Retailing specializes in the sale of products and merchandising. All goods are purchased from manufacturers, importers and wholesalers, and retailers generally do not produce any goods themselves. These products are then sold directly to consumers. The history of retailing in North America is very vast and complex. Before 1945, city stores were owned by family businesses. Local consumers could buy what they needed at these stores. However, "general stores" were also available and offered a variety of products that consumers might possibly need; everything could be purchased in one place. The real development of retailing began in 1945, when the names Woolworth, Sears, Macy's and others became well known. In 1972, the term "category killer" was introduced. Retail companies have developed huge chains of stores offering an entire category of products. For example, Best-Buy moved into electronics, Sears focused on furniture. At that time, the American retail market was saturated and sometimes overwhelmed due to the large number of shopping malls, independent stores, etc. In the 1990s, retail companies became more consolidated. The stores became bigger and better known; some local businesses were forced to close their operations. Some retailers had the largest market share. Walmart and Target became the behemoths of the discount industry, Home Depot and Lowe's took over the home improvement business, CVS, Walgreens and Rite Aid operated in the pharmacy industry. The wide variety of department stores has stimulated people's desire to buy more products. Nowadays, low prices and a one-stop destination for customers have made Walmart the largest retailer in the United States. (1) Despite the constant growth and development of the industry, the retail enterprise...... middle of paper ....../2d/4fdf67184a359fdef07b1c3f4732/2013-annual-report-for- walmart-stores-inc_130221024708579502.pdf.10 . Google, Inc. NYSE: WMT Wal-Mart Stores, Inc. Google Finance. [Online] March 14, 2014. [Cited: March 14, 2014.] https://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chfdeh=0&chdet=1394827200000&chddm=1173&chls=IntervalBasedLine& q =NYSE:WMT&ntsp=0&ei=3UojU9k26ouAA_PBAQ.11. Thomson Reuters. Wal-Mart Stores Inc (WMT.N) chart. Reuters.com. [Online] March 14, 2014. [Cited: March 14, 2014.] http://www.reuters.com/finance/stocks/chart?symbol=WMT.N.12. Wal-Mart Stores, Inc. Walmart Announces Global Capital Spending Plan of $11.8 Billion to $12.8 Billion for Fiscal Year 2015. Walmart Company. [Online] October 15, 2013. [Cited: March 14, 2014.] http://news.walmart.com/news-archive/2013/10/15/walmart-announces-118-to-128-billion-fy2015 - global-capital-spending-plan.