Retail Fun Facts
Retail Fun Facts
Oldest Retailer: The oldest retail company still in business is The Royal Mint in the United Kingdom, established in 886 AD.
Black Friday Origin: The term "Black Friday" originated in the 1960s in Philadelphia, and it was initially used to describe the heavy and disruptive pedestrian and vehicle traffic that would occur on the day after Thanksgiving.
World's Largest Retailer: Walmart is the world's largest retailer by revenue.
Self-Checkout Evolution: Self-checkout lanes were first introduced in the early 1990s, and today, many retailers around the world use this technology to streamline the checkout process.
Impulse Buys: The checkout line placement of small, inexpensive items is a deliberate strategy to encourage impulse buying. These items are known as "impulse buys."
Online Shopping Boom: E-commerce has seen significant growth, especially in recent years. The COVID-19 pandemic accelerated the shift towards online shopping as more people turned to digital platforms for their shopping needs.
Retail Therapy: Shopping is sometimes referred to as "retail therapy" because some people find solace and stress relief in making purchases.
Barcode Innovation: The first product to have a barcode scanned was a pack of Wrigley's chewing gum in 1974.
Loyalty Programs: Retailers often use loyalty programs to encourage repeat business. The first modern loyalty program was introduced by American Airlines in 1981.
Pop-Up Shops: Pop-up shops, temporary retail spaces that appear for a short period, have become a popular trend. They allow brands to create unique and immersive experiences for customers.