HopefullyInLawSchool
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LSDefine
Simple English definitions for legal terms
retail
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A quick definition of retail:
Term: RETAIL
Definition: Retail means selling things directly to people who will use them, instead of selling them to other businesses. It's like when you go to a store and buy something for yourself. This is different from wholesale, which is when businesses buy things in large quantities to sell to other businesses or stores.
A more thorough explanation:
RETAIL
Retail is the act of selling goods or products directly to the end consumer, rather than selling them for further distribution or processing.
For example, when you go to a store and buy a shirt, you are engaging in retail. The store is selling the shirt directly to you, the end consumer, for your personal use. On the other hand, if a company sells a large quantity of shirts to another company that will then sell them in their own stores, that is considered wholesale, not retail.
Retail can take place in physical stores, online stores, or a combination of both. Some examples of retail stores include Walmart, Target, and Macy's.
Overall, retail is the process of selling goods directly to the end consumer, and it is an important part of the economy.