The concept that describes how new forms of retail outlets enter the market and change over time is referred to as the:
A)retail life cycle
B)service continuum
C)product life cycle
D)wheel of retailing

Question

Quizplus · Accepted Answer

The wheel of retailing is a concept that explains how retail outlets start with low prices and a basic format to attract customers, and over time, upgrade their facilities and increase their prices as they aim for higher service levels, thus changing their position in the market.

The Concept That Describes How New Forms of Retail Outlets