A retail co-operative societyThe term society is derived from the Latin word 'socius' meaning friendship or companionship. Society is a community, nation or group of people who share the same traditions, institutions, rules and... More is a form of co-operative in which many small independent retailers pool their resources together to enable them to make bulk purchases and they sell the goods at lower prices to their members.
The major purpose of co-operative society is to make a profit. The profits made are shared in proportion to the amount of purchase made by each member.
Features of Retail Co-operative:
The features of a retail co-operative society are;
1. Stock a variety of goods.
2. Owned by members.
3. Patronage by members.
4. Managed by elected members.
5. Democratic control.
6. Lower prices.
Evaluation Questions:
1. List three types of large-scale retail shops.
2. Mention five characteristics of a department store.
3. Explain the following briefly
i. Department store
ii. Multiple shops
iii. Mail order business
iv. What is vending machine? State six reasons why supermarkets are popular with shoppers. (SSCE June 2015)
Reference Books:
1. Essential Economics for Secondary Schools; By Cole Esan Ande (Tonad Publishers Limited) 5th edition (July 2017).
2. Round-up Commerce; a complete Guide; By Dickson Olufunmilayo and Florence Oguah (Long main publishers) 2008.
3. Amplified & simplified Commerce for Senior Secondary Schools 1,2,3; By Femi Longe and Tunde Olayeye (2013); Publisher Long Ventures.
4. Comprehensive Certificate Commerce for Senior Secondary School by Daniel C. Azuh and Adedoyin Soyibo, University Press Plc (2013).
5. Commerce for Senior Secondary Schools by Ahukannah L.I et al (African Publishers Plc) (2011 Edition)
6. Extension Modern Commerce for Senior Secondary Schools by Bello A.A et al. Extension publications Limited (2012).
7. Comprehensive Commerce for Senior Secondary Schools (SS1,2,3) by Johnson Ugoji Anyacle publishers: A. Johnson publishers Limited (1993).
Responses