A variety of definitions and meanings are associated with the business model (BM) concept, and business model innovation (BMI) as a new type of innovation. The general literature on BMI and the literature on BMI in retailing is unclear regarding what BMI is, and how it is different from other types of innovation. The authors attempt to fill this gap by surveying examples of BMI from studies in the retailing sector. They apply a service-dominant logic perspective, arguing for a more holistic approach to value creation and a systemic approach to innovation in general. A typology of BMI is proposed to explore how the different types of BMI depend on different types and mechanisms of trust. The analysis indicates that radical value creation, as one type of BMI, is underrepresented in the literature. The results have implications for retailing managers as well as for policy makers.