Introduction

Any viable and proactive society must generate and distribute consumer value. This value is generated by the society’s economic activity and distributed mainly by retailing. The consumer value that is generated by that society must be satisfactory for the whole society and must be delivered equitably and efficiently. Therein lies the challenge for the retailing sector. But, that sector is rather volatile and constantly experiences sharp turbulences. Many economic changes apply competitive pressures and consumer needs make it absolutely necessary that each and every retail establishment offer some value to the market. If the market does not appreciate what is being offered by the retailer it is the curtain for that retailer. This scenario repeats itself constantly in a dynamic economic system such as ours.