Which of the following can be said about retailing as an economic activity? Multiple choice question. The retail industry is the largest private sector employer in the economy. Historically, retailing accounted for a large part of the U.S. economy, but recent figures indicate that retailing's impact has waned. Retailing's effect on the economy has lessened due to the increase in online shopping. There are more retailers than ever, but retail spending has steadily been declining over the past 10 years