Innovations and developments in information and communication technology (ICT) lead to significant and continuous changes in the retail industry. ICT has become crucial for the operations of retail companies and substantially influences their success. Retailers have to be aware of technological developments and have to manage related challenges and opportunities in order to stay competitive in the digitized retail market. Thus, this Masters Thesis discusses the influence of ICT on the retail industry and shows the importance of ICT for the success and survival of retail companies. An extended literature review is conducted in order to provide a holistic overview of the consequences of technological developments for the retail industry. Developments in ICT, especially the Internet, e-commerce, RFID systems, data mining and social media, are significantly influencing the supply chains, business models, marketing strategies, logistics and other important aspects of retail companies. As a result, the complexity, volatility, competition and transparency in the retail industry are increasing substantially. Retail companies can benefit from the opportunities that ICT offers, but also need to find solutions for the challenges and problems that come with ICT. It is crucial for the survival and success of retailers to recognize important technological developments and innovations, to understand them and to exploit them.