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CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF STUDYRetail in Nigeria was once confined to traditional open markets and small local storekeepers loosely referred to as the informal retail sector of the
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A traditional market refers to local marketplaces where goods are sold through direct person-to-person transactions, often involving haggling. A modern market, on the other hand, includes supermarkets, online platforms, and other structured retail environments that provide fixed prices and a wide variety of goods.
Business owners and operators of both traditional and modern markets are typically required to file for necessary licenses and permits to ensure compliance with local regulations.
To fill out filings for traditional and modern markets, one must complete the required forms provided by local regulatory authorities, including details about business operations, ownership, and compliance with health and safety standards.
The purpose of traditional and modern markets is to facilitate the exchange of goods and services, support local economies, and provide consumers with access to a variety of products.
Information that must be reported includes business name, location, types of goods sold, ownership details, number of employees, and compliance with health and safety regulations.
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