Discount stores offer products at lower prices than full retail prices. They rely on bulk purchasing and efficient distribution
Founded by Bernard Kroger in 1883 with $372 investment in Cincinnati. First grocery chain with own bakery and self-service shopping in 1916. Acquired multiple supermarket chains from 1955 to 1980s. First US grocer to test electronic scanners and formalize consumer research
Michaels is North America's largest provider of arts and crafts retail. Company operates 1,252 stores across 49 states with $5.362 billion sales in 2020. Founded in 1973 by Michael J. Dupey in Dallas as arts and crafts store
Barcodes were invented by Norman Woodland and Bernard Silver in 1952. Initially used parallel lines, later evolved into two-dimensional matrix codes. First successful supermarket checkout system implemented in UK in 1972. UPC barcode standard adopted by NAFC in 1973
Retail is selling goods and services directly to consumers, unlike wholesaling. Retail markets have existed since ancient times, with earliest examples in Asia Minor. Modern retail evolved from rudimentary shops to sophisticated shopping malls. Retailers purchase in large quantities, sell in smaller quantities for profit
POS enables merchants to process payments and log transactions. Includes both physical terminals and mobile payment apps. Can be used in both brick-and-mortar stores and online platforms