When it comes down to the bottom line, the retail sector does three things: creates jobs, drives innovation and delivers consumer value.
That’s the message behind the National Retail Federation’s “This is Retail” video, part of its “This is Retail” video contest that asks retail owners to demonstrate the power of retail in a two-minute video. The NRF’s own video, an example to help entrants get started, features Matt Shay, president and CEO of the NRF, touting the retail sector.
The video reiterates how crucial retail is to our economy, and how a lot of people don’t even realize how big it is.
The video is heavy on statistics, such as:
- Retail supports one in four American jobs, or 42 million positions, more than any other sector.
- Retail benefits 13 million non-retail jobs. For instance, it accounts for $155 billion of the business-services sector and $147 billion of the manufacturing sector.
- Retail accounts for $2.48 trillion, or a fifth of the U.S. GDP. That shows that most people spend every day impacted by retail, sometimes without even noticing it, Shay says.
- There are 3.6 million retail establishments in the United States, and 95 percent have just one location.
Source: National Retail Federation, April 2012