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IN 107AD, Emperor Trajan had an idea that would not only improve the life of Rome's citizens but eventually transform the way we spend our money today. What the city needed, he decided, was a shopping mall.

And that's exactly what he got - three years later Trajan's Market, featuring more than 150 stores and offices spread over several levels, opened to the public and, it could be argued, modern retailing was born. Indeed, using ancient Rome as an example helps us to realise that traditional retail is probably the most fundamental of the sector fundamentals we will study. After all, we all need to shop, most of us are very good at it, and, as you can see, humans have been doing it for rather a long time.

Never knowingly undersold