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Introduction to the Retail Industry, Business and Industry Trends Analysis

Retail, with nearly 15.5 million employees in America alone at the beginning of 2021 (about one out of 10 people in the workforce), is one of the largest industries in the world.  Retail sales in the U.S. totaled an estimated $6.22 trillion (on a broad basis) during 2020, according to the U.S. Census Bureau.  (Sales at stores selling general merchandise, apparel, furniture and specialty items, referred to as “GAFO,” totaled $1.24 trillion in 2020.  GAFO is an important distinction.  In contrast, retail sales of all types are considered to include automobiles, gasoline and restaurants.) Unfortunately, retailing was one of the…

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