ZIMSEC O Level Commerce Notes: Retail Trade: Retail Cooperative Society.
Retail cooperative society
- a large scale retail outlet found in the private sector
- formed by customers to enable bulk buying from manufacturing companies at low prices
- may buy from cooperative wholesale societies
- sells to both members and non-members
- membership is open to customers by paying a subscription or buying shares in the cooperative
- each member is entitled to one vote that is there is democratic control
- members elect a management committee
- members are paid dividends after a year or get a rebate which is an amount of surplus shared in proportion to the amount they would have spent in purchasing goods in the cooperative society
- sells a variety of goods at low prices
- may offer special benefits to members e.g scholarships or death benefits
- members may be trained in business management
- members may buy on credit
- raises a large amount of capital to start the retail outlet
- members exchange information and ideas
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