Ephy
Active member
Retail business refers to buying goods and selling them to the final consumer. A person engaged in this kind of trade is known as a retailer. Retailers play a very important role by creating a link between the producers and consumers of the goods. In most cases, they buy goods from wholesalers or producers and sell them to the consumers. However there are instances where a consumer can buy directly from the wholesalers and producers.
Types of retailers
They are classified according to the nature of business. Capital required depends on the size of the business. So they are categorized into two namely:-
1. Small scale retailers - these are retailers who operate from fixed premises and those without fixed premises e.g roadside retailers, open market traders. Small scale retailers require low capital to start.
2. Large scale retailers - These are business units which are complex in sense that the business needs a lot of money to start and operate efficiently e.g mail order shop.
Types of retailers
They are classified according to the nature of business. Capital required depends on the size of the business. So they are categorized into two namely:-
1. Small scale retailers - these are retailers who operate from fixed premises and those without fixed premises e.g roadside retailers, open market traders. Small scale retailers require low capital to start.
2. Large scale retailers - These are business units which are complex in sense that the business needs a lot of money to start and operate efficiently e.g mail order shop.
