OVERVIEW
An examination of the Retail industry's compensation data. This data is backed by ERI's extensive research using industry salary survey data.
Retail Industry's average salary is 2.00% higher than the US average
Description
Retail
This division includes establishments engaged in selling merchandise for personal or household consumption and rendering services incidental to the sale of the goods. In general, retail establishments are classified by kind of business according to the principal lines of commodities sold (groceries, hardware, etc. ), or the usual trade designation (drug store, cigar store, etc.). Some of the important characteristics of retail trade establishments are: the establishment is usually a place of business and is engaged in activities to attract the general public to buy; the establishment buys or receives merchandise as well as sells; the establishment may process its products, but such processing is incidental or subordinate to selling; the establishment is considered as retail in the trade; and the establishment sells to customers for personal or household use. Not all of these characteristics need be present and some are modified by trade practice. For the most part, establishments engaged in retail trade sell merchandise to the general public for personal or household consumption. Exceptions to this general rule are lumber yards; paint, glass, and wallpaper stores; typewriter stores; stationery stores; and gasoline service stations which sell to both the general public for personal or household consumption and to businesses. These types of stores are classified in Retail Trade even if a higher proportion of their sales is made to other than individuals for personal or household consumption. However, establishments that sell these products only to institutional or industrial users and to other wholesalers and establishments that sell similar merchandise for use exclusively by business establishments are classified in Wholesale Trade. Establishments primarily engaged in selling such merchandise as plumbing equipment; electrical supplies; used automobile parts; and office furniture are classified in Wholesale Trade, even if a higher proportion of their sales is made to individuals for personal or household consumption. Buying of goods for resale to the consumer is a characteristic of retail trade establishments that particularly distinguishes them from the agricultural and extractive industries. For example, farmers who sell only their own produce at or from the point of production are not classified as retailers. Processing incidental or subordinate to selling often is conducted at retail stores. For example, restaurants prepare meals, and meat markets cut meat. Separate establishments selling merchandise for personal or household consumption which has been manufactured by other establishments of the same company are classified in Retail Trade. Chain store warehouses are considered auxiliary to the retail establishment served and are classified on the basis of the activity carried on by such retail stores.
RELATED
Explore the Sub-Industries Under Retail
Sub-Industries
Building Materials Retail Stores
Learn MoreThis major group includes retail establishments primarily engaged in selling lumber and other building materials, paint, glass, wallpaper, hardware, nursery stock, lawn and garden supplies, and mobile homes. It includes lumber and building materials dealers, as well as paint, glass, and wallpaper stores that sell to the general public, even when sales to construction contractors make up the majority of total sales. These establishments are considered retail in the trade. Businesses that primarily sell these products exclusively to other businesses or wholesalers are classified under Wholesale Trade. Establishments specializing in plumbing, heating, air-conditioning equipment, or electrical supplies are also classified in Wholesale Trade.
Food and General Merchandise Stores
Learn MoreThis major group includes retail stores that sell a variety of merchandise, including dry goods, apparel and accessories, furniture and home furnishings, small wares, hardware, and food. These stores are commonly known as department stores, variety stores, general merchandise stores, and general stores, and are typically engaged in broad-scale merchandising operations.
Food Stores
Learn MoreThis major group includes retail stores primarily engaged in selling food for home preparation and consumption.
Automotive Dealers and Gasoline Service Stations
Learn MoreThis major group includes retail dealers selling new and used automobiles, boats, recreational vehicles, utility trailers, and motorcycles, including mopeds. It also includes businesses selling new automobile parts and accessories, as well as gasoline service stations. Automobile repair shops operated by establishments that sell new automobiles are also included.
Apparel Retail Stores
Learn MoreThis major group includes retail stores primarily engaged in selling new clothing, shoes, hats, underwear, and related articles for personal wear and adornment. Furriers and custom tailors carrying stocks of materials are included.
Home Furniture, Furnishings and Equipment Stores
Learn MoreThis major group includes retail stores selling home furnishings such as furniture, floor coverings, draperies, glassware, chinaware, domestic stoves, refrigerators, and other household electrical and gas appliances. Establishments selling electrical and gas appliances are included only if the majority of their sales consist of home-use items. These stores may also offer repair services for household appliances, radios, televisions, and stereo equipment, but repair is not their primary function. Stores providing interior decorator services are classified based on the merchandise they sell.
Food Service
Learn MoreThis major group includes retail establishments that sell prepared foods and drinks for consumption on the premises, including lunch counters and refreshment stands offering food and beverages for immediate consumption. Restaurants, lunch counters, and drinking places operated as subordinate service facilities within other establishments are not included in this industry unless they are leased departments managed by outside operators.
Specialty Retailers
Learn MoreThis major group includes retail establishments not elsewhere classified. These establishments fall into categories such as drug stores, liquor stores, used merchandise stores, miscellaneous shopping goods stores, non-store retailers, fuel dealers, and other miscellaneous retail stores.
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