This systematic literature review investigates the multidimensional strategies employed in managing procurement risks within retail supply chains, emphasizing how modern retail environments are reshaping sourcing practices, risk modeling, and supplier relationship management. Utilizing the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, the study identified, screened, and reviewed a total of 98 peer-reviewed journal articles published between 2010 and 2024. The objective was to synthesize current academic and practical developments related to procurement risk, with a focus on themes such as sourcing flexibility, digital transformation, disruption response mechanisms, supplier performance measurement, and sustainability compliance. The analysis reveals a substantial evolution from traditional cost-driven procurement practices to resilience-centric models designed to mitigate the complex risks faced by globally distributed, high-velocity retail supply chains. Among the most significant findings is the widespread adoption of multi-sourcing, dual sourcing, and just-in-case inventory strategies, particularly in response to global crises like the COVID-19 pandemic. Moreover, the integration of digital technologies—including artificial intelligence, predictive analytics, blockchain, and the Internet of Things—has enabled procurement functions to transition from reactive to proactive risk management approaches, facilitating real-time supplier performance tracking and enhanced cross-tier visibility. The study also highlights a shift toward relational contracting and collaborative supplier partnerships, which are increasingly recognized as critical enablers of continuity, compliance, and shared risk responsibility. Despite these advancements, the review identifies persistent research gaps, including a lack of standardized supplier agility metrics, insufficient modeling of Tier-2 and Tier-3 supplier risk, and fragmentation in the application of procurement risk modeling frameworks across sectors. By consolidating diverse strands of literature, this study provides a comprehensive understanding of the current landscape of retail procurement risk management and outlines future research opportunities aimed at strengthening procurement resilience, technological integration, and sustainability in global retail ecosystems.