retail change. From the future face element, it is analyzed
that there will a subsequent change in customer behavior, enhancement in online sales,
technological up-gradation in respect of the retail industry. It is assessed that ‘7 Eleven’,
‘ALDI’ and ‘COSTCO’ are the crucial alternate retail outlets for Australians. Lastly, to
align with the retail industry future, various practical applicable suggestions based on
developing artificial intelligence, brand marketing, smaller footprints stores and diverse
store are given.

EVOLUTION OF RETAIL STORES 2
Contents
Introduction.........................................................................................................................3
Retailing system.................................................................................................................3
Modifications in retailing system.........................................................................................4
Key forces of the retail format change................................................................................5
Future face..........................................................................................................................7
Alternate retail stores......................................................................................................7
Conclusion..........................................................................................................................8
Recommendations..............................................................................................................9
Bibliography......................................................................................................................10

EVOLUTION OF RETAIL STORES 3
Introduction
The research report is prepared on the title ‘Retail Management ’. It is a process that
assists the customers in acquiring the desired merchandised from the retail stores for
day-to-day operations. It emphasizes the elements of retail sales to generate customer
satisfaction (Varley, 2014). The report provides significant information on the retailing
system and its emergence. The next section focuses on the major modifications and
improvements occurred in the retailing system. It also comprises of elements
responsible for the change in retail. It also provides a future face of retailing in Australia.
Lastly, it provides recommendations in favor of retailing system to foster high growth in
the future. The key purpose of the report is to pour light on the evolution of the retailing
system in Australia. It provides an opportunity to upgrade the knowledge based on retail
management.
Retailing system
Retailing is a process in which retailers directly sells the products to the customers in
fewer quantities for their personal consumption (Dunne, 2013). Australia is not a hub of
largest retailer industries but it has specific globally recognized top retailers including
Woolworths. Its high population provides a great market for multinational retail
companies to establish their stores in Australia. This, in turn, leads to the establishment
of ‘ALDI’ and ‘COSTCO’ in the Australian market. Kogan, Booktopia are some of the top
retailers on the digital channels that add up value to the retailing system of Australia.
Retailing generates higher annual revenue with the fine growth rate. Thus, its fine
retailing system has helped the country in achieving a significant position in the global
world (Farfan, 2018).
Department store, Discount stores Warehouse stores and Speciality store are several
types of retailing. Following are the retail stores prevalent in Australia:
1. Department store
2. Discount stores