ABSTRACT
Retailing impacts upon our lives. We all shop, albeit with different levels of enthusiasm! In terms of economic significance, the sector makes a major contribution to the Gross Domestic Product (GDP) of countries (around 10.5 per cent in the UK) and employs a large number of people (around 2.4 million in the UK). Moreover, retail organizations are no longer small-scale family-run concerns but powerful multinational corporations. Wal-Mart is the largest corporation in the world, employing nearly 1 million ‘associates’; Tesco, the largest UK company, employs 260 000 people. These corporations have global aspirations and have come a long way in a relatively short period of time. The vision of entrepreneurs such as Sam Walton (Wal-Mart) and Jack Cohen (Tesco) have transformed retail markets. Their stores are not unique, however, with Benetton, IKEA and Zara to name but a few successful companies which have benefited from strong entrepreneurial leadership. In 2002, for example, Stanley Kalms retired as chairman of Dixons, a company which has grown from a single photography shop in 1937 to Europe’s leading electrical retailer. At the same time Ken Morrison, at the tender age of 71, continues to run one of the most successful grocery retail chains in the UK, Wm. Morrison, from a mere 114 stores. While illustrious corporations such as British Airways exit the prestigious FTSE 100, Wm. Morrison entered the top league table in 2001 and was ranked 65 in September 2002.
