Abstract
The main objective of the paper is to point to the importance of innovation for modern retail. It relies on the fact that retail, as well as total trade, is an innovation-intensive economic sector, and that innovation is a critical factor in creating and maintaining a long-term competitive advantage. Using the desk research method, the paper takes a conceptually wide approach to understanding the meaning and proliferation of innovation in retail. Special emphasis is on the development and application of technological innovation. The hypothesis on the importance of innovation for modern retail development is tested using the example of 250 largest retail chains, with a focus on Walmart, as the leading retail chain. Based on this, the main features of the application and importance of leading innovation in retail are particularly highlighted.
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