In the United States, retail business sector is the second largest industry. This is both in terms of the number of employees and establishments. Each year, in the United States, the retail industry generates 3.8 billion dollars in terms of retail sales. This includes 4.2 trillion dollars in the food service sales, which works out to approximately 11,993 $ per capita. The retail sector is also one amongst the largest worldwide business zones.
Retail trade accounts nearly 12.4 % of the business establishments in the United States. Although, single store business comes to around 95 % of the US retailers, it generates below 50 % of all the retail store sales. Typically, gross margin runs from 31 % to 33 % of the sales for the retail industry. However, they vary widely depending upon the segment.
In terms of retail employment, the retail industry contributes around 11.6 % to the total U.S. employment. In 2005, the mean annual retail employment came to around 15.3 million people. Overall, as compared to 5.1 %, the retail unemployment in this business sector was around 5.4 %. The average workers in this financial year reached 13 million.
Retail employees of non-supervisory nature averaged around 30.6 hours each week with the mean hourly earnings of around 12.36 dollars. Based on the employment projections spanning ten years, the growth in retail business sector will increase by 11 % as compared to the overall figure of 14.8 %.
Status of the U.S. Retail industry in Fiscal year ‘07:
Within a single month of November 2007, the sales registers in the American retail stores ringed loudly. Discounts coupled with wage gains helped the Americans to manage with record high costs of fuels. Hence, the total purchases went up by 0.6 %, followed by 0.2 % increase from the previous month of October based on the figures put forth by a news survey.
Robust growth in the field of online shopping was also an important factor that helped in enhancing the business in retail sector in fiscal year 07. Lack of time coupled with increased penetration of internet has helped in the development of retail business a lot. Besides, a new breed of tech-savvy Americans sought convenient option in online shopping, since customers can shop from the comfort of their homes.
Overview:
Results have shown that high-end shoppers indulge in maximum splurging. Shoppers in the lower income group and middle-income group looked forward to bigger discounts and spent only for their necessities.
Overall, the retail business sector has vast opportunities for prospective businesspersons. With the retail sector in America generating fair profits, it would be beneficial for investors to tap it exactly in the manner in which they want.
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