The report focuses on the development of departmental stores

Running Head: RETAIL MANAGEMENT 0
Retail
Management 2019
(Student’s Details)

RETAIL MANAGEMENT 1
Executive Summary
The report focuses on the development of departmental stores and discount stores,
which are the parts of retail stores. In the following report, a brief history of these both
types of stores in Australia has been also discussed. Major changes and developments
in retailing system of Australia have been briefly discussed and explained along with the
mergers, diversification and downsizing of retail stores. The main objective of this
assignment is to provide brief knowledge about the futuristic changes in the industry of
retailing in Australia and how can companies face these challenges. The report also
covered that how retail stores market to distinct types of target segments of retail
customers and what changes are possible in this industry in coming 5 years.

RETAIL MANAGEMENT 2
Contents
Introduction........................................................................................................................3
Major changes and developments in retailing system of Australia...................................3
Historical development of departmental stores and discount stores.............................3
How retail stores market to distinct types or market segments of retail customers.......5
Key drivers of the retail format change in Australia...........................................................5
Discussion of Mergers, Diversification and Downsizing of retail stores.........................5
Driving forces behind the evolution of retail stores........................................................6
Future face of retailing in Australia and alternative retail store options............................6
Change in retailing in coming 5 to 10 years...................................................................7
Wheel of Retailing.......................................................................................................7
The retail life cycle......................................................................................................8
Conclusion and Recommendations...................................................................................8
Reference List..................................................................................................................10

RETAIL MANAGEMENT 3
Introduction
Department stores and discount stores are types of retail institution and it is a business
institution, which sells goods to the end users. A department store is a big retail store,
which divided into some departments and sell products such as clothing, footwear,
cosmetics, toys, furnishings and groceries (Whitaker, 2011). Discount store is another
type of retail store, which sells products at lower price comparison to the market price
(Hirschman & Stampfl, 2011).
To manage these both types of retail stores, retail management is very important. Retail
management refers to a procedure that helps consumers to purchase the desired goods
to build a retail store for their personal use. It is comprises of all the steps which are
necessary to bring customers to the store and meet their purchase needs. Retail
management saves time and customers easily find the goods they want and coming
back home satisfied. Many types of merchandise carried by retail stores, which are
destination of store, image enhancer, way of transactions, traffic builders and profit
generators.
There are approximately 140,000 retailers in Australia to provide similar services. In the
retail industry, about 1.2 million people working and this is 11% of the total population.
Retail industry has Australia’s largest number of employers. The retail industry of
Australia generated $53 billion of GDP in year 2009-10 (Australian Government
productivity commission, 2011).