5 Incredible Facts About the Retail Industry

by Cbx Software CBX Software

It seems that everywhere you turn, there is another store or shop ready and waiting for buyers to purchase their goods. The retail industry has grown exponentially, as every American relies on stores to provide necessary means of survival, from groceries to clothes. The majority of people in the U.S. genuinely enjoy shopping, whether it be in big box stores or small, specialty retailers. Here are five fascinating facts about the retail industry and retail sourcing that may surprise you.

Store Appearance

First impressions are everything, especially in the retail world. Shoppers are more likely to walk into a store, and actually buy something, if the retail outlet appears clean, inviting and organized. No matter how much money is poured into marketing and brand awareness through advertising, experts say 10% of a brand's commercial value is a direct result of how its stores look. The more warm and welcoming a store is, the better!

Seven-Eleven

Depending on where you live, there may be Seven-Eleven convenience stores on what feels like every block. That's because worldwide, there are approximately 25,137 locations, selling everything from soap and shampoo to ramen noodles and donuts. Compared to similar retailers, Seven-Eleven boasts a significant edge in terms of number of stores.

Great Growth

With the rise of the internet and online retailers such as Amazon, some people have been fretting over the supposed demise of traditional retailers. While it's true that some companies have struggled to keep up with the changing times, overall retail sales are climbing. According to the U.S. Census Bureau, retail stores reported $3.53 trillion in sales in 2017, a 3.9% increase from 2016. By the time this year is over, the National Retail Federation predicts overall retail sales will have grown between 3.8 and 4.4%. This includes a 10 to 12% growth for online and other non-store sales. These positive trends can be attributed in part to prominent and productive retail sourcing, meaning that stores are getting their merchandise and products from quality sources.

Constant Change

If you take a look at your local strip mall or shopping center, chances are you'll notice some changes every few months. Shops come and go, and new construction is always popping up, bringing fresh faces and exciting additions to the shopping scene. Although there were 7,000 major store locations that closed last year, with many coming from big department stores or children's retailers like Sears and Toys "R" Us, there were more than 3,200 new store locations that opened their doors to customers.

Big Spending

One lap around your local shopping mall will reveal plenty of enthusiastic shoppers who love scouring shelves for the best deals. Product sourcing software is helping some of your favorite retailers make better decisions as to which goods to stock and sell, and consumers are reaping the benefits. When shoppers see something they like in store, they are more likely to hand over their hard-earned money in exchange for the goods, whether it be clothes, shoes, toys, electronics or much more. The U.S. Bureau of Labor Statistics reports that the national apparel industry is worth $12 billion, as solid retail sourcing encourages the average American family to splurge $1,700 on just clothes alone every year.