A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

L

Layaway
Holding merchandise for a customer to purchase at a later date; usually the store owner takes a down payment and allows the customer to make payments over time.

Layout
The allocation of merchandise and display fixtures on a store's floor plan.

Lead Time
The time between when an order is placed and when it arrives.

Liabilities
An accounting term meaning anything that is owed by a company.

Licensed Product
Merchandise with a design or image that is created by another person or company and which a licensing fee has been paid to the owner of the rights.

Lien
A claim made on a property or business as security for debt.

Lifestyle Center
A shopping center designed to look like an open street or neighborhood with the stores and restaurants opening to the outside rather than to a central building; often enhanced with landscaping, benches, etc.

Limited Liability Company (LLC)
A form of business in which the responsibility of the owners/shareholders is limited to the amount each has invested in the company.

Limited Partnership
A business form in which the partners are investors only and do not participate in the operation or management of the business; partners' liability is limited to the amount of their investment.

Line of Credit
A preapproved loan amount that can be drawn on as needed.

Liquidity
How easily assets can be converted into cash.

List Price
Manufacturer's suggested retail price.

Loss Leaders
Merchandise advertised at a low markup in order to attract customers; store owners may lose money on these items but gain by the other merchandise the customer buys when they come in the store.