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Introduction to the Retail Industry, Business and Industry Trends Analysis

Retail, with 15.5 million employees in America alone in 2024 (about one out of 10 people in the workforce), is one of the largest industries in the world.  Retail sales of all types in the U.S. totaled an estimated $8,294.2 trillion (on a broad basis) during 2023, according to the U.S. Census Bureau.  (Sales at stores selling general merchandise, apparel, furniture and specialty items, referred to as “GAFO,” totaled $1.55 trillion in 2023.  GAFO is an important distinction.  In contrast, retail sales of all types are considered to include automobiles, gasoline and restaurants.)
In-store traffic has bounced back dramatically after the end of the Coronavirus pandemic.  Retail space occupancy is high, and some smaller and local retailers are having difficulty finding space to rent.  Meanwhile, a retailer without a significant competitive advantage doesn’t stand a chance.  Some consumers are using stores as showrooms where they can touch and feel the merchandise, and then making their purchases at lower costs online at sites like Amazon.com.  Online selling at deep discounts is even making inroads into major consumer purchases such as jewelry, including at www.bluenile.com   An online shopping event in China known as “Singles Day,” garnered about $198 billion during a single day in November 2024, up from $156 billion in 2023.


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