Final answer:
A retail business owned by shareholders with centralized decision making is known as a public company, where a board of directors is elected to manage the company.
Step-by-step explanation:
A retail business that is owned by shareholders and has centralized decision making for their multiple store locations is called a public company. Shareholders exercise their ownership through elected board of directors, who are responsible for making top-level decisions and overseeing the company's management. This corporative governance structure contrasts with locally owned and operated businesses, which keep profits circulating within the local economy. While large retail chains, like Wal-Mart, are known for their efficiency and predictability, critics argue that they contribute to the homogenization of the economic landscape and can negatively impact local businesses and economies.