Solution:
You can use in_array() function,
<select class="form-control" name="type_industry">
<option value="Retail" @if(in_array("Retail", $selected_items_array)) selected @endif>Retail</option>
<option value="Wholesale" @if(in_array("Wholesale", $selected_items_array)) selected @endif>Wholesale</option>
<option value="Service" @if(in_array("Service", $selected_items_array)) selected @endif>Service</option>
</select>