Retail business enterprises form major and imperative drivers of economies. In countries where unemployment ratio is high, retail markets act as job creators to the unemployed. As population of countries enlarges, the consumption rate is also increased leading to thrived business opportunities.
In tandem with the increasing population demand, retail markets should be developed to meet the demand of consumers. With the ongoing economic down turn, retailers are now posed with many challenges leaving them in a flux.
However, even with warring retail markets, one of the world’s retail overriding player Wal-Mart have continued to increase its sales thus creating a one type commodity retail market. As far as retail trade is concerned, there is one thing that traders can not speculate.
The behavior of retail markets today does not reflect its future operations nor can it guarantee tomorrow’s retail market. Retail markets keep on changing each and every period.
Hence, there is strong urge to look for future developments that will offer better competition and viable markets. The paper will examine three potential retail forms that are underdeveloped and their future speculations. (Venkatachalam, 2008, Para. 16-39).
The first retail market that is underdeveloped is bakery cafes. Consumer survey held by Technomic Consultants in Chicago in 2008, indicated that, about 5o percent of the people interviewed do not know whether this type of retail form exist. Some respondents cited the unavailability of these retail forms within their locality.
Most consumers buy bread from supermarkets while it can easily be accessed even at shops around homes. Bakery cafes do not receive attraction from consumers because they are unfamiliar with food items sold by these retailers.
Indeed, this is an underdeveloped retail sector with an enormous opportunity. Bakery café retailers now have the opportunity to market their services to consumers for their business to thrive well. The fact that, these bakery cafes are easily accessible to consumers is an advantage to retailers for their future enterprises.
What is required is accessibility and creation of awareness to non-customers who will turn to be consumers from retailers. Additionally, consumer cafes can bake other types of breads to create a competition to market existing ones. Furthermore, these cafes will act as social venues for young consumers thus attracting more revenues. (Business Wire, 2009, Para. 1-8).
Another retail form which is underdeveloped is farmer’s products in markets. In many countries, farm produces are not marketed well due to unavailable retail markets. Produces like milk, and farm products like vegetables and fruits exhibit a non-competitive retail market due to unavailable market.
Most farmers are forced to sell their produces to cooperatives and wholesalers who come from far yet these commodities can find a market locally.
Thus, agricultural retail markets can be positively utilized by retailers to become potential income generators in the future; not necessarily taking produces to big markets or selling farm products to companies but creating a retail market for these commodities.
Farm groceries is a good retail form as the consumers create a ready market for these commodities without looking them in supermarkets and city markets which may be kilometers away. (Encyclopedia of Nations, (n.d), Para. 2-17).
Apart from farming and bakery retail forms, fisheries form another underdeveloped retail market enterprise. If retailers do not have equipments like fridges, then this retail form becomes difficult to handle. There is a viable market for these commodities both locally and internationally.
However, in most countries, fishery as a retail market form has not developed due to lack of attention. Fish farmers undergo a series of loses due to lack of retail marketing. Consumers do not buy fish for consumption because; it is not easy to find even a single seller of this commodity. As a result, the retail form is underdeveloped.
The future of this form of retail enterprise is bright is this commodity is easily available to consumers and more awareness created. In conclusion, there are various retail forms that are underdeveloped due to inaccessibility and unawareness. The future development of these retail forms depends on their convenience and responsiveness.
References
Business Wire. 2008. Bakery Cafes: Still an Underdeveloped Growth Opportunity, Says Technomic. Web.
Encyclopedia of the Nations. (n.d). Morocco. Web.
Venkatachalam, M., 2008. Challenges in Retail Industry. Web.