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Amazon, a recent entry in high-end fashion retailing, offers all three options.
The winners will be those who capture the vast economies of scope and scale that on-line retailing offers.
But an enhanced "retail offer" for whom?
It had planned a retail offer to small investors.
Ongoing market volatility means it is not the right time for a retail offer," Hammond said.
The government, then, should forget any fancy idea about launching a second retail offer at Royal Mail.
That's if you believe Hargreaves Lansdown – which might make a few quid from any retail offer.
The local retail offer (as they say) still includes chicken shops, betting shops and loan shops.
This in a once impoverished city whose retail offer was characterised by strange hybrid shops selling steam irons and canaries.
During the election campaign, he pledged to shed Lloyds shares in flashier fashion via a retail offer to private investors.
"The government's decision to press ahead with a retail offer is a political one," said Gordon.
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