The United States retail industry came because of industrial revolution. The first traders made their merchandise on their own and sold shops referred to as trading post. They are several factors that set the US retail industry apart from those in other countries. To start with, in the United States has little government regulations on the retailing industry. In Europe, the regulation requires stores to close for at least for one week to enable employees take mandatory regulations. Those intending to work in the retail industry acquire some form of education (Plunkett 34). The US has liberal zoning requirements, which allows retail stores to locate anywhere, provided the area is for commercial use. In contrast, in Europe, the government regulates the location for each store. The United States also has a liberal pricing system that enables establishments to charge prices they feel right for their merchandise. Another aspect that sets US retail stores apart from those in other countries is because retailers in the US choose what to stock in their stores as compared to other countries where manufactures determine what retailers stock.
In light of the economic recession in the United States, what major changes do you think retailers in the United States should adopt or have already adopted to stabilize their operations?
In response to the economic recession in the United States, retailers have adopted strategies aimed at responding to the situation. Some leading retailers such as Marks and Spencer were forced to close some of its outlets. Retailers can consider mergers, acquisitions, and tie-ups. In order to survive the hardship, retailers should consider cutting down on expenses, bring immunity in the firm and simultaneously expand and grow their businesses to other areas in order to spread risk. In addition, retailers should look for new alternatives to fundraising such as government bailout. Some retailers resorted to shorter working hours in order to reduce spending on human resource.
Work Cited:
Plunkett, Jack. Plunkett's retail industry almanac 2009 (e-book): retail industry market research, statistics, trends and leading companies. Houston: Plunkett Research, Ltd., 2008.
