Final answer:
Rohit's display of magazines on a street corner is an example of street vending, an informal type of retail common in urban environments.
Step-by-step explanation:
The type of retail referred to in the question where Rohit displays lots of magazines on a busy street corner near the railway station is known as street vending or street retail. This form of retail is characterized by its open-air or public space setting, where vendors sell their goods directly to the public without a formal storefront. This mode of retail is common in urban environments and is part of the informal sector, offering convenience and accessibility to passersby, as well as the option for consumers to physically examine the products before purchase. Although these vendors operate on a smaller scale compared to department stores, they share similarities with historic retail practices that involved smaller, family-run shops and peddling.