Whether merchants are a part of an international chain such as Walmart or Target or they own a small one-off specialty store, they are a part of the American retail sector, which Research and Markets anticipates will hit upward of $4 trillion this year.

The research group's projections include auto dealers, web sellers and catalog retailers, although it does not count food and drinking establishments such as bars. Three key things will drive retail demand this year, according to Research and Markets: Personal income, consumer confidence and interest rates. Merchants need to watch these three signals as they plan for the year ahead.

"The profitability of individual companies depends on efficient supply chain management and effective merchandising and marketing," the report adds. "Large companies have advantages in purchasing, distribution and marketing. Small companies can compete effectively by selling unique merchandise, providing superior customer service, offering a distinctive shopping experience or serving a local market."

Worldwide, the retail industry has flourished, although it isn't without some hiccups. For example, Australian retailers have to adjust to increased competition from internet sellers.