The development of department stores and supermarkets is explained by the "Wheel of Retailing" theory.

Question

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The "Wheel of Retailing" theory states that retailers go through cycles of innovation, where they begin as low-cost, low-service operations and then gradually add services and increase costs until they are eventually replaced by new low-cost, low-service retailers. This theory is often used to explain the development of department stores and supermarkets, which started as low-service, low-price retailers and gradually added services and increased prices over time.

The Development of Department Stores and Supermarkets Is Explained by the "Wheel