Discuss the concept of wheel of retailing and the various stages that are involved. Explain taking suitable example from the recent past. 

The Wheel of Retailing is a well-established concept in retail management that explains the evolution of retail businesses. It illustrates how new retail formats or stores tend to begin at the low end of the market and gradually move up the value chain, often becoming more sophisticated and targeting higher-income customers over time. The Wheel of Retailing suggests that retailers can start with a simple, low-price, and basic offering, and as they grow and mature, they may shift towards offering more premium products, better service, and higher prices.

The concept of the Wheel of Retailing was first introduced by Malcolm McNair in 1958. It reflects the cycle of retail evolution and indicates that businesses, in order to stay competitive, may move through four key stages: entry, trading-up, vulnerability, and decline. These stages are not necessarily linear, and some retailers may remain in one stage for an extended period, while others may jump between stages or even regress.

The Wheel of Retailing framework helps retailers understand the dynamic nature of the industry, anticipate future challenges, and adjust their strategies accordingly. Below is a detailed look at the various stages in the Wheel of Retailing, along with _________ _______ _______ __________ _________ ___ _____.
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