what was hire and purchase system in usa
Hire purchase A hire purchase (HP)[1] or known as installment plan in the United States is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g. 40% of the total) and repays the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own.
Retail The modern era of retailing is defined as the period from the industrial revolution to the 21st century.[46] In major cities, the department store emerged in the mid to late 19th century, and permanently reshaped shopping habits, and redefined concepts of service and luxury. The term, "department store" originated in America. In 19th century England, these stores were known as emporia or warehouse shops.[47] A number of major department stores opened across the USA, Britain and Europe from the mid nineteenth century including; Harrod's of London in 1834; Kendall's in Manchester in 1836; Selfridges of London in 1909; Macy's of New York in 1858; Bloomingdale's in 1861; Sak's in 1867; J.C. Penney in 1902; Le Bon Marché of France in 1852 and Galeries Lafayette of France in 1905. Other twentieth century innovations in retailing included chain stores, mail-order, multi-level marketing (pyramid selling or network marketing, c. 1920s), party plans (c. 1930s) and B2C e-commerce (cyber-peddling).[48]