Specialized retail market is a term used to describe a type of retail business that focuses on selling a specific type of product or service. This type of retail market is often referred to as a NICHE market, which is defined as a small segment of the overall market that is focused on a particular product or service. NICHE markets are typically characterized by having a smaller customer base than more general retail markets, but they can be highly profitable due to the specialized nature of their products and services.