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There are two different types of retail formats. The first one is store-based, and the other one is non-store-based. Further, the store-based is classified into four types- product, price, ownership, and service outlets. The non-store based format is also classified into four types- direct, online, catalogue, and tv retail. The retail outlets, based on products, consist of general merchandise, service retail, food retailing, and foodservice retail. The retail outlets based on price consist of factory outlets, dollar stores, category killers, and single price outlets. The corporate, the independent, the co-operative, and the franchise retail outlets are the constituents of retail outlets based on ownership. Lastly, the retail outlets based on service include self-service, limited service, full service, and vending machines.
Kinds of Retail Stores
Automated Retail
Automated retail is defined as how technology is used to sell consumer goods and services with a very minimum amount of human support. An excellent example of automated retail types of stores is Amazon Go.
Big Box Store
It is a physically large retail format responsible for selling a wide range of products to consumers. Examples of big box stores are Best Price, Metro, Reliance and IKEA, etc.
Cash-and-Carry Format
In these retail outlets, the customers have to pay cash for the goods and services. Examples of retailers that work in the cash-and-carry format are wholesale stores like truck wholesalers or jobbers.
Category Killer or Category Specialist
A category killer is a large retail superstore that dominates the product category and makes specialised merchants work for their business. Best Buy (electronics), PetsMart (pet products), Office Depot (stationary), and Home Depot are some common examples of category killers.
A category specialist is the type of retail format famous for providing discounts in a particular category. Office Depot and Toys are examples of category specialists.
Convenience Store
A convenience store is a kind of retail store that provides a limited range of basic items like packaged food, drugstore items, snacks, groceries, etc. Examples of convenience stores are Big Bazaar, Spencer’s, Hypercity, Reliance Fresh, etc.
Department Store
It is a type of retail format that offers various consumer goods in various areas. Examples of department stores are LifeStyle, Central, Pantaloons, Reliance Trends, etc.
Discount Store
A discount store is defined as a retail outlet in which only 60% to 70% of merchandise is sold at a sharp cost—E.g. Ross Dress for Less, DD’s discounts, Tuesday morning, etc.
E-Retailer
The types of retail formats that sell goods and services through the internet are defined as E-Retailers. An excellent example of an E-retailer is Amazon.com.
General Store
A general store is defined as the type of retail outlet in a small town or rural area, and it is responsible for carrying a huge range of products such as groceries, snacks, etc.
Hypermarket
It is a very large retail outlet that offers all food, non-food products, and household needs at meagre prices and in stock. Some examples of retailers of these types are Wal-mart, Carrefour, Big Bazaar, etc.
Mall
It is a large retail complex that contains a variety of stores, restaurants, and other things in a single big building or an adjacent building. Some examples of malls are World Trade Park Mall in Jaipur, the Phoenix mall in Bangalore, Elante Mall in Chandigarh, etc.
Mom-and-Pop Store
Stores run by families which provide traditional grocery, general household, and daily-use things are called Mom-and-Pop stores. These can include various restaurants, bookstores, automotive repair shops, and insurance agencies.
Retail Chain
It is a retail outlet in which various locations share a brand, there is central management, and standardised business is practised. Some well-known retail chains are Bed Bath & Beyond and The Body Shop.
Specialty Store
These retail formats specialise in a specific range of merchandise and related items. Spinach (for F&V), Nature’s basket, and My Dollar store are some common examples of these stores.
Supermarket
A supermarket is a low-margin, low-cost, high volume, a self-service store that offers a wide variety of food, household, and laundry articles. Examples of supermarkets are Food Bazaar, D-mart, etc.
Conclusion
A retail outlet is a business facility for selling goods and services to consumers. It may take any form, be it a store or a shop. Some retail outlets take only cash and provide the goods at your doorstep. It could also be an AVM located in a restaurant, hotel, mall, or busy street. Apart from selling products, a retail outlet is usually situated geographically in a way that gives easy access to customers and is a convenient option for them.
