Extreme-value retailers are best described as:

Extreme-value retailers are defined by their focus on providing a wide range of products at very low prices, typically targeting a budget-conscious consumer base. These retailers usually operate as small, full-line discount stores that offer a limited selection of merchandise across various categories, such as household goods, groceries, and clothing.

The emphasis is on affordability and value, often achieved by keeping operational costs low and selling overstock or off-brand products. This is in contrast to larger department stores that may carry multiple brands and a broader selection of high-priced items, as well as niche retailers that concentrate on specialized, high-quality goods, which do not align with the extreme-value concept. Additionally, luxury retailers are focused on exclusivity and premium pricing, clearly separating them from the extreme-value market segment.

Thus, the characterization of extreme-value retailers as small, full-line discount stores with limited merchandise accurately captures their unique positioning within the retail market.